Official Review "The Automatic Millionaire"

[JessiAnne26]

The Automatic Millionaire- A Powerful One Step Plan to Live and Finish Rich delivers exactly what it promises. The book is laid out in such a way that throughout each chapter you can get richer automatically through one area of your life to the next. The book gives many helpful hints, and reaches out to a large audience. Whether you're just starting out (it's better if you are of course) with money or if you're trying to figure out how to make sure you don't retire in the slums this book may be for you.

In the book you learn a few great details about the author himself initially and then it delves into the good stuff. We explore the theme learning to pay yourself first, What a latte factor is and how the factor could be reallocated, saving for a rainy day and the best way to earn interest on these savings, the best way to pay off a mortgage and own a home free and clear, and how giving back makes us rich. Each chapter is laid out as simply as it could be made, and a book for novices like me is always grandly appreciated.

This book is a short read (i read it in roughly 2.5 hours) and it keeps you motivated to keep reading throughout. The beginning of the book introduces two people the author came to know and be close with who looked like your run of the mill Americans who turn out to be largely wealthy. The author candidly describes his own trouble with money, despite his profession of telling other people what to do with theirs and gets excited and shares his enthusiasm with the reader for meeting these average joe's. After some frank discussions we learn that the typical American who looks rich is probably not and the run of the mill joe who saves his money for his future can certainly become a millionaire.

There is a lot of advice I feel i wasn't emotionally ready to handle receiving but it was still solid advice nonetheless. I am not ready to buy a home so i only briefly skimmed over this section and every time i think about mutual money markets and a traditional IRA vs Roth IRA i get hypertensive to say the least. While the author does a decent job of going into detail about these things i just don't think the message stuck for someone who sort of blacks out while people are using jargon like ETF's vs. 401(k)'s you manage by yourself. I think i will have to investigate the subject further and with a financial advisor, which is incidentally recommended in this book for people like me. The theme of the book remains consistent though, no matter how you go about saving for your retirement or paying off your home the best way to become a millionaire is to make it automatic.


While i don't know that i would recommend anyone spend $20.00 on this book (that was published in 2004) i would certainly recommend that anyone looking for a way to become a millionaire in the long term pick this book up from a library and apply a lot of the lessons in the book as soon as possible. For the short read and the valuable advice i would recommend this book to anyone interested in automating their millions of dollars to come. I wish you all wealth!

JessiAnne