Summary Notebook

The Automatic Millionaire

The Automatic Millionaire

by David Bach

6 min read

Getting rich isn’t a moonshot goal.

It’s well within your reach.

The problem is that we don’t pay enough attention and effort to sort through our finances and make a goal of investing money every month.

Budgets and money management can be boring to most people.

By automating your financial investments, you can set up a system that makes you rich without extra effort apart from making money every month.

The High-Income Myth

“I don’t make enough to invest or save.”

This is a common misconception when it comes to saving and investing money.

I suffered from it before I turned around my finances.

With compounding, even if you start putting aside small amounts of money each day or month and invest it in a growth fund, you’d have a significant sum after a decade or so.

I started by investing around $50–70 every month.

And one way to make this habit possible is to find the useless things you’re spending money on every day, week, and month.

It can be a digital subscription you no longer use.

Or eating out every day. Or smoking a pack of cigarettes each day.

And more.

Do this: