simple ideas you already know but puts them into easy actionable steps that aren't overwhelming

Very informative and straight to the point. It’s a good place to start if you seek some insights on how to form habits and even instructions on how to turn these thought habits into action. I think it’s a book that can be easily used to refer back to as needed during changes in one’s life financial wise. Good Book!

Although the writing is repetitive and long winded, the message is clear and incredibly sensible: automate your savings at 10% or more, automate your debt reduction, automate your giving, don’t buy on credit, don’t rent. Automatic millions are doable, but there’s no such thing as a “get rich quick” scheme.

This book was recommended by Joyce Pring from her podcast. Since I am an avid fan of her, I looked for everywhere and that's difficulty until I found the audiobook on the Spotify. I didn't expected that because I have this stereotypical thinking that Spotify is for music only. I'm poppycock!

The book is such an informative and direct to the point. The speaker in this audiobook is the author himself, David Bach. He emphasized to keep SAVING, SAVING, SAVING and stop buying stuff we don't really need. PAY YOURSELF FIRST should always be the step one whenever we receive our salaries. He made comparisons how people spend too much money in the present and end up working their butts until their old. That's like my mother who keeps insisting she should retire by mid-60's in order to receive the highest possible pension. I always told her to do whatever she wants because we are not he problems anymore -we're all working and have own money.

The Latte something is about spending trivial amount of money to a constant necessity. For example, people spend $3 for a Starbucks. That's small but if you buy for almost every weekdays, that's huge and expensive. That's why I don't allow myself to be socialite or even spend way too much money for people that don't even give a fuck about me. I need to keep myself in the most minimilist and thrifty way. Last year I haven't bought any clothes except when my mother told me to buy clothes from my cousin just to say we supported them. And until now I haven't even used those expensive branded clothes. My goal is to not buy clothes that I don't really need. I think my Latte-something is buying skin care products and coffee beans. Skin care products are must because I'm not getting younger and natural stuff didn't worked for me. Coffee beans are a must,too, because we can't go out to buy good coffee. Therefore, we need to learn how to make good coffee. Way to go of being a barista-wannabe. When you changed your perpective in life, it makes you realized that stuff don't make you happy for longer. Last year I bought lots of unnecessary stuff on online shops and now I wonder what I am thinking of before. Those things are ridiculous and expensive and can only give fleeting happiness. Yep, only seconds of happiness just after you opened the parcel and that's it. I am trying my time and money for stuff that ends up garbage in the house. That's why whenever I buy, I always double think if I really, really, really need this or my hormones are just messing at me.

Regarding the credit cards, I don't really need and like the idea of loaning money that's too easy to get. If that's the case, I won't worry about having emergency fund or etc. Personally, it's too risky because once they copied your card, they can easily use that for fraud. My neighbor went to our house asking for help because her credit card company penalized her for not paying her debt when in fact, she didn't even usrd that card for once. We called the company and even sent email. They are hard to communicate with and she ends up travelling to the company in the city just to settle this problem. The worst happened, she still paid the principal and interest she didn't even used. Yeah, so no to credits card.

Real estate is way too big for me so it's a pass for now. Albeit the idea is amazing, the big girl inside me is stopping me. This is a reference from David Bach's late grandmother who tolf him the story of the little girl and big girl inside of us. There are times when we faced a fork in the road wherein the right path is risky, dangerous, but the success is way better or the left path wherein we know what the result will be, easier, comfortable, and safe. There is always two girls inside of us: the little girl choosing the right path which is risky but has greater success and the big girl telling us that we can't handle risk and choose the safe road. Her grandmother always choose the big girl and stopped the little girl from playing. At her deathbed, she regretted how she didn't allowed that little girl to play, to have risk and failed and try again and again and again. She also compared how that little girl is also our parents, family, colleagues and every one of people telling you that you can't choose the risky one. Finally, she told him to keep risks because that makes life.

Emergency basket means having saved money for emergency stuff. This should be x6 of your monthly expense. I'm just finishing my emergency basket and I'm ready to be risky as hell. Here comes investment. He told in the book to keep investing even little amount of money every month. I think it's great advice because whatever the cost of stocks, you can't be lose money since you are buying stocks monthly. There are months that it's expensive and not. In a nutshell, it's still equal so no worries.

Lastly, always give back. There's a percentage in salary for tithes or sometimes any people that really needs money. For example, there's an old people selling on the public transportation, I used that money to buy their products (that's obviously way more expensive than it's original price). I still respect this kind of people because they choose to work for clean money than those who steals.

n  Today I commit myself that by 30, I will have my first million. nSo help me God. I will be risky and at the same be smart. Work is difficult and I need to handle my finances smartly to retire early. Though I don't really see myself retiring early because what should I do in life. I don't have any passions yet and my mind keeps drifting to the bad side whenever I am not doing anything fulfilling. So by far my reason for that first million is to keep financially stable and motivated. Money don't buy you happiness but it allows you to sleep better at night.

Thank you, David Bach. May you help all the people to become one step to becoming an automatic millionaire.

Great book on the basics of becoming wealthy. wish I would of read this book when I was still in my early 20's

Some good advice for anyone new to personal finance, but spoiled by endless repetition and outdated information. The audiobook kicks off with useful tips for viewing the 'Portable Document Format' resource files on your 'PDA' device.

A lot of good stuff, but mostly very introductory - if you invest in a 401(k) then you can probably skip most of the book. The core concept of Pay Yourself First is important, but there's really only about a blog post's worth of content on that here.

Great advice that easy to follow and quite realistic. Gave me some good ideas on how to invest my money right.

Basic, but decent. I disagree with his assertion that budgeting is impossible and you don't need to do it, but I do agree with automating as much as possible.

This book changed the way I invest money.
I have learned to pay myself first and have automated a part of my investments (Mutual Funds, Previously I used to invest directly in stock market and that too a variable amount)
A must read for everyone.

Keep it simple stupid

Financial freedom has never been simpler with this book. It is a basic finance book without the financial mambo jumbo. I can't wait wait to get started to become debt free and an automatic millionaire.

Valuable, practical personal finance advice on setting up automatic systems to build wealth. It tells how to become a millionaire over the course of your working life; it's not about getting rich quick. Each chapter ends with action steps.

I didn’t learn much because I’ve been learning about personal finance for many years, but it’s a worthwhile book, and one I wish I’d read many years ago; I'd have gained a lot more from it.

I don't like that Bach waits until the end of the book to mention giving. I wish he would've mentioned it earlier.

Automatic millionaire steps
1. Pay yourself first by investing at least 10% of gross income in pretax retirement accounts.
2. Automate investment contributions.
3. Buy a home and pay it off early.

Introduction
Philosophy
• You don't have to make a lot of money.
• You don't need discipline.
• You don't need to be self-employed.
• You can build a fortune on a few dollars a day.
• The rich pay themselves first.
• Homeowners get rich; renters get poor.
• You need an automatic system so you can't fail.

Automate finances; set up system once, then live life without thinking or worrying about money.

Meeting the Automatic Millionaire
Budgeting often leads to arguments. Instead, save a percentage of each paycheck before you can spend it.

Getting rich doesn't require being cheap and boring, but stopping little spending habits.

The Latte Factor: Becoming an Automatic Millionaire on Just a Few Dollars a Day
The "Latte Factor": spending money on unnecessary little expenses that add up over time.

Learn to Pay Yourself First
Pay yourself first by investing at least 10% of gross income in pretax retirement accounts.

"Pay yourself first" formula
• Upper middle class: 10-15% of gross income
• Rich: 15-20%
• Rich enough to retire early: 20%+

Now Make It Automatic
Whether a traditional or Roth account is better depends on the tax bracket you'll be in when you retire, which you can't know. Without income from working, you'll likely be in a lower tax bracket, but tax laws can change. If you're at least 15 yrs from beginning to withdraw, Roth is probably better. Bach likes traditional because the tax deduction makes it easier to max it out.

Firms to use for IRA
• TD Ameritrade
• Charles Schwab
• Fidelity
• Vanguard

SEP IRA is most straightforward, uncomplicated retirement account for self-employed without employees.

Solo 401(k) allows investing more money more quickly than SEP IRA, and is useful for self-employed with no non-family employees. It allows saving on a tax-deductible, tax-deferred basis.

Teens - 30s
• 5-10% aggressive growth
• 40-50% growth
• 30-40% growth & income
• 5-15% bonds
• 5-10% cash

30s - 50s
• 5-10% aggressive growth
• 25-35% growth
• 35-45% growth & income
• 15-25% bonds
• 5-10% cash

50s - mid-60s
• 0-5% aggressive growth
• 15-25% growth
• 30-40% growth & income
• 25-35% bonds
• 10-15% cash

Never invest more than 25% of retirement money in employer's stock (no more than 5% to be conservative). Consider it aggressive growth even if company is conservative.

Automate for a Rainy Day
Save 3-24 mos' expenses, depending on how much you need to sleep well at night.

Institutions for money market accounts
• Ally Bank
• GSBank
• Capital One
• EverBank
• Fidelity
• Vanguard
• Charles Schwab

Government bonds (I-bonds, EE bonds) are an easy way to automate emergency fund, and are safe.

Money market accounts are more liquid than government bonds, but government bonds may pay more interest, and it's easy to buy automatically with very small initial deposit.

Automatic Debt-Free Homeownership
Studies show that homeowners have average net worth many times higher than renters. In 2014, Federal Reserve found that homeowners had net worth 36 times that of renters.

Why homes make great investments
• Forced savings (mortgage payments are contributions to home equity)
• Leverage (use borrowed money to multiply gains)
• Tax breaks
• Sense of security from being part of community

Over long run, real estate prices almost always go up. Since 1968, real estate investments have averaged 5.3%.

Most people can afford 29% of gross income on housing expenses. Those without debt can afford up to 41%.

30-yr fixed-rate mortgage is best for most people because it's simple, a great deal when rates are low (<8%), and relatively easy to afford payments.

Instead of paying mortgage monthly, pay half that amount every 2 weeks. Ask mortgage lender about setting up biweekly payments. Each year, you'll make an extra payment. You can pay off a 30-yr mortgage in 20-25 yrs and save over $50,000.

If you don't want to use biweekly payment plan, you can add 10% to each mortgage payment, or make an extra payment each year. Ensure mortgage lender understands that these are extra payments against principal.

Make a Difference with Automatic Tithing
Look for charitable organizations that pass through at least 75% of funds. Avoid those that pass through <50% due to high admin costs.

Where to research charities
• justgive.org
• give.org
• guidestar.org
• charitynavigator.org

Institutions for donor-advised funds
• Fidelity
• Schwab
• T. Rowe Price

The Automatic Millionaire Blueprint
Automatically fund "dream accounts" to save up for your dreams (home, car, wedding, trip, boat, instrument, lessons, school, etc.).