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The Automatic Millionaire

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The Automatic Millionaire
Meet the Automatic Millionaires The book begins with the author David Bach meeting Jim McIntyre after one of his investment classes. Jim requests to meet the author to review their financial situation and the meeting is set. Mr. Bach is amazed as he looks through the McIntyre’s finances and the conversation switches from looking at their situation to asking how they’ve done what they’ve done. What the McIntyres told the author has help himself and many others through this book become automatic millionaires.
“A latte spurned is a fortune earned.” The first chapter of the book makes it sound simple enough to become an automatic millionaire, but where does one begin? David Bach tell us through story how easily one spends money and how with just a little discipline, it turns from spending to saving. The author suggest taking the “Latte Factor Challenge” which is tracking your spending for just one day to be able to see your spending habits. Once done one should make a personal decision to live on less and save a little more.
Pay Yourself First The secret is, pay yourself first. Although many view this as common knowledge few actually practice it. Make a commitment to practice paying yourself first and choose a specific percentage of your income. The percentage that you choose depends on whether you want to be rich, poor, or middle class. Mr. Bach says that although well intentioned budgeting can be more of a hassle than it’s worth. Instead use your Latte Factor, Pay Yourself First, and enjoy the ride.
Automation
This is where the Automatic part comes in. Now that you know that it is possible to save, making it automatic makes it easy. The author suggests looking into a retirement account offered through your current job or opening an IRA. The ideal amount to save into these accounts is the maximum amount allowed; and, right after

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