David Bach's New York bestseller The Automatic Millionaire has critics at the moment as question marks appear over the long-term investment strategy in a 401k plan that appears to be in jeopardy. falling short of demand from the baby boomer generation who started to retire in 2011 at the rate of around 10,000 per day.
In the book, automatic millionaire David Bach guides anyone through a sensible, well-calculated and highly applicable plan for taking charge of your own personal finances for life and retirement.
The first rule of remuneration
If you have never read a personal finance book in your life until then, then David Bach's Automatic Millionaire is probably the most revealing book to read first. The proven sequence of rules of sound and successful money management principles throughout this book will always play an important role in helping people develop habits that will inevitably put them in a much better financial position than anyone. 39; one who spends his life never seeking an excellent personal financial education.
The rule of paying yourself first, brought to light so significantly that the main factor of the couple playing in the success formula of David Bach's Automatic Millionaire book if you take a gold nugget from the book would be immediately start a plan to pay yourself first.
This rule was also very important in the success of Robert Kiyosaki, because it is a principle of success that everyone should know and apply.
Understanding the Latte factor
The other very underrated lesson to learn between the covers of David Bach's Automatic Millionaire book is what he calls the Latte factor. Talking about people's spending habits at live events is something David Bach excels at and he watches with joy every time the public reaction to this powerful discovery.
The principle, which is again an all-time success principle, takes into account each of your expenses, no matter how small, to discover hidden amounts of your daily expenses which, when added up and invested in long term can make a huge difference to your future wealth.
For the modern business worker, it is often the morning cup of flavored and sprinkled coffee from a well-known chain of cafes that creates mummies in the crowd as David makes people tell their own stories at sold out events. Latte Factor spends daily and then reveals the potential for long-term returns on the same money well invested.
Even though the investment rules have become more sophisticated, the principles of sound money management remain the same. In this current economy, it is wise to seek professional advice outside the usual routes of banks to get better investment advice given the recent bank collapses. Fortunately, this type of wealth information is available in private companies that specialize in this area, and thanks to the Internet, people like you and I have access to it.