Personal Profitability

Personal finance for hustlers and entrepreneurs

Personal Profitability Book Club

Book Review: Automatic Millionaire

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automaticmillionaireI 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

Book Review: Rich Like Them

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Rich Like Them Cover

I just finished reading Rich Like Them, a book dedicated to searching for the answers of how people get rich. Specifically, the book chronicles the author's journey across America's 100 richest zip codes.

The book has a fun premise and is full of good ideas and thoughts on making it big. There are few big surprises in the book. The author writes about his many interactions with America's elite. The many people discussed in the book each present a different method on making it big. A handful of the stories really jumped out at me, and, due to the diversity of stories in the book, I am sure at least a hand full will speak to you as well.

Stuff I Liked:  I like the overall message of the book.  It is not a get rich quick personal finance book.  It does not tell stories of famous billionaires that are really one of a kind.  It tells the stories of real, hard working people who succeeded by doing what they love and keeping on relentlessly.  When I read some of these stories, I thought, “I could do that!”

Stuff That I Didn't Like:  This is not a compelling novel with a plot that drives you forward.  Each story is about three to seven pages long.  If you want a story that will keep you driven from page to page and chapter to chapter (the chapters are very long), you might not love this book.

Overall:  I suggest this book for people interested in hearing real life stories about how people ended up in some of the biggest houses in the richest parts of America.  The people in the book are just like you, and you can work hard and succeed like they did.  The book is not full of tips, but overall themes of hard work and humility, to name a few.