Title: The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich
Author: David Bach
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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