Despite its sensational title, David Bach's The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich is not a get-rich-quick guide. Rather, the book is a straightforward march through common-sense personal financial planning that suggests readers "automate" their contributions to retirement and investment vehicles. Bach, in fact, calls his model the "tortoise approach" to becoming wealthy by retirement age.

In the early part of the book Bach builds on ideas he established in Smart Women Finish Rich and other bestselling titles. His core principle is that, to succeed, you must "Pay Yourself First." In other words, he suggests using pre-tax retirement accounts (i.e. 401(k)s, IRAs, or Roth IRAs) to set aside a fixed, monthly sum of money before considering what is left for living expenses. The "automatic" part of the title comes from Bach's emphasis on using automated payroll deductions to avoid the temptation of using the money to pay today's bills.

Bach insists that "regardless of the size of your paycheck, you probably already make enough money to become rich." But his claims that his plan requires "no budget, no discipline," is a bit disingenuous. His discussion of the "The Latte Factor" shows that, to find money to start a retirement plan, a person with a modest income needs to make an up-front commitment to stop accruing debt and to reduce spending on such "wasteful" items as lattes and cigarettes.

In the end The Automatic Millionaire does not offer much that is new for readers already familiar with personal finance basics like accelerated mortgage payments, "the miracle of compound interest," and the setting up of emergency funds. But, for those just starting with financial planning, Bach provides a host of resources to put recommendations into action. He walks his readers through such fundamentals as shopping for interest rates, creating a balanced retirement portfolio, and consolidating debt. And Bach's conversational style will make this quick read highly palatable for those daunted by more detailed investment and personal finance titles. --Patrick O'Kelley


From Publishers Weekly
Bach, author of several bestsellers including Smart Women Finish Rich and Smart Couples Finish Rich, offers a simple prescriptive plan for financial security. The secret: the astonishingly vanilla "Pay Yourself First," which, in Bach's words, is "the one proven, easy way to get rich." Instead of worrying about taxes, budgeting or investing, the key, according to Bach, is to set aside between 10% and 15% of gross income for savings the equivalent of one hour's worth of income every day. While this strategy may seem obvious, many people don't take this basic step. That's why Bach says everyone should write down their "Automatic Millionaire Promise," which spells out what percentage of their income they will start saving by a certain date. To insure that people carry through on their efforts, Bach says they should have deposits automatically made to a retirement account. Then, the next step is to capitalize on the power of compounding by contributing the maximum amount to, say, an employer's 401(k) account. To help readers navigate the maze of investment choices, Bach includes contact information for a number of mutual funds and Web sites offering authoritative financial information. Bach's key principle, along with such advice as buying real estate, paying down debt and making charitable deductions, is not groundbreaking; and regrettably, it may be unrealistic for many: tens of millions of Americans are in serious credit card debt because they can't make ends meet on their salaries; how, then, are they to save so much of their gross income? However, his easygoing approach, complete with real-life examples and clever phrases such as "Latte Factor," will appeal to the many money-challenged consumers who have made a New Year's resolution to get their finances on a firmer footing.Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.


From AudioFile
While this is not new advice, the genial author and TV celebrity packages it so smoothly that it will make you want to clean up your financial habits right away. His speaking style is youthful and positive, and the stories and illustrations have enough narrative suspense to hold anyone's attention. To avoid spending and accumulate wealth, set up automatic spending and investing systems and then follow them religiously. Along with detailed guidance about every aspect of creating this structure, there is an enhanced CD that has visual displays and action steps to print and use. An enjoyable, complete, and highly motivational lesson for anyone whose get-rich plans are stuck on the drawing board. T.W. © AudioFile 2004, Portland, Maine-- Copyright © AudioFile, Portland, Maine


From Booklist
When Bach writes in his introduction that "in just an hour or two I could share with you a system that would slowly but surely transform you into a millionaire," it sounds like he's peddling another one of those work-at-home schemes. In reality, what he's talking about is setting up your financial life in a way that takes advantage of simple savings concepts (such as direct-deposit deductions) to create an investment plan that works painlessly in the background. Trying to actively budget your savings doesn't work, Bach says, because it goes against human nature, which is to continue to spend what we have, no matter how much money we make. But by diverting just $10 a day to a long-term investment program, we can accumulate well over $1 million over a 40-year period. Using the concept of the "Latte Factor," Bach shows how to eliminate a few unnecessary daily expenditures for things like fancy coffee, bottled water, or fast food and use the savings to secure your future. David Siegfried
Copyright © American Library Association. All rights reserved


Review
The Automatic Millionaire is an automatic winner. David Bach really cares about you: on every page you can hear him cheering you on to financial fitness. No matter who you are or what your income is, you can benefit from this easy-to-apply program. Do it now. You and your loved ones deserve big bucks! -Ken Blanchard, co-author of The One Minute Manager The Automatic Millionaire gives you, step by step, everything you need to secure your financial future. When you do it David Bach's way, failure is not an option.-Jean Chatzky, Financial Editor, NBC's TodayDavid Bach's no spin financial advice is beautiful because it's so simple. If becoming self-sufficient is important to you then this book is a must.-Bill O'Reilly, anchor, Fox News, and author of The O'Reilly Factor and The No Spin Zone  Finally, a book that helps you stop sweating it when it comes to your money! The Automatic Millionaire is a fast, easy read that gets you to take action. David Bach is the money coach to trust year in and year out to motivate you financially.-Richard Carlson, author of Don't Sweat the Small Stuff and Don't Sweat the Small Stuff About MoneyDavid Bach's The Automatic Millionaire proves that you don't have to make a lot of money or have a complicated financial plan to get started you can literally start towards your financial dreams today, in a matter of hours, with just one life changing secret: Pay yourself first and make it automatic! Equally important, this book shows you how to simplify and automate your entire financial life.- Harry S. Dent, Jr., investment strategist and author of The Roaring 2000sThe Automatic Millionaire is, simply puta great little book!  You can read it in a matter of hours and take action immediately on a powerful, simple, totally AUTOMATIC plan to become a millionaire.- Robert G. Allen, coauthor of The One Minute MillionaireThe Automatic Millionaire is brilliant in its simplicity and thoroughly enjoyable to read. If you want to create financial security and still sleep at night, you've just got to get this book! Thank you, David...your advice will change people's lives. - Barbara Stanny, author of Secrets of Six-Figure Women and Prince Charming Isn't ComingI once heard that to make something powerful, you need to make it practical.  The Automatic Millionaire is a book that is 100% practical and powerful.  David Bach is one of the few individuals in the world of finances who truly wants to make a huge impact in other people's financial lives. This is one of those rare books that can really change your life!- Louis Barajas, Author of The Latino Journey to Financial GreatnessDavid Bach lets you in on the secret to finishing rich, and it's so simple anyone can do it. Read this book, follow his advice, and it will change your life.- Candace Bahr and Ginita Wall, co-founders of the Women's Institute for Financial Education (WIFE.org)Pay yourself first. It's simple ideas like this that can make all the difference in your financial future. Ignore David Bach's new book at your own peril.- Al Ries, author of Focus, The Future of Your Company Depends on ItDavid Bach makes understanding your finances easy, fun and exciting. The Automatic Millionaire is a practical and smart guide to mastering your relationship with money.- Barbara De Angelis, Ph.D. author of What Women Want Men to KnowMore people will become millionaires in the years ahead than in all the previous years of human history. It has never been more possible for you to get out of debt, achieve financial independence and build a financial fortress around yourself than it is today. This fast-moving book by David Bach gives you the practical strategies and techniques you need to take complete control of your financial life and become the millionaire you want to be. - Brian Tracy, author of Goals!


Review
“The Automatic Millionaire is an automatic winner. David Bach really cares about you: on every page you can hear him cheering you on to financial fitness. No matter who you are or what your income is, you can benefit from this easy-to-apply program. Do it now. You and your loved ones deserve big bucks!”
-Ken Blanchard, co-author of The One Minute Manager


“The Automatic Millionaire gives you, step by step, everything you need to secure your financial future. When you do it David Bach’s way, failure is not an option.”
-Jean Chatzky, Financial Editor, NBC’s Today


“David Bach's no spin financial advice is beautiful because it's so simple. If becoming self-sufficient is important to you then this book is a must.”
-Bill O'Reilly, anchor, Fox News, and author of The O’Reilly Factor and The No Spin Zone
 
“Finally, a book that helps you stop sweating it when it comes to your money! The Automatic Millionaire is a fast, easy read that gets you to take action. David Bach is the money coach to trust year in and year out to motivate you financially.”
-Richard Carlson, author of Don't Sweat the Small Stuff and Don’t Sweat the Small Stuff About Money


“David Bach’s The Automatic Millionaire proves that you don’t have to make a lot of money or have a complicated financial plan to get started — you can literally start towards your financial dreams today, in a matter of hours, with just one life changing secret: Pay yourself first and make it automatic! Equally important, this book shows you how to simplify and automate your entire financial life.”
- Harry S. Dent, Jr., investment strategist and author of The Roaring 2000s


“The Automatic Millionaire is, simply put…a great little book!  You can read it in a matter of hours and take action immediately on a powerful, simple, totally AUTOMATIC plan to become a millionaire.”
- Robert G. Allen, coauthor of The One Minute Millionaire


“The Automatic Millionaire is brilliant in its simplicity and thoroughly enjoyable to read. If you want to create financial security and still sleep at night, you've just got to get this book! Thank you, David...your advice will change people's lives.”
 - Barbara Stanny, author of Secrets of Six-Figure Women and Prince Charming Isn't Coming


“I once heard that to make something powerful, you need to make it practical.  The Automatic Millionaire is a book that is 100% practical and powerful.  David Bach is one of the few individuals in the world of finances who truly wants to make a huge impact in other people's financial lives. This is one of those rare books that can really change your life!”
- Louis Barajas, Author of The Latino Journey to Financial Greatness


“David Bach lets you in on the secret to finishing rich, and it’s so simple anyone can do it. Read this book, follow his advice, and it will change your life.”
- Candace Bahr and Ginita Wall, co-founders of the Women’s Institute for Financial Education (WIFE.org)


“Pay yourself first. It’s simple ideas like this that can make all the difference in your financial future. Ignore David Bach's new book at your own peril.”
- Al Ries, author of Focus, The Future of Your Company Depends on It


“David Bach makes understanding your finances easy, fun and exciting. The Automatic Millionaire is a practical and smart guide to mastering your relationship with money.”
- Barbara De Angelis, Ph.D. author of What Women Want Men to Know


“More people will become millionaires in the years ahead than in all the previous years of human history. It has never been more possible for you to get out of debt, achieve financial independence and build a financial fortress around yourself than it is today. This fast-moving book by David Bach gives you the practical strategies and techniques you need to take complete control of your financial life and become the millionaire you want to be.”
- Brian Tracy, author of Goals!


Review
?The Automatic Millionaire is an automatic winner. David Bach really cares about you: on every page you can hear him cheering you on to financial fitness. No matter who you are or what your income is, you can benefit from this easy-to-apply program. Do it now. You and your loved ones deserve big bucks!?
-Ken Blanchard, co-author of The One Minute Manager


?The Automatic Millionaire gives you, step by step, everything you need to secure your financial future. When you do it David Bach?s way, failure is not an option.?
-Jean Chatzky, Financial Editor, NBC?s Today


?David Bach's no spin financial advice is beautiful because it's so simple. If becoming self-sufficient is important to you then this book is a must.?
-Bill O'Reilly, anchor, Fox News, and author of The O?Reilly Factor and The No Spin Zone
 
?Finally, a book that helps you stop sweating it when it comes to your money! The Automatic Millionaire is a fast, easy read that gets you to take action. David Bach is the money coach to trust year in and year out to motivate you financially.?
-Richard Carlson, author of Don't Sweat the Small Stuff and Don?t Sweat the Small Stuff About Money


?David Bach?s The Automatic Millionaire proves that you don?t have to make a lot of money or have a complicated financial plan to get started ? you can literally start towards your financial dreams today, in a matter of hours, with just one life changing secret: Pay yourself first and make it automatic! Equally important, this book shows you how to simplify and automate your entire financial life.?
- Harry S. Dent, Jr., investment strategist and author of The Roaring 2000s


?The Automatic Millionaire is, simply put?a great little book!  You can read it in a matter of hours and take action immediately on a powerful, simple, totally AUTOMATIC plan to become a millionaire.?
- Robert G. Allen, coauthor of The One Minute Millionaire


?The Automatic Millionaire is brilliant in its simplicity and thoroughly enjoyable to read. If you want to create financial security and still sleep at night, you've just got to get this book! Thank you, David...your advice will change people's lives.?
 - Barbara Stanny, author of Secrets of Six-Figure Women and Prince Charming Isn't Coming


?I once heard that to make something powerful, you need to make it practical.  The Automatic Millionaire is a book that is 100% practical and powerful.  David Bach is one of the few individuals in the world of finances who truly wants to make a huge impact in other people's financial lives. This is one of those rare books that can really change your life!?
- Louis Barajas, Author of The Latino Journey to Financial Greatness


?David Bach lets you in on the secret to finishing rich, and it?s so simple anyone can do it. Read this book, follow his advice, and it will change your life.?
- Candace Bahr and Ginita Wall, co-founders of the Women?s Institute for Financial Education (WIFE.org)


?Pay yourself first. It?s simple ideas like this that can make all the difference in your financial future. Ignore David Bach's new book at your own peril.?
- Al Ries, author of Focus, The Future of Your Company Depends on It


?David Bach makes understanding your finances easy, fun and exciting. The Automatic Millionaire is a practical and smart guide to mastering your relationship with money.?
- Barbara De Angelis, Ph.D. author of What Women Want Men to Know


?More people will become millionaires in the years ahead than in all the previous years of human history. It has never been more possible for you to get out of debt, achieve financial independence and build a financial fortress around yourself than it is today. This fast-moving book by David Bach gives you the practical strategies and techniques you need to take complete control of your financial life and become the millionaire you want to be.?
- Brian Tracy, author of Goals!


Book Description
What’s the secret to becoming a millionaire?

For years people have asked David Bach, the national bestselling author of Smart Women Finish Rich, Smart Couples Finish Rich, and The Finish Rich Workbook, what’s the real secret to getting rich? What’s the one thing I need to do?

Now, in The Automatic Millionaire, David Bach is sharing that secret.
The Automatic Millionaire starts with the powerful story of an average American
couple--he’s a low-level manager, she’s a beautician--whose joint income never exceeds $55,000 a year, yet who somehow manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. Through their story you’ll learn the surprising fact that you cannot get rich with a budget! You have to have a plan to pay yourself first that is totally automatic, a plan that will automatically secure your future and pay for your present.

What makes The Automatic Millionaire unique:

You don’t need a budget
You don’t need willpower
You don’t need to make a lot of money
You don’t need to be that interested in money
You can set up the plan in an hour

David Bach gives you a totally realistic system, based on timeless principles, with everything you need to know, including phone numbers and websites, so you can put the secret to becoming an Automatic Millionaire in place from the comfort of your own home.

This one little book has the power to secure your financial future. Do it once--the rest is automatic!


From the Inside Flap

What’s the secret to becoming a millionaire?

For years people have asked David Bach, the national bestselling author of Smart Women Finish Rich, Smart Couples Finish Rich, and The Finish Rich Workbook, what’s the real secret to getting rich? What’s the one thing I need to do?

Now, in The Automatic Millionaire, David Bach is sharing that secret.
The Automatic Millionaire starts with the powerful story of an average American
couple--he’s a low-level manager, she’s a beautician--whose joint income never exceeds $55,000 a year, yet who somehow manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. Through their story you’ll learn the surprising fact that you cannot get rich with a budget! You have to have a plan to pay yourself first that is totally automatic, a plan that will automatically secure your future and pay for your present.

What makes The Automatic Millionaire unique:

You don’t need a budget
You don’t need willpower
You don’t need to make a lot of money
You don’t need to be that interested in money
You can set up the plan in an hour

David Bach gives you a totally realistic system, based on timeless principles, with everything you need to know, including phone numbers and websites, so you can put the secret to becoming an Automatic Millionaire in place from the comfort of your own home.

This one little book has the power to secure your financial future. Do it once--the rest is automatic!

FROM THE PUBLISHER

Bestselling financial advisor David Bach brings us his proven, revolutionary system that in one hour will make readers --

even those not smart about money, not disciplined or budget-minded -- rich.

The Automatic Millionaire shows readers how to change financial practices and financial lives, beginning with a powerful story of an average Canadian couple -- he's a low-level manager, she's a teacher -- whose joint income never exceeds $55,000 a year, yet who somehow manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. The incredible message Bach delivers is that the key to getting rich is by "automating" the way to wealth "by paying yourself first," using automatic funded retirement accounts and money market accounts to secure the future and pay for the present.

In a short book destined for bestseller lists, The Automatic Millionaire introduces readers to a system that is powerfully simple, and automatically effective, a life-changing system that delivers. Do it once, the rest is automatic.

FROM THE CRITICS

Publishers Weekly

Bach, author of several bestsellers including Smart Women Finish Rich and Smart Couples Finish Rich, offers a simple prescriptive plan for financial security. The secret: the astonishingly vanilla "Pay Yourself First," which, in Bach's words, is "the one proven, easy way to get rich." Instead of worrying about taxes, budgeting or investing, the key, according to Bach, is to set aside between 10% and 15% of gross income for savings the equivalent of one hour's worth of income every day. While this strategy may seem obvious, many people don't take this basic step. That's why Bach says everyone should write down their "Automatic Millionaire Promise," which spells out what percentage of their income they will start saving by a certain date. To insure that people carry through on their efforts, Bach says they should have deposits automatically made to a retirement account. Then, the next step is to capitalize on the power of compounding by contributing the maximum amount to, say, an employer's 401(k) account. To help readers navigate the maze of investment choices, Bach includes contact information for a number of mutual funds and Web sites offering authoritative financial information. Bach's key principle, along with such advice as buying real estate, paying down debt and making charitable deductions, is not groundbreaking; and regrettably, it may be unrealistic for many: tens of millions of Americans are in serious credit card debt because they can't make ends meet on their salaries; how, then, are they to save so much of their gross income? However, his easygoing approach, complete with real-life examples and clever phrases such as "Latte Factor," will appeal to the many money-challenged consumers who have made a New Year's resolution to get their finances on a firmer footing. (Dec.) Forecast: With a confirmed appearance on Oprah along with a television and radio satellite tour, and some 700,000 of Bach's other books in print, this one should hit some bestseller lists. Copyright 2003 Reed Business Information.

Library Journal

Bach (Smart Couples Finish Rich) takes a unique approach to the financial wealth-building genre by shaping his many tips and techniques around an average American couple with a joint annual income of under $55,000 who manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. The sound advice covers well-known principles of eschewing credit cards and the importance of establishing and keeping to a plan to pay yourself first that is totally automatic, a plan that will secure your future and pay for your present. The author's lively narration keeps the listener's interest in these facts about how money works and how not to spend every dollar you earn. Highly recommended for all public libraries.-Dale Farris, Groves, TX Copyright 2004 Reed Business Information.

AudioFile