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    Summary of David Bach's The Automatic Millionaire, Expanded and Updated
    Summary of David Bach's The Automatic Millionaire, Expanded and Updated
    Summary of David Bach's The Automatic Millionaire, Expanded and Updated
    Ebook44 pages29 minutes

    Summary of David Bach's The Automatic Millionaire, Expanded and Updated

    By IRB Media

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    Get the Summary of David Bach's The Automatic Millionaire, Expanded and Updated in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: The Automatic Millionaire starts with the powerful story of an average American couple--he’s a low-level manager, she’s a beautician--whose joint income never exceeds $55,000 a year, yet who somehow manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. Through their story you’ll learn the surprising fact that you cannot get rich with a budget! You have to have a plan to pay yourself first that is totally automatic, a plan that will automatically secure your future and pay for your present.

    LanguageEnglish
    PublisherIRB Media
    Release dateDec 1, 2021
    ISBN9781952482946
    Summary of David Bach's The Automatic Millionaire, Expanded and Updated
    Author

    IRB Media

    With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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      Book preview

      Summary of David Bach's The Automatic Millionaire, Expanded and Updated - IRB Media

      Insights on David Bach's The Automatic Millionaire Expanded and Updated

      Contents

      Insights from Chapter 1

      Insights from Chapter 2

      Insights from Chapter 3

      Insights from Chapter 4

      Insights from Chapter 5

      Insights from Chapter 6

      Insights from Chapter 7

      Insights from Chapter 8

      Insights from Chapter 1

      #1

      Jim, a middle-aged man who was planning to retire soon, came to see David for financial advice.

      #2

      The McIntyre family, like many other middle-class families, was affected by the Great Recession.

      #3

      The author met with several potential retirees, and almost all of them were sure they could retire in their early 50s.

      #4

      The McIntyres were a young couple with a combined net worth of over $2 million. They had a continuing stream of income from their investments, as well as $26,000 a year in rent from their second house.

      #5

      The McIntyre family had become extremely wealthy by following a few simple rules about money.

      #6

      Even though they appeared to be successful, the author met with two broke couples who drove Porsches and had $75,000 in credit card debt.

      #7

      The author’s friend, who was also a physician, and his wife, who was also a physician, decided to take their parents’ advice and started practicing what they preached.

      #8

      The author’s parents, Jim and Sue, were able to save up enough money to buy their first home by cutting out little expenses, such as buying cigarettes, and focusing on the big picture.

      #9

      The author was interviewing Jim and his wife, who were successful rental property owners, and they were discussing how they had achieved such great success.

      #10

      The author was amazed at how simple the McIntyres’s plan was. He understood why they did what they did, but he knew most people wouldn't have the willpower to do what they did.

      #11

      The secret to the Bradys’ good financial habits was their system of automatic savings, which they set

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