Book Review: The Automatic Millionaire

This book came heavily recommended by Zack Blair and Ben Rath. In fact, Zack did a book review of it here. Since I’ve moved out on my own – I’ve looked at money in a totally different light. I’ve been through Dave Ramsey’s Financial Peace Curriculum, but just like any principle in life, until you put it into practice, it doesn’t hold a lot of value. I’ve really been looking to revamp the way I handle and view money and this book helped me out tremendously. Here are some of my key takeaways:

  • Make it Automatic – if you’ll automate you’re bill pay, savings, and investments it will take away from the need to be disciplined and you’ll automatically be on your way to being a millionaire!
  • Automatic millionaires don’t do debt – Period
  • The more you give, the more comes back to you. The more you give, the wealthier you feel!

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  • Renters become poor, landlords become rich – Own real estate as soon as you can!
  • To get new results, you need new actions
  • Figure out your “latte factor” – the little things you spend money on each day and figure out how much money you could be investing if you’d invest that money instead of spend it
  • Pay with cash or don’t pay at all – you can’t spend what you don’t have in your pocket!

This was a great book – easy read and very practical. I’d recommend it to anyone looking to get a handle on their money. Also – as an additional resource – check out Dave Ramsey’s stuff – he’s got it down!

Final Grade: A          Buy it here

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