In his breakout 2004 best seller, The Automatic Millionaire, David Bach showed why owning your own home is not only smart, it's the core secret to becoming a millionaire. In his new audiobook, he shows exactly how to make that happen with a simple, automatic plan you can put into place today. Renters will learn how to buy a first home, even with lousy credit and tiny savings. And existing homeowners will find out how to turn the roof over their heads into a powerful investment that doubles, triples, and quadruples in price while you simply enjoy living in it. And while you don't have to be a landlord to finish rich, if you're willing to be, David teaches you how simple it really is to buy a rental property even while you're paying the mortgage on your home.
The Automatic Millionaire Homeowner is brilliantly simple, easy to understand, and highly motivational with a realistic, take-action method for achieving financial prosperity in real estate, starting now.
©2006 David Bach;(P)2006 Random House, Inc.
"The bottom line is action, and Bach's chatty writing style helps motivate you to that end." (BusinessWeek)
"Rather than tout eye-glazing accounting formulas, Bach relies on common sense." (People)
"It is [hard] to make a personal finance book user friendly. Bach has done it." (USA Weekend)
This book desperately needs to be pulled off the shelf & revised after this year's mortgage fiasco. So much of the info is outdated or no longer useful. You can tell the market was starting to look questionable when the author wrote it, because he spends alot of time waffling & qualifying the book's advice. Alot of times it is laughable.
Another complaint, I think the title is a little misleading. A more accurate name for this book would be "Homebuying for Dummies" or something similar. It goes into great detail about the basic homebuying process, but the investment info is light & not very helpful. I DO like the author's other books, but unless you're looking for very basic info on buying a first home I would skip this one.
My title says it all. This is a superb book, in combination with David's other book, the Automatic Millionaire, for the average person to end life with the resources to live a comfortable retirement while enjoying life all along the way without spending a lot of time thinking about investing or retirement planning. Basically, this is all about "tithing" to yourself so you don't have to depend on anyone else for a comfortable retirement, and doing it almost automatically, almost without giving a thought to any specifics. Of course you have to pay some attention and believe, but bottom line is to JUST DO IT!
I you start at age 18 with an IRA and automatically save $2,000 per year for your entire working life (to age 65), at age 65, a person whose investments have performed below the market average for the past 82 years (e.g. receiving an average 10% average return which is below the market average) will have over $4.5M. Add some Real Estate to the mix and the results are even better, plus you have a paid up place to live! Time is your friend, but it is never too late to start.
Read this book and David's other book, "The Automatic Millionaire" which you should read first, to assure you have a wonderful life all the way to the end! Its almost painless if you follow the advice in these two books!
This book is good in theory. Just be careful with the financial advice. The last chapters deal with how to not over-leverage yourself so listen carefully to the end.
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