THE AUTOMATIC MILLIONAIRE

The Automatic Millionaire by David Bach

The book speaks about a couple who is going to retire in their fifties because they save enough money to live the rest of their lives whithout working. THEY BECAME RICH.
Some extracts of the book:

• Most people think that when they get their paycheck, the first thing they should do is pay all their bills-and then if there is anything left over, they can save a few dollars. In other words, pay everyone else first and yourself last. Our parents taught us that to really get ahead of the game, you have to turn this around. Put aside a few dollars for yourself (15 percent of their pay), THEN pay all your other bills.
• After that, our next priority was to put aside enough so we could buy a home. But the key was owning it free and clear. In other words, you pay off that mortage as quickly as you can. "They said that while our friends were busy splurging on decorating their apartments and eating lunch out every day, we should be watching our spending and saving as much as we could. They made a big point about how so many people waste big money on small things."
• "if we didn`t have enbough cash to buy something, we didn't buy it. The entire time we've been married, we've never carried credit card debt. "
• "What we did was arrange to have a portion of our pay automatically taken out of our paychecks and put in a savings account. The key thing was that it was all automatic. Once we'd set it up, we didn't have to do a thing. It was out of our hands - literally."
• "Our parents call it protecting yourself from yourself.""We didn't have to worry about having any special will power, because we really didn't have to do anything except decide at the beginning that we wanted to be rich."
• "You can save and still have fun and look great. As much fun as our friends, if not more, because our lives have been free from the stresses of worrying every day about money."
• NOW IT'S YOUR TURN