I read Automatic Millionaire a while back, but I think it is worthy of discussion here on Narrow Bridge. It was actually a part of what insipred me to start blogging about personal finance.
David Bach’s book is easy to read and straight to the point. He covers a series of topics and step by step instructions for automating your financial life. Bach makes it easy to understand and easy to do. I have loaned it out to several friends and co-workers and have only heard that they liked it. I am usually a slow reader, but I burned through this book in a week.
The book is organized in a progression to help you navigate through the important parts of your financial life to ensure you eliminate debt quickly and build assets over your working life. The book covers everything from mortgage payments and rental properties to bank and investment accounts. The sytem in the book includes a part for you to work on as you read. The goal of the system is a fairly easy setup that you never have to think about again. He also covers the “Latte Factor” in depth along with other savings strategies.
What I liked: The book is easy to read. It is packed full of useful information. It has a clear goal that anyone can achieve and a plan that anyone can follow. If you read it and think you can’t save at least 5% of your income in a retirement account, you are lying to yourself. The day I finished the book I opened a Roth IRA and increased my 401k savings. This is by far the best personal finance book I have ever read.
What I Didn’t Like: Nothing really. There are some parts that did not apply to me, as I do not own a home yet. Given that there were parts that I did not care about, they were easy to skim through or skip over.
If you deicde to purchase this book, please consider using this link to help me offset the costs associated with running the blog: The Automatic Millionaire : A Powerful One-Step Plan to Live and Finish Rich