The Automatic Millionaire by David Bach

Title: The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich
Author: David Bach
ISBN: 978-0-141-01992-5
Number of pages: approximately 195 pages

The Automatic Millionaire is an easy-to-read book written by David Bach. The book is actually catered for UK and US readers but principles laid out in the book can in fact be copied and adjusted in accordance to your own circumstances.

The book is basically about how you can just dump the usual “budget-adherence” strategy and adopt a strategy that is much easier to follow instead, to achieve financial freedom.

What strategy is it? Well, make everything AUTOMATIC. For example, making contributions to your “nest egg” automatic by implementing Standing Instuctions (SI) on your salary account.

The key principle emphasised in this book is that it is important to have the mindset that YOU NEED TO PAY YOURSELF FIRST.

There’s also a thing called LATTE FACTOR where the author illustrates how even simple expenditures like buying a cup of coffee a day can really add up in the long run.

Ideas in the book are really simple and basic but they are often overlooked by many.

One reminder though. This book is suitable for those who targets to be financially free in many long years to come (i.e. in their 50’s or 60’s). It’s a what you call as, slow and steady strategy. A safe and conservative strategy if you may. However, bear in mind that the principles are still beneficial for all.

My verdict? A not-too-bad book indeed. Is it read-worthy? Most definitely yes.

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About nadlique

This blog is about the journey of a 28-year-old Malaysian towards financial freedom. This blog was started back when the blogger was 21 years old. However, his journey towards financial freedom had begun way before that. Materials such as investing, business, entrepreneurship, equities, and real estate are presented. The author also posts his thoughts and observations on life in general.

Comments

  1. salam, Nadlique (a unique name I must say). I am a big fan of BOOKS and I am pretty sure that we are on the same boat. I like the idea of having SI on our salary account, though it would simply mean that our self-regulatory/discipline may seem a bit low here. Talking abt financially free, I hv been with Kiyosaki & Trump books and they seem to suggest differently (sort of). However, nice sharing wt you,tq.salam.

  2. Salaam Syamsul.

    I am a huge fan of books as well.

    To me, when it comes to SI, it’s good to be treated as an “assistant”, but I still think that one must actively participate in his/her efforts in working towards financial freedom, as oppose to passive participation (i.e. deduct my money and just let somebody else do it for me).

    Anyway, thanks for visiting. Hope to hear more of your perspectives in the near future.

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