The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich [Secure]
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by David Bach
Category: Personal Finance/General Nonfiction
Description: Bestselling financial advisor David Bach brings us his proven, revolutionary system that in one hour will make readers--even those not smart about money, not disciplined or budget-minded--rich. The Automatic Millionaire shows readers how to change financial practices and financial lives, beginning with a powerful story of an average couple--he's a low-level manager, she's a teacher--whose joint income never exceeds $55,000 a year, yet who somehow manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. The incredible message Bach delivers is that the key to getting rich is by "automating" the way to wealth "by paying yourself first," using automatic funded retirement accounts and money market accounts to secure the future and pay for the present. In a short book destined for bestseller lists, The Automatic Millionaire introduces readers to a system that is powerfully simple, and automatically effective, a life-changing system that delivers. Do it once, the rest is automatic.
eBook Publisher: Random House, Inc./Broadway, 2003
Filament eBookStore Release Date: January 2004
52 Reader Ratings:
Available eBook Formats [Secure - What's this?]: OEBFF Format (IMP) [1.9 MB]
All formats: Printing DISABLED, Read-aloud DISABLED
GEOGRAPHIC RESTRICTIONS: Available to customers in: US, PR, VI, UM What's this
"The Automatic Millionaire is an automatic winner. David Bach really cares about you: on every page you can hear him cheering you on to financial fitness. No matter who you are or what your income is, you can benefit from this easy-to-apply program. Do it now. You and your loved ones deserve big bucks!"--Ken Blanchard, co-author of The One Minute Manager
"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
"David Bach's no spin financial advice is beautiful because it's so simple. If becoming self-sufficient is important to you then this book is a must."--Bill O'Reilly, anchor, Fox News, and author of The O'Reilly Factor and The No Spin Zone
I'll never forget when I met my first Automatic Millionaire. I was in my mid-twenties and was teaching an investment class at a local adult-education program. Jim McIntyre, a middle-aged middle manager for a local utility company, was one of my students. He and I hadn't spoken much until one day when he came up after class to ask if he could make an appointment with me to review his and his wife's financial situation.
The request surprised me. Though I felt strongly (and still do) that just about everyone can benefit from the advice of a qualified financial planner, Jim didn't strike me as the type who would seek it out.
I told him I'd be happy to set up a meeting, but if he wanted my help, his wife would have to come too, as my group managed money only for couples who worked on their finances together.
Jim smiled. "No problem," he said. "Sue's the reason I'm here. She took your Smart Women Finish Rich seminar and told me I should sign up for your course. I've liked what you've had to say, and we both figure it's time to do some financial planning. You see, I'm planning to retire next month."
Now I was really surprised. I didn't say anything, but as I looked Jim up and down, I doubted he could be in a position to retire. From the few comments he had made in class, I knew he was in his early fifties and had worked for the same company for thirty years, never earning much more than $40,000 a year, and didn't believe in budgets. I also knew that he considered himself to be "ultraconservative," so I figured he couldn't have made a fortune in the stock market.
My Grandma Rose Bach had taught me never to judge a book by its cover. But something didn't add up. Maybe Jim had just inherited a lot of money. For his sake, I hoped so.
"WHAT AM I MISSING HERE?"
When the McIntyres came into my office a few days later, they looked exactly like what they were: hardworking, "average Joe" Americans. What has stuck in my mind about Jim is that he was wearing a short-sleeved dress shirt with a plastic pocket protector in his breast pocket. His wife, Sue, had a little more flair, with some seriously blond highlights. She was a beautician, a couple of years younger than Jim.
The thing was, they didn't act like middle-aged people. They were holding hands like two high school kids on a first date, bubbling with excitement. Before I could ask how I could help them, Jim started talking about his plans and what he would do with his free time. As he did, Sue kept exclaiming, "Isn't it great he can retire so young! Most people can't retire until they reach sixty-five if then, and here's Jim able to do it at fifty-two!"
"LET'S NOT GET AHEAD OF OURSELVES."
After ten minutes of this, I had to interrupt. "Guys, your enthusiasm is contagious, but let's not get ahead of ourselves here. I've met with literally hundreds of potential retirees over the last few years, and I have to tell you--hardly any of them have been able to retire in their early fifties." I looked Jim in the eye. "Usually people come to my office to find out if they can retire," I said. "You already seem to be sure you can. What makes you so certain you can afford to?"
Jim and Sue exchanged a look. Then Jim turned back to me. "You don't think we're rich enough," he said, "do you?"...