Skip to main content

Summary of "The Automatic Millionaire" by David Bach

 








"The Automatic Millionaire" by David Bach is a personal finance book that provides a simple and actionable plan for anyone looking to achieve financial freedom. Here are some key points from the book:

  1. Bach introduces the concept of "paying yourself first," which involves automatically diverting a portion of your income into savings and investments before paying any bills or expenses.

  2. He advocates for automating as much of your finances as possible, including setting up automatic contributions to retirement accounts, automatic bill payments, and automatic savings transfers.

  3. Bach stresses the importance of living below your means and avoiding debt, particularly high-interest consumer debt.

  4. He introduces the "Latte Factor," which encourages readers to identify and cut back on small daily expenses that can add up over time, such as buying coffee or eating out.

  5. Bach also discusses the power of compound interest and how even small amounts of savings can grow significantly over time.

  6. He provides a step-by-step plan for achieving financial freedom, including setting clear financial goals, creating a budget, and automating savings and investments.

  7. Bach emphasizes the importance of taking action and making small, consistent changes over time, rather than trying to make drastic changes all at once.

Overall, "The Automatic Millionaire" is a practical and accessible guide to achieving financial success through simple, automated, and consistent actions.

Comments

Popular posts from this blog

Cristiano Ronaldo was the world’s highest-paid athletes in 2024 ahead of NBA superstar Steph Curry, heavyweight boxing champion Tyson Fury and eternal rival Lionel Messi.

 Cristiano Ronaldo was the world’s highest-paid athletes in 2024 ahead of NBA superstar Steph Curry, heavyweight boxing champion Tyson Fury and eternal rival Lionel Messi. Evergreen frontman Ronaldo, who is still going strong with his Saudi Pro League side Al-Nassr at 40 years of age, he earned 260 million euros across the last calendar year – with 215million euros coming from his record-breaking contract in the Middle East. NBA superstar Curry, of the Golden State Warriors, fills second spot on the Sportico top-earners list on 153.8million euros. Former world heavyweight boxing champion Fury is third of 118million euros, while Ronaldo’s eternal rival Messi, who is now in MLS with Inter Miami is sitting in fourth position with 108million euros, and LA Lakers icon LeBron James with 107million Euros completing the top five. Overall, the top 100 highest-paid athletes on the planet pulled in an estimated 6.2 billion dollars between them. Prominent figures from eight different sports, ...

Bruno Fernandes defends Ruben Amorim's criticism of Manchester United

United were trailing by two goals as they headed to the dressing room after the break. It took Fernandes' spectacular free-kick to bring the club into the game before Manuel Ugarte's maiden strike for the Red Devils earned a hard-fought point in their final fixture at Goodison Park against Everton. Manager Amorim did not mince his words after the game, as he brutally slammed his players for a nightmare first-half performance. At full-time, captain Fernandes was quizzed on the club scoring two set-piece goals to which he told BBC Match of the Day: "We need to score more from these situations. We need to be more aggressive and understand our positions when we attack. We scored from two set pieces today and obviously, it is really good but we need to improve a lot if we are going to get out of this situation. We need to be aware that the situation we are in is very, very bad."

WordPress drop shipping how to create website

If you want to create a drop shipping website using WordPress, here are the general steps to follow: Choose a web hosting provider: You'll need to choose a web hosting provider that supports WordPress and offers reliable uptime and performance. Some popular options include Bluehost, SiteGround, and WP Engine. Install WordPress: Once you have a hosting provider, you can install WordPress. Most hosting providers offer a one-click installation process for WordPress, which makes it easy to set up. Choose a drop shipping plugin: There are several WordPress plugins that can help you set up a drop shipping website. Some popular options include AliDropship, Dropified, and Oberlo. Choose a plugin that matches your needs and budget. Choose a theme: WordPress offers a range of free and paid themes that you can use to customize the look of your website. Choose a theme that matches your brand and style. Set up your drop shipping store: Once you have installed the dropshipping plugin, you can st...