"The Automatic Millionaire" (Conclusion)

The last section of David Bach's book is brief, but, in my mind, it is a solid conclusion. Entitled "Your Journey Begins Today!" this section simply gives a "pep talk" to those who might have read the book and thought, "That works for some folks, but not for me."

Bach takes a moment to remind the reader of the most important step to any financial plan: "You just need to start" (226). How true that is! For the rest of this short section (it is only four pages), Bach reminds the reader of the different chapters and asks you to re-read whichever will get you going (or going again).

For me, the best part of this book is the opening story, about the McIntyres. It's one of those "if they can do it, I can, too" type of stories.

Buy or Don't Buy: My Recommendation

I have read Automatic Millionaire cover-to-cover on more than one occasion. I am glad I own the book and it is helpful.

My personal feeling is that someone just starting out needs to read Dave Ramsey's Total Money Makeover first. For my money, that book is more practical and helpful.

That being said, if you have read Ramsey's book and still need a little encouragement, The Automatic Millionaire can deliver. You will obviously find some differences in the books, but you will also find help in both.

So, my recommendation is to buy Dave's book first, but make sure you add Bach's book to your library eventually.

"The Automatic Millionaire" (Chapter 8)

If you have followed this series on David Bach's book, you have noticed that now, just about everything is "taken care of" financially. All debt payments, the mortgage, retirement--it's all being automatically drawn either directly from the paycheck or from the checking account.

However, in this last chapter, Bach addresses one more aspect of life that is a financial decision: giving back.

When I first saw the title for this chapter, I was a bit upset. It is "Make a Difference with Automatic Tithing." While this is another discussion, I don't believe in tithing. I believe in giving. I believe we are under New Testament obligation to give, but that we are not told to give a specific amount. Also, I had trouble with the idea of making my giving "automatic." Bach goes so far as to say that your tithe should be automatically deducted from your paycheck, just like the mortgage.

While I still don't agree with all the aspects of this chapter, after some consideration, I turned around a little. Why? Because Bach is writing a book "for the masses," and he still makes giving a priority.

Admittedly, he speaks of giving to a charitable organization or church (and he leans towards charities), but, still, Bach helps us understand that giving is an essential part of any financial plan. He ends the chapter by reminding the reader that some of the wealthiest people of all time gave, and did so before they could really afford to give!

My recommendation is to give, but don't "automate" the process. Take each week and think of how the Lord has prospered you. Give accordingly.

While I don't agree with the entire chapter, there is still quite a lot of worthy information if you are interested in giving money to a specific charity. Bach takes a brisk look at different ways to accomplish this worthwhile goal.

"The Automatic Millionarie" (Introduction)

For our third book review on this blog, we turn to another best-seller. David Bach's The Automatic Millionaire is an intriguing book that I have read more than once.

At the outset, I will tell you my biases, both for and against this book. You will probably notice that they will come up several times in this brief series.

First, the negative. I don't fully agree with Bach's strategy. While some of what he has to say is wonderful, and I will praise a couple of his principles several times, I don't like his lack of focus. I follow Dave Ramsey on this one: do one thing with total focus until it's done. Bach likes to divide our focus into more than one thing at times, and I don't like that.

The positive--besides the principles I like--is that the book is extremely readable and brief. I have read it three times, and actually read over half of the book in one day (without even reading all day) last year. It is one of the few financial books I enjoy reading.

Introduction

The book begins by promising to help in a practical way, and promises to do so in a short amount of time. Like many books, this volume does not give you "hot stock tips" or other such financial information. It, rather, changes our attitude about money.

After laying out some practical points ("You don't have to make a lot of money to be rich," for example--page 7), Bach gives is overriding theme, and the one for which the book is named:

If your financial plan is not automatic, you will fail! (7)

If you can remember that point, you will do well with this book. It comes up in every single chapter, and makes the book simple to understand.

The introduction is short, but it does grab the reader's attention. If you don't have a copy of The Automatic Millionaire, you may purchase it from the link below. While you may or may not agree with everything Bach says, the book is definitely worth the price of a used copy.