Book Review: The Automatic Millionaire By David Bach
One thing I’ve been on a crusade about for the last two years is personal finance. I know, firsthand, that salespeople are notoriously terrible at saving and investing money. Matter of fact, in my high-end mastermind called “The Tribe,” 50 percent of our focus is on investing money correctly.
Money: It’s one thing to make it, another to keep it and grow it.
I read this book a long long time ago and it really stuck with me over the years. My wife, Amy is a licensed financial planner and so is one of my great friends Nick Bellamy. Both of them have helped me realize some mental/money connections that have led me to upper limits when it comes to keeping what I earn.
Back when I went to church, I got in the habit of tithing 10 percent like clockwork. I lived the life. I gave God the first 10 percent and after 2-3 paychecks I never missed it. Flash forward, I pay myself the first 10 percent and I still never miss. it. I’ve been automatically stashing money in different accounts and investments for years now.
I’ve been able to amass a 7-figure net worth from saving and investing. Some in 401(k), some in real estate, some in stocks, some in life insurance, some in businesses and some in savings. Each time I get paid, I distribute accordingly. At first, it sucks, but after you make a habit of it, you never miss it.
Read this book and change your financial outlook on keeping the cash you work so hard to earn.