Automatic millionaire - views please?

Grade_A_Reject

amosworks wrote:

I've listened to it some 5/6 times already, it's great but like all material on the subject should probably be consumed with others so you get the broader picture.

It's the Automatic Millionaire AND Transforming Debt Into Wealth that made me decide to become am millionaire, not one of the two on their own.

Good material []-)

Transforming Debt into Wealth is quite inspiring but the author does use some poetic licence with numbers. i.e something along the lines of "the average American earning $40k dollars over a 40 yr working life is on the way to becoming a $1.6 millionaire". True, if they don't eat, wear clothes or live in any kind of accomodation for 40 years!
Some inspiring stuff in there though and any inspiration is good inspiration. As Te$co say ... every little helps.

amosworks

Grade_A_Reject wrote:

Transforming Debt into Wealth is quite inspiring but the author does use some poetic licence with numbers. i.e something along the lines of "the average American earning $40k dollars over a 40 yr working life is on the way to becoming a $1.6 millionaire". True, if they don't eat, wear clothes or live in any kind of accomodation for 40 years!

Well technically it's true, that's what you would earn. Being rich isn't how much you earn though, it's how much you don't spend

But you've got to have your income as part of any SoA and the average earning multiplied by average working life isn't really a strange calculation to have in a fiscal self-help program :-\

thyme_2

Sammy 115,

I haven't read that book, but The Richest Man in Babylon book also says pay your self first - you are broke yes by the end of the month so you cannot afford to save - haven't we all been there and the months roll by and you still haven't saved. Paying yourself first means that you are still broke at the end of each month but you have saved a bit. It is a good guide. The argument for saving a small amount even if you have debts IMO is it stops you using your credit card in the first instance, gives you some fall back funds when small excess bills need paying. Then you concentrate every spare pence on knocking off the debts (but this is also saving because you have more income as your debts reduce). Good luck!;)

Chrismojam

I have listened to Transforming debt into wealth (quite easy listening)...and am now listening to The Automatic Millionaire.....does anyone else find David Bach's voice annoying??? Sounds like an over enthusiastic coach...I'm near the end of disc 1......I'll give it more time....

Chrismojam

Chrismojam wrote:

does anyone else find David Bach's voice annoying??? ....

OK, I'm going to get past the annoying voice.........he has just said something very true......

about some people being 'born to budget'....you know...come out of the womb with a calculator.......that would be me (didn't stop me getting into to debt though..:o )..........well 'these people' end up falling for their opposites.......the spenders...........how true is that!!!:eek:

amosworks

Chrismojam wrote:

about some people being 'born to budget'....you know...come out of the womb with a calculator

Haha, yes it's quite funny.

I can understand how the baby got in there in the first place, but the calculator??

MinnieSpender

Chrismojam wrote:

he has just said something very true......

about some people being 'born to budget'....you know...come out of the womb with a calculator.......

Aha! That explains it! When I was born there were no calculators (well, not as we know them).

I was hardly likely to come out clutching an abacus, was I?

amosworks

MinnieSpender wrote:

I was hardly likely to come out clutching an abacus, was I?

My eyes are watering at the thought though. Now, 1, 2, 3 and puuuuush :mad:

Dee2

Just finished Automatic Millionaire this weekend. Enjoyed it enough to up my monthly mortgage payments by just a bit and also my monthly savings by a bit. The Latte Factor certainly applies to me so by cutting a little bit of unnecessary expenditure and putting it into savings and mortgate AUTOMATICALLY (!!!) should help. Has anyone else put it into practice and how are you doing with it?

ILoveHenryJames

amosworks wrote:

My eyes are watering at the thought though. Now, 1, 2, 3 and puuuuush :mad:

A primitive form of love eggs?