Automatic Wealth

The Six Steps to Financial Independence

By: Michael Masterson

Narrated by: Alexandra O'Karma

Length: 8 hrs and 45 mins

Publisher's summary

The advice and concepts outlined in Automatic Wealth are best suited for those in their 30s-50s who recognize that their current job will never afford them true financial independence. Rather than encourage readers to quit their day jobs today and launch into a new scheme tomorrow, Masterson shows how to turn your skills and experience into significantly more money within seven to 15 years. For those just getting by, he details how to get the biggest pay raises now and how to move into more lucrative ventures in the near future. For those with some savings, he offers specific advice on building equity and increasing net worth significantly and quickly. Since Masterson made his millions starting and developing small businesses, he encourages people to become entrepreneurs themselves and discusses which kinds of ventures to invest in and which ones to avoid. He also stresses the importance of developing multiple income streams, offering chapters on real estate, stocks and bonds, consulting, direct mail, and other opportunities.

In addition to concrete steps, Masterson also writes about attitude and expectations. His first step, in fact, is to take an honest and realistic assessment of your current financial situation and prepare yourself to change habits. He stresses that you must make getting rich a priority and devote the necessary time to it--act immediately and don't wait until the perfect moment to change your situation (hint: the perfect moment rarely arrives.). Clearly written and filled with informative anecdotes and examples, Automatic Wealth will not make you a millionaire overnight. It could, however, make you one in a decade, and that's a timeline most people can deal with.

©2003 W. Dale Cramer (P)2003 Recorded Books, LLC

A good read for a starting entrepreneur

Good book for anyone starting on their entrepreneurial path. I found it basic in some ways but these principles are none the less powerful. Who said success had to be overly complex anyway.

Great book!

Good narration, good pace, great content! I would recommend this book to all entrepreneurs and business people.

Good tips, but not so complete

Maybe there was no low cost ETFs at that time, now the strategies might be a little different.

A lot of Practical advices

I like the simplicity how he describe the easy it is to become Rich. I believe this is a right book for me.

Very Informative

Full of practical wealth-building concepts and ideas. Not the typical "work extra hard for 40+ years" spiel!

It’s just okay.

First half of book is promising to tell you how to get wealthy. Second half is “make more money” by working harder, leverage real estate, learn sales, maybe negotiating a percentage of profit from developing a new product for your company, and buying stocks.
There is some good information and insights here, but nothing actionable.