Easy and Simple Steps to Finishing Rich
Although the book, the Automatic Millionaire, was written before the recent recession, the ideas that are introduced still apply today. One of the most distinguished financial experts and bestselling author, David Bach, discloses his one step plan to help you in meeting your main aim of financial freedom. Wealth accumulation is realistically easy by making some elements of your finances automatic. This helps you conquer human nature. Through automatic savings, there is no need for will power or discipline. Throughout the book, you’ll find a lot of action steps to further help you attain your goals. Bach wrote this book in an anecdotal and simple manner, simple enough for ordinary folks to understand.
The proposed steps for wealth accumulation are not only easy to understand they are doable as well. You may find it hard to believe that it is indeed possible for average earners to retire as millionaires. The strategies that Bach reveals are proven to be effective. The anecdotes that he shares in his book are actually real. The characters and circumstances are based on actual people and events. His main inspiration for writing the book is a middle aged couple, the McIntyres. At a glance, there is nothing extraordinary about this couple. They were average earners and definitely did not look rich. However when you look at their assets and portfolios, you will be surprised that they are worth at least $2 million. They had two real estate properties, several retirement accounts, bonds, savings, and other personal properties. This couple was also debt free. They amassed all these despite having a combined annual income of $50,000. The couple revealed that they used common sense in managing their finances.
The Automatic Millionaire presents some of the guidelines the McIntyre couple used to retire as millionaires. Every payday, they put aside a portion of their income for their retirement plans and investment vehicles. They made all investments and payments to their financial obligations, utility bills, mortgage, and credit cards, automatic. They set up for these components of their finances to be instantly taken off from their paychecks. To prevent incurring large interests, they paid their credit card on time. They even used a bi-weekly payment plan for their mortgage payments. They took this method to a whole new level by making tithing automatic as well. With the technology available today the entire process of automation is more convenient and easier.
In addition, you need to steer clear from debts in order for you to build up savings and wealth. Do you know that your credit score will not only reflect your ability to make payments but also determines the interest rates for your insurance? If you have a pretty low credit rating, insurers charge you with higher interests and monthly premiums. Your low score means that insurance and lending institutions are taking a risk in allowing you to transact business with them. Higher interest rates and premiums equate to wasted money. However you can still improve your credit score by fast paying your debts. After paying off all your debts you can keep a debt free life by making sure you pay all your outstanding credit card debts on time. In the book, you will find several steps in fast paying and consolidating debts.
The Automatic Millionaire presents some surefire, straightforward, and concrete ways for you to take control of your personal finances. Accomplishing your goals is not as complicated as you think.
The Automatic Millionaire is a financial guide that teaches ordinary people and entrepreneurs that methods for wealth building are not only easy to understand but they are also doable.
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