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Summary of The Automatic Millionaire, Expanded and Updated 

4.7 . 2653 reviews

Short summary

David Bach shows how anyone can become an automatic millionaire throughout their lifetime. The Automatic Millionaire sets out to teach people actionable steps that make living rich, easy, and fun. While retaining the timeless message in the original edition from 2003, this updated and expanded version caters to the rapidly changing world we now live in. Today’s technologies make it easier to become an automatic millionaire. Small changes can make a big difference in people’s lives. Following The Automatic Millionaire Blueprint enables you to automate your plan and secure your financial future by implementing its easy-to-apply program. David Bach is an entrepreneur, author, and television personality famous for his Finish Rich Series. “The Automatic Millionaire gives you, step by step, everything you need to secure your financial future. When you do it David Bach’s way, failure is not an option.” ~ Jean Chatzky, Financial Editor, NBC’s Today

Table of content

  • Summary of The Automatic Millionaire, Expanded and Updated
  • About the author
  • What is The Automatic Millionaire, Expanded and Updated about?
  • Who should read The Automatic Millionaire, Expanded and Updated
  • Topics in The Automatic Millionaire, Expanded and Updated
first key point

The Automatic Millionaire is a proven system for financial independence that is easy to set up and monitor

Listen the first key point
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The American Dream appears to have gone bust. 57% of all American workers have less than $25,000 in savings, according to the American Savings Education Council. The typical baby boomer’s financial assets are worth less than $1,000, based on a study by the American Association of Retired Persons. Where are you in all these? Are you in debt? Do you live from paycheck to paycheck, unable to save up for a rainy day? David Bach’s approach will transform your financial life if you take it. You can live the American Dream if you learn the secret of how to do it.

Becoming an Automatic Millionaire is a tortoise’s approach to wealth — steadily and surely gaining wealth throughout your lifetime. From the stories of automatic millionaires, you can learn the steps to take to join their ranks. The Automatic Millionaire builds on these seven foundational facts:
• You can be rich without making a lot of money.
• Discipline is not a requirement for becoming an Automatic Millionaire.
• You can be rich as an employee.
• You can use the Latte Factor to build wealth on a few dollars per day.
• Pay yourself first.
• Own a home instead of renting one.
• Develop an automatic system to prevent failure.
The one way to create lasting financial change that will help you build real wealth over time is to make your financial plan automatic. ~ David Bach
The only step to live and finish rich is to make all aspects of your finances automatic. This means you do not have to worry or think about money.
When we stop worrying about money, we begin to reclaim our lives and live them fully.
This summary shares the secret of original automatic millionaires and outlines the steps they took to become wealthy. Hopefully, you’ll decide to take a cue from these originals to gain financial independence.
second key point

The original automatic millionaires embody the principles that guide anyone to become wealthy

Bach’s first encounter with an Automatic Millionaire was at an adult education program where he taught an investment class. Jim and Sue McIntyre approached David Bach for financial advice because they had decided that Jim would retire at age 52. Bach was taken aback by this decision and wanted to caution them from making that choice. But when he saw their financial statements, he started to agree with their decision.
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third key point

Building wealth does not depend on how much you earn; it is by watching your little spending habits

fourth key point

Create an automatic plan to pay yourself before you pay your bills

fifth key point

Your system for paying yourself first should not follow a budget or require discipline

sixth key point

If your employer does not offer a pre-tax retirement plan, you can set up an Individual Retirement Account (IRA)

seventh key point

Conclusion

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Do you find yourself staring at your computer for long minutes, unaware of time slipping by? Do you enter a room and suddenly cannot remember why you stepped in the first place? Is it a herculean task for you to sit through ten pages of a book without reaching for your phone? If yes, your focus needs some work and fast.

Actually, yours is not a unique situation. Many adults like you have issues concentrating on a given task. However, in this fast-paced world of ours, you can’t afford to be not focused at all times. Thankfully, this article comes to your rescue! With the tips and tricks from Hyperfocus by Chris Bailey, you will get in the top percent of folks who have mastered the art of concentration.