Book Review: The Automatic Millionaire

The Automatic Millionaire is a pretty down-to-earth, common sense book. It is worth the read overall, but with some flaws.

The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish RichThe Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach
My rating: 4 of 5 stars

The Automatic Millionaire does not give you any earth-shattering information. It does not give you “new” information, as in, “I never would have thought of this before!”

It’s a pretty down-to-earth, common sense book. It’s a good book for people who are new to investing, and for those who are tired of barely having enough.

This is the book for those who want to start to build up some assets, but aren’t quite sure how. It’s also a good book for those who say, “I don’t have a lot of extra money…what good can this do?”

This book was a good review for me — a review of what it means to let “small” purchases go unchecked; a lot of small purchases can add up to a decent amount, and a decent amount — invested over time — can be invested and can become hundreds of thousands of dollars.

The biggest drawback of this book is that David goes to great lengths to list different resources and companies that a person can reference to learn about finances, mutual funds, and investing. That’s great…except that many of the companies and mutual fund lines mentioned have been renamed, merged, or no longer exist.

I would say this, in the end: read this book. Read it for the methods of saving, investing, and getting your finances under control. Skip the sections that talk about mutual funds and investments — or skim the section — and research online.

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