transform

April 2018
THE ALLGOOD
Literacy Engaging Communities
Review: The Automatic
Millionaire Book
by Andre Bowens Jr., The Allgood Trade Foundation
What is the first thing you do with your paycheck? If
you are like the majority of Americans, you pay your
bills immediately. To most, including myself, this
seems like a normal practice but there is a mistake in
this transaction, one that over time could cost us
millions.
According to David Bach, financial expert and author,
we should be paying ourselves first. This is just one
of a few fundamental concepts Bach shares in his
book “The Automatic Millionaire”. With only eight
chapters, about 250 pages, this is a relatively quick
read. Bach says the book can be finished in a couple
hours but if you do not have three to four hours to
dedicate to reading the book there is no need to worry.
I was able to finish the book in about two weeks
focusing on one chapter a day and allowing myself a
six-day cushion to procrastinate and review notes
from each chapter. This is definitely a book that you
will want to actively read since most chapters provide
graphics, resources and actions for the reader to take
on their journey to become an Automatic Millionaire.
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Throughout the book you will find yourself engaged,
intrigued and sometimes surprised by the simplicity
of the advice Bach provides. Each chapter ends with
things that you should do, all mentioned in the
chapter and none too difficult to accomplish. Every
step Bach mentions is supported by a resource,
graphic or example that the reader can leverage in
order to grasp and apply the step. In my opinion, the
most impactful element of the book are the
affirmations. He maintains a motivational tone similar
to a coach guiding his players through a week of
practice before a big game. These affirmations are
spaced out and appear periodically throughout the
book. They prompt you to stop reading and fill-in the
blanks with information relative to your financial
information. This is only one component of the
engagement the book offers. One thing to keep in
mind if you choose to read this book is that it is not a
get-rich-quick cure all to financial problems. Instead,
it serves as a guide to creating automatic systems that
are key to building wealth.
I cannot predict what you will walk away with after
reading “The Automatic Millionaire” but I can tell
you what stuck with me. I realized the importance of
considering the long term effects of consistently
spending small amounts of money - things add up.
This same thought applies to SAVING, putting away
small amounts of money consistently will lead to
financial increase. While savings accounts are cool I
have also realized that it is important to invest my
money into vehicles that will allow it to work for me.
There are investment opportunities available to those
of us who are not yet wealthy but wish to build. With
investment companies like Fidelity and Charles
Schwab, we can begin to invest our money and watch
it grow faster than it would in a savings account.
Finally, I have decided to purchase a home in the next
2 years. Homeownership is one of the staples of
wealth building because of the investment opportunity
presented. Instead of paying rent to fulfill a short term
need, I will be paying a mortgage that is going
towards my home. With this opportunity come others
that will allow me to profit in the short term or begin
to generate passive income. Either option creates an
avenue for building wealth which is something that is
harder to do when renting an apartment. It was so
important for me to share this book with you because
of the value it adds to my financial future through the
information it provides, and I hope it does the same
for you.
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