Rating: 
Summary: Not necessarily new, but worth reminding
Review: Some of what Dave Bach talks about here is not new. And that should not be news to anyone who has actually read the book, not just the free stuff on the internet and wanted to write a review and state their opinion.I had an uncle who sold insurance and he always taught us to save 10% of our money. He taught this to his kids and he taught it to his nephews and nieces too. Guess how many did it? In The Automatic Millionaire, Bach's core principle is to pay yourself first. Stanley and Danko talk about this in The Millionaire Next Door. Givens taught this in More Wealth Without Risk and George Clason is perhaps the best known for teaching this in The Richest Man in Bablyon. Once again, it's not news, but how many people do it? Bach suggests using pretax retirement accounts like your 401 (k), IRA, SEP-IRA, ROTH IRA, SOLO 401 (k) to set aside a fixed monthly sum of money before considering what is left for living expences. By taking advantage of payroll deductions, money can be invested automatically and you won't even miss it. For example, employees can have money automatically going into their companies 401 (k) and through money link have money going into their IRA. Just like a bill, except you are paying yourself first. By contributing to an IRA, you can also complete a new w-4 and claim your IRA increasing your take home pay while you increase your investments. Thanks to Pres. Bush's plan to raise the amount that can be contributed to retirement plans and makeup provisions, Americans have the best opportunity ever to create tax deferred wealth. The other principle that Bach talks about is his "latte factor."
Bach insists that many people are wasting money on "lattes." Got to have that bottled water, go out for lunch everyday, hit the soda machine several times per day, cigerettes, candy, stop at a 7-11 for gas and got to get a snack, buy something new to keep up with our peers etc., etc. And these are the people that say they have no money to invest. In this regard, people are wasting money just to live a little better than they should be. And I am not pointing fingers. I was there too and I had training! 19 years ago, I started accumating wealth and self help books. One of the first was The Richest Man in Bablyon. I made dramatic progress. Then around 4 years ago, after years of being sloppy, I lost it. I felt that I had read it all, been there done that. I gave my books away. Amazing when you think you know it all, you really don't and horrible things start to happen. I was living on 125% of income. When my company closed down, I had to raid my 401 (k) and IRA accounts untill they were gone. Then reality set in and I had to start over. People who think they have already heard this before, how are you doing financially? Truthfully. My guess is that many are living in denial. If you are already doing well, congratulations. You are one of the few that are. Getting back to The Automatic Millionaire, Bach reveals "regardless of the size of your paycheck, you probably already make enough to become rich." Bach goes on to say that his plan requires "no budget, no discipline," is a bit disingenuous i.e. his "latte factor" A person with a modest income needs to make an up front committment to stop acruing debt, to reduce spending on such wasteful items as lattes and cigerettes and to begin investing. Fans of 1,000 page financial books (mostly worthless filler) will probably find Bach's book vanilla, too simple, too easy. But guys, it's working. It's what people really need. Not a huge 1,000 page tome that people won't read and doesn't work anyway. I highly recommend The Automatic Millionaire that will set you on the road to wealth and show you how to make the most of your money automatically.
Rating: 
Summary: Nothing Here You Probably Didn't Already Know
Review: Please don't take this review as a knock on any of Bach's works; in fact, I read The Richest Man in Babylon some time back and thought it was a basically good book that offered sound advice. The problem I have with The Automatic Millionaire is that it is essentially a collection of tips that I've heard on a number of financial planning shows over the years. Unless you've been living under a rock and not paying attention to any of the many financial planning programs on TV and radio these past several years the fact is you simply don't need this book. The core message of the book is that you can become an automatic millionaire if you essentially live like a miser. That's not a startling revelation now, is it? I imagine Bach has himself become a millionaire from sales of this and his past books and I'm sure that if you follow the principles in The Automatic Millionaire you might actually become a millionaire. The question is whether you'll live long enough to enjoy the results of your efforts. Save your money and watch more CNN/FN instead.
Rating:
Summary: Fun, easy and simple. It's about time!
Review: I have read a ton of financial books. Most of them good, a few not so good. What I like about Dave Bach's book is that it is so simple and easy to implement. No plowing through a 1,000 page book and wondering; "Now what am I supposed to do?" Dave Bach's program works and works fast. His book is an easy read. I read it in one sitting but found myself going through it again and making notes and designing action strategies. The advice is fun, easy and simple. Finally, sombody has come up with a simple solution to personal finance. It's about time!
Rating: 
Summary: Far from perfect but worth buying for some...here's why:
Review: Yes, there is plenty of oversimplification here and a 10% return in the stock market (necessary to reach the kind of returns Bach says are possible) is far from certain. But consider the fact that people are saving less than ever before (or so say many financial planners and news reports) this book could serve as a wake-up call to those who need it most and make them re-evaluate their spending habits. As some critics of this book say, much of the material here may seem "obvious". If thats so, then why aren't more people doing the obvious - cutting back on impulse purchases, avoiding significant credit card debt and failing to plan for the future?
With strong examples and accessible charts, I have to give Bach credit for writing a book which could get people to become conscious, TRULY conscious, of how even small purchases can add up to big losses of capital over time,perhaps even motivating them to make better choices and maximizing savings as the years go by.
Bach shows how eliminating that daily cup of coffee at Starbucks or the impulse purchases at the shopping mall could end up savings thousands of dollars over the years. He urges readers to keep track of their purchases for a week or two and determine what is truly necessary or desired while cutting down on the rest. Not bad advice, even if its been said before.
Will people who follows his tips automatically retire with plenty of money? Not necessarily. But they could end up with far more than they would otherwise. Considering the fact that people are saving less than before (as a general rule) this book could serve as a wake-up call to those who need it most and make them re-evaluate their spending habits. True, it may not offer much for financial whizzes but could certainly be worthwile for others. In fact, I'm using some of the examples to teach my kids about basic spending and sqvings with noticably positive results.
Rating:
Summary: Awesome book
Review: After reading The Automatic Millionaire, I have come to the conclusion that the only person who can make money with this book is the one who first buys it. The reads it. And then applies the material.David Bach has written a good book here that will deliver results for you. But first you have to read it---not just the free overview here on the internet like that 1 star reviewer, but the actual book. And then you have to use it.Hey, it's working for everybodyelse. Why not you?
Rating: 
Summary: Terrible
Review: After reading this book I can only conclude that the only person getting rich or will get rich is the author. Very sad.
Rating:
Summary: Simple and easy to understand
Review: I've read the Canadian edition of Automatic Millionaire and it is simple and easy to understand. Although English is not my first language and it's my first time to read a personal finance book, I finished reading it in two days. It provides me a very straight forward and working solution to save money every month. I would recommend this book to people who lack self-discipline to budge and want to have a comfortable life at retirement.
Rating:
Summary: Kindergarten Lesson In Financial Planning
Review: The reviewers that enjoyed this book are getting a little sip of the most basic financial planning concepts. This is a good thing for them. But financial planners have written zillions of books like this one, and they boil down to: live cheaply, avoid debt, and compound interest will make you rich! THIS IS NOT TRUE. Following these recommendations, you will work hard your whole life, living cheaply, and barring illness/jobloss etc. - you'll be able to retire with a little more than social security as income. There are two critical elements missing in books written by financial planners. The first is where today (Jan 2004) can you safely invest money at 10-15%? No where. And all the financial planners say it is easy and 'the market always comes back'. Even if you could find a mutual fund paying 10%, you'll pay an average of 4% in hidden fund fees, taxes of 4%, leaving you with only 2% annual gain. Now what kind of "wealth" can you build on an ordinary income and 2-3% gains? Very, very little. No, this basic financial planning book is only first gear. You will die of hard work in first gear. Second gear is adding a little real estate, for example "The Weekend Millionaire's Secrets To Investing In Real Estate". But if you want to go all out and shift into third and fourth financial gears, get "Cashflow Quadrant" by Kiyosaki. If you're having trouble from there, read "Success Stories" by Kiyosaki of how people starting taking baby steps toward retiring decades early.
Rating:
Summary: Inspiration and simple yet straight forward methods
Review: As a newly self employed person, I didn't know what to do about putting away money tax free for retirement asides from the standard $3,000 you would put into an IRA... but after reading the book, David Bach gave me insights into how a self-employed business owner can put away a good amount for retirement... tax free.
Rating:
Summary: Not Another Get-Rich-Quick Scam
Review: This book is a very straightforward and easy Get-Rich-SLOWLY book that even a five-year-old can follow. It is gauranteed to work if you follow it word for word. I highly recommend this and all of David Bach's other financial books.
| 
