The Automatic Millionaire | David Bach

The fact is, none of us really has a choice. We are all playing the money game whether we want to or not. The only question is – are we winning?

David Bach
The Automatic Millionaire

The Automatic Millionaire | David Bach

Bach offers the reader a simple, step-by-step guide for gradually building wealth. By relying on constant, automatic small transactions and investments, Bach shows that even those with poor discipline can become Millionaires

Bach famously tells his story of learning the power of investing with McDonalds. When he was a child, his grandmother took him to the restaurant and told him “There are three types of people in the world. 1. Those who eat at McDonalds. 2. Those who work at McDonalds, and 3. Those who invest into McDonalds”. She helped him buy his first share in McDonalds stock and Bach took away a lifetime lesson; investing early was the key to success in life.

The Automatic Millionaire provides key lessons for those striving to generate wealth. One of Bach’s most striking lessons is called ‘The Latte factor’. By saving just a little each day, you can retire early and live rich for the rest of your life; consider the cost of $10 a day on a small expense like Coffee; if instead you saved and invested this money into index fund ETF or mutual funds, over a typical 40 year working career you’d have $1.9 Million! By boosting your saving, you can save and invest enough to retire early!

Bach also covers some critically important lessons, like paying yourself first. To put it another way, paying yourself first means that instead of spending first, you invest your money first. You can then spend what is left over after saving and investing. This really challenges you to consider your way of life, lifestyle, the way you make decisions and spending patterns.

The main theme of the book however, is the power of automation. By automating your saving and investing, you can achieve the power of a disciplined investor without using willpower or being disciplined yourself. You wont even notice the money is gone. This also removes the human factor from the investing equation, meaning your less likely to stuff up your own investments by selling during or after a market crash!

Check it out on Amazon here, listen to it through Audible or buy it from Australia’s local bookstore Booktopia

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