Favorite quote:
“Remember, inspiration unused is merely entertainment. To get new results, you need to take new actions.”
Let’s get started.
For a detailed summary, you can click here.
The automatic millionaire Book summary in 3 sentences.
“You actually didn’t have to do anything other than decide at the beginning that you wanted to be rich; you didn’t have to worry about having any extraordinary willpower.
Why do so many people believe we require a budget? because other people have told us that.
Pay Yourself First is the guiding principle of wealth creation.
The five key takeaways from The Automatic Millionaire.
The Latte Factor urges us to start paying attention to the slightest expenses. Even if you give someone a treat, purchase a drink, or eat any kind of fast food. You should track it.
Over time, money compounds. Over a lot of time, money compounds dramatically!
Establish your monthly savings goal. It is advised that you aim to contribute at least 5% of your monthly net income to your rainy-day fund.
The truth is that until you own some real estate, you aren’t really playing the wealth-building game.
Make money work for you rather than making it work for you by treating money the way the wealthy do.
Top 10 lessons from The Automatic Millionaire Book.
Once the choice is made for you, there is no way you can be tempted to act improperly.
Buy nothing on credit. Either use cash to pay for your purchases or don’t.
Our financial situation is primarily a result of how much we spend rather than how much we make.
Never attempt to spend money that you cannot actually see.
Make money work for you rather than making it work for you by treating money the way the wealthy do.
Make sure you pay yourself first with every dollar you earn.
The little, pointless things we waste money on every day can soon add up to huge sums that could eventually cost us our freedom.
The simplest rule for being wealthy is to create and adhere to a methodical savings and investing plan.
While some people fear change, others make plans for it.
Assuming that someone else in your life will handle your funds is never advisable or safe.
Action steps from The Automatic Millionaire.
Put clear objectives you intend to accomplish each year in writing. Setting goals in writing is effective.
You can start to accumulate riches if you own real estate.
The road to success requires failures. One is not experimenting or inventing enough if they are not failing at all.
Never is life simple. But it is a fact that leading a bad life requires just as much effort as leading a good one. Why not pursue the good life when you have to put in the work?
Wealth and money serve as a tool to assist us in achieving a specific objective; they are not an end in themselves. We won’t lead a joyful and serene existence if our financial management practices are at odds with our fundamental beliefs.
All of us eventually engage in the money game; we have no option. Whether we are on the winning or losing side is the most crucial question.
He finds money management uninteresting, which is the one real secret of an investor who does well in both good and bad economic times. Boring also works!
You only need to decide to pay yourself the first 10% of your income and set it up as automatic deductions, buy a property, and pay it off early to become a billionaire.
The oddest truth of all is that people who give back experience faster financial flow. Because givers draw wealth rather than lack into their life, this is the explanation.
More of what you give will return back to you. Giving selflessly is what fills our lives with happiness, love, and purpose.
You feel wealthier the more you offer.
You must pay off your credit card debt. Follow these five steps religiously: quit digging yourself a hole, renegotiate the interest rate, pay for the past and the future, pay off all of your debt, and set it up to be automatic.
Thank you for your time.
