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I just read Automatic Millionaire

August 18th, 2006 at 07:14 pm

Instead of taking the shuttle straight home after work today, I did two things.

1. I walked to the Salvation Army store I found a month or two back, and looked at their hours. Monday through Saturday, 9 to 5. So I can go during my lunch breaks, or on Saturday. It's a bit of a hike from my apartment, but hey--free exercise!

2. I then walked to the Barnes & Noble, found the Personal Finance section, sat down on the ground, and spent 2-1/2 hours reading David Bach's The Automatic Millionaire.

I even took notes.

I still need to clean up my scribbles and come up with a concrete plan of action, but that was 2-1/2 hours well spent. I'm definitely going back and reading more, both from him, as well as the other books. I still have a lot to learn.

I can do this. I'm not making much now and I probably won't make much for the remainder of my career, but I can do this. At the very least, I'm going to try. Smile

3 Responses to “I just read Automatic Millionaire”

  1. Dido Says:

    You're off to a great start! I think David Bach's books are a good starting point. By starting to save for retirement at your age, you're way ahead of the pack. The one thing nobody can buy is TIME, and that's where you're taking full advantage (and where your roommate is losing out. He might not care about his older self now--many people don't, a phenomenon economists label with the obfuscatory term "hyperbolic discounting"--but he sure as heck well later. You're doing yourself a world of good by starting young.

  2. homebody Says:

    Very frugal, reading the book in the bookstore. Does your local library have it, you could actually take it home if they do! I did that one day with an organizing book (sat and read it in the book store), my other favorite subject besides finances.

  3. amberfocus Says:

    Dido: David Bach's books are indeed a wonderful start. What was eye-opening for me was how critical investing is to building future wealth. I've always been a little wary of investing--because I don't like the risk (not after the crash of 1999), and because it didn't feel "real" to me, since you were getting free money out of... what? nothing?--so I have always put extra money into a savings account.

    But now I realize that I will never build wealth that way. Savings account interest barely keeps up with inflation, and I will probably never even *earn*, must less *save*, $1 million over the course of my entire working career. If I want to become rich, I *must* start investing--investing early, regularly, and for the long-term, to let that compound interest work its magic. Big Grin
    homebody: Reading books in the bookstore is an old habit of mine. I remember sprawling out in front of the American History section of the bookstore, doing research for a term paper, back in 10th grade! It gave me more discipline than going to the library, because I couldn't take the books with me, so I had no choice but to read them in the store before I left, so it forced me to get something done. Big Grin Also, a bookstore's shelves are restocked whenever a volume is sold, but not so at the library. And a bookstore also has more flexible hours!

    I just checked the library's online catalog, and they do have this particular book. So if I want it again, I'll definitely get it from the library so that I can go over it again in detail--particularly the few chapters I skimmed due to exhaustion and growing hunger.

    ~mimi

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