The Automatic Millionaire

David Bach AKA David Millionaire wrote this fairly simple, logical book, which teaches you how to look at your finances, and find ways to save and invest your money for the future. This book is full of insightful ideas on how to secure your future. Let's take a look at the key points of his book.The Latte Factor. This is the term that turned David Bach into David Millionaire. This is a simple little trick to make some big changes in your life. It focus on looking at your daily spending. What little things do you waste money on everyday? Is it a latte? Is it eating out? Is it scratch off tickets? Taking that few dollars each day and investing it, as opposed to splurging on overprices beverages and eating out, can have very big results down the line.Pay Yourself First. This is another huge step in the quest of becoming an automatic millionaire. Instead of paying your bills, supporting your little indulgences, and taking care of your future last, invest in your future first. As
soon as you get paid, put a certain amount away before you do anything else. Get it into a bank account that you will not tap into. Make It Automatic! This is the David Millionaire secret that brings it all together. People are weak. As much as it stinks to say, it's true. Most people can not stick to a budget, or take twenty dollars each week to put into a bank account. Most banks will allow you to have a certain amount of your check automatically put into a separate bank account each week. This takes the responsibility out of your hands.The "Sleep Well at Night" Test.My monthly expenses currently total: ________________. I have ___________ saved in a money market or checking account. This equals _____________months of expenses.The goal here is to have 3 months of expenses put away. This is your emergency fund. This is so that you can sleep well at night, knowing that if an emergency comes up, money will not be a problem. I truly believe that this security is something that
everyone should have.Looking at the state that the world economy is in right now, it is hard to see how anybody is able to save money. Take a look at the people who are not worrying. Who are they? Do they have nice jobs? With the rate that jobs are being lost, I do not think that the words nice and job belong in the same sentence. Do they have a lot invested in the stock market? Again, take a look at the market. The stock market is not the safe investment that it used to be. Things have changed. In his book, David Millionaire goes as far as to tell you what banks and types of accounts to invest your money in. With the current economic state that the world is in, many of these banks are no longer viewed as good investments. Many of them have even taken help from the government to stay alive.So how is it that people are still becoming financial free. Entrepreneurialism is the key. Working hard now to create a residual income. Right now people are suffering from the dreaded wo
e is me syndrome. Times are hard for everybody. Yes, they are much harder for some then others, but woe is me doesn't fix anything. Focusing on the problem does not solve anything. Focusing on the solution is how things get done. It is time to take advantage of the incredible opportunities that are out there.

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