I tend to be very short when I talk, so that’s how I’m planning to make my book reviews. They’re going to be short and sweet and to the point. I’m not here to sell it to you, I’m just here to tell you if it should be added to your personal finance arsenal.
The bases of The Automatic Millionaire is to automatically deduct money either from your paycheck or from your bank account.
The book covers making automatic:
- Emergency Fund
- Mortgage Payment
- Getting Out of Debt
The only thing I didn’t like about the book was the beginning of the chapter on mortgages. The author really tries to sell you on homeownership being better than renting. He doesn’t bring in all of the factors that affect the total you pay for a house. He leaves out the fact you have to pay taxes, insurance, and maintenance. Those factors can lead to a lot of extra expense.
I do believe homeownership is great but only for the intangibles of a house, for example: Stability, Freedom, etc. I wouldn’t buy a house and think of it as an investment.
It does a great job selling you on making everything automatic and I would recommend all of the steps given to do that. It tells you each step to take to become an automatic millionaire. I believe that it’s a lot easier to save when you don’t have to think about it all of the time. This book gets that point across and tells you how. It also does a great job of guiding you to get out of debt. Pretty much the whole book is a positive and it really motivates you to save money in one way or another.
Would I buy it?
Absolutely, and I did. This is a book you should own to help build your foundation of personal finance knowledge.
I’m putting the new and used links up because I prefer to buy used to save money, so I thought I’d pass it on.
P.S. Some of the links in this post I earn a little bit of money from, in order to pay my bills. But I promise to never to intentionally lead you to a bad company and to never let the money affect my opinion.
Have you read The Automatic Millionaire? How did you like the book?