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m3richard's review
challenging
hopeful
inspiring
fast-paced
5.0
This is on my list of all time favorite books to recommend to people. It's informative but really easy to read for anyone that is a year into their career and wanting to get serious about saving.
jbmorgan86's review
3.0
Takeaways:
1) Pay yourself first (10-15% of gross)
2) Make your deposits automatic
3) Make bi-weekly mortgage payments rather than monthly
1) Pay yourself first (10-15% of gross)
2) Make your deposits automatic
3) Make bi-weekly mortgage payments rather than monthly
abrswf's review
4.0
A fast and sensible read. Like most of these books it is short on detail and I think some of it is quite out of date. But it’s definitely worth a read and implementation if secure retirement interests you.
samadghulam's review
3.0
Although I don’t read financial books but this book was recommended by many websites and articles, I have never thought of paying myself first and making things automatic to research about this book that I went to two banks Habib Metro (Asaan Bachat Savings Plan) and Meezan Investments they have direct debit facility which makes the things automatic so you don’t need to have discipline to start and finish rich ,
The book is short, precise and a eye opener for me, I loved the book and would recommend to everyone, so that we can be rich together
If you’ve always been frugal or don’t mind making little sacrifices, The Automatic Millionaire could be a great system for you.
The book is short, precise and a eye opener for me, I loved the book and would recommend to everyone, so that we can be rich together
If you’ve always been frugal or don’t mind making little sacrifices, The Automatic Millionaire could be a great system for you.
kasspierce's review
4.0
Assumes people have a regular paycheck and disposable income. But there are some good ideas and observations.
kketelaar's review
3.0
I’m just not sure how to review this book. It wins at providing some good and simple financial advise in a very readable format. I initially planned to have my two teens read it after me because I thought there was some good advice and they wouldn’t get bogged down or bored in reading it. It’s readability and basically sound advice are why I did give it three stars.
There are, however, several areas where it loses me. First of all, the original automatic millionaires he tells us about made just over $50,000 in his example. The author called this “Not bad. Not rich, to be sure, but a decent income.” At a guess, based on the authors age and the details he gives, this story happened in the 80’s. If I give him the benefit of the doubt and assume this wage was paid in 1989, this means an equivalent salary today would be over $100,000. That may not be celebrity rich, but it is 3 times more than the average salary in America right now. I think it shows a huge disconnect from the wages his readers may be making and undermines his claim that anyone can become rich by following his method.
Second, he really poo-poo’s budgets. I do get why, but this shows yet another significant disconnect between his standard of living and mine. As a single mom of two kids, I have to budget. It is a necessity. I do not have the luxury of not doing it. Again, I understand that many people don’t do it. I understand that for folks who do have a bit of a spending buffer it is easy to spend it, rather than save it, based on just willpower. But I think to completely disregard the fact that some people may truly need to budget is narrow-minded and even irresponsible.
Finally, there was just nothing new here. I am already doing what he suggested for savings and I don’t have debt, so there just wasn’t any real meat. If you have never read a book on finance, you might learn something, but I would absolutely recommend Dave Ramsey over this. Very similar concepts and not quite such a condescending delivery.
There are, however, several areas where it loses me. First of all, the original automatic millionaires he tells us about made just over $50,000 in his example. The author called this “Not bad. Not rich, to be sure, but a decent income.” At a guess, based on the authors age and the details he gives, this story happened in the 80’s. If I give him the benefit of the doubt and assume this wage was paid in 1989, this means an equivalent salary today would be over $100,000. That may not be celebrity rich, but it is 3 times more than the average salary in America right now. I think it shows a huge disconnect from the wages his readers may be making and undermines his claim that anyone can become rich by following his method.
Second, he really poo-poo’s budgets. I do get why, but this shows yet another significant disconnect between his standard of living and mine. As a single mom of two kids, I have to budget. It is a necessity. I do not have the luxury of not doing it. Again, I understand that many people don’t do it. I understand that for folks who do have a bit of a spending buffer it is easy to spend it, rather than save it, based on just willpower. But I think to completely disregard the fact that some people may truly need to budget is narrow-minded and even irresponsible.
Finally, there was just nothing new here. I am already doing what he suggested for savings and I don’t have debt, so there just wasn’t any real meat. If you have never read a book on finance, you might learn something, but I would absolutely recommend Dave Ramsey over this. Very similar concepts and not quite such a condescending delivery.
michelefortie's review
5.0
This isn't my usual reading fodder (no fantasy or magic or teens falling in love), but it was a really interesting and insightful book. Ignoring the title (which sounds scam-y), this book is actually an excellent resource and breakdown of a really simple and common-sense way to save more money and be more efficient with bills, debt, savings, etc. The author talks about setting up direct deposits for 401ks and savings accounts (as well as investing savings to build interest, etc) and planning for your future by "paying yourself first." This concept is something I've heard many times from my parents, but I liked how the author broke things down and explained the benefits and how easy and painless this savings method can be. It also explains some REALLY excellent tips on buying a home and home ownership, and good "life-hacks" to pay your mortgage down much faster (and thus paying less interest). It's a little dated (printed in 2003) but the ideas hold true and is worth reading if you're trying to be a better adult. :)