Automatic Millionaire…

Nice book title… I actually thought it was about how to best win the lottery, automatically making me a millionaire.  Where is that book!?  They have us reading this book in my Personal Finance class.  I actually procrastinated on starting the near 300-page thing and then had only 2 days to read it and write a 5-page report on it.  If I were an automatic millionaire I wouldn’t have to worry about crap like reading… I’d just hire me a personal reader… some poor person who sat outside the bathroom door and read to me.  I’d never have to use my brain again for as long as I lived!

FYI… pretty sure author dude is NOT related to Johann Sebastian… Johann would have been the poor brother… I just learned he was a miserly dude during his lifetime.  Only after his death did his music catch on.  That’s what’s wrong with people these days.  No one cares how fabulous you are until you’ve kicked the bucket!

The book  title is a play on words.  If you automate the savings from your paycheck before you actually see it, you can eventually have a nice retirement nest egg.  It’s so sad how often my Personal Finance text refers to my 30-some-odd age as “old.”  They keep saying stuff like you need to start saving young… blah, blah, blah, blah, blah… because by the time you’re in your 30s you’ve missed a whole section of compound interest.  Anyone have any clue how I can erase approximately 10 years off my age?  I need a do over… and automatically!   This is a pretty good read if anyone wants to research how to start young and automate your millionaire status.  Forget about it if you’re geezerly like me, though.  I’m so old they might as well start scraping up my petrified wood limbs and start a fire.   JOKES!!  I did find a bunch of good advice here… now to put it into action!

Question of the Day:  Did you ever take Personal or Family Finance?  Any good book recommendations on the subject?

 

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12 Comments

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12 responses to “Automatic Millionaire…

  1. cl2

    No books. Sounds boring. My “ex” reads this type of book ALL THE TIME. I don’t know how much they have helped him.

  2. Deanna

    I am in serious trouble then. I am already nearing my mid-30’s and don’t have a single penny saved. I keep thinking that I have plenty of time. I know that this isn’t really the case, but what’s a girl to do!? I need every penny NOW!

  3. Avster

    Nope, never have. Too boring… and uh… does this book realize that interest rates are horrid?

    • Yes… what Kit says! More or less saving and investing and making sure you have an IRA or a 401K, etc., because something is better than nothing! This book was quite interesting actually. I wished I’d read it 10 years ago.

  4. jen

    No I haven’t but I should take a class. When you’re rich from reading this books, you can hire me to read to you 😉

  5. kittywampus!

    Never…i have more faith that I paid attention during my business classes. And Av, it’s not necessarily bank interest rates, which admittedly are bad because they are based on short term Treasury yields, but the idea of saving and investing in general (but not any specific investment vehicle) which the book is espousing. For example, yield rates for muni’s, non-investment grade debt, and sovereign debt are actually respectable.

  6. Love the picture! I never took a finance class–hmm. Too bad we’re too old to become automatic millionaires–I guess we’ll just have to do it the old fashioned way 😉

  7. LOUISA

    Snoozer alert! That book and finance class are snoozers – big time!
    LOL
    Question of the Day: Did you ever take Personal or Family Finance? Any good book recommendations on the subject?
    No, I didn’t take finance.
    Frankly, my Dad was the finance adviser in our family and he had enough forethought to make sure they were secure and they provided for each of our futures as well.
    My husband is the financial person in this family. I just nod and smile when he starts talking about meeting with someone about transferring money to some sort of long term fund with good rates etc…blah blah blah.
    I go along and listen but frankly ( and don’t tell him this ) I don’t have the foggiest idea what they are talking about. I try and participate just enough to let them know I am listening…lol.
    My parents started college funds for our kids when they were tiny so we have had a good foundation to build on there.
    My kids have each had savings accounts for many years and they are good workers and good savers.
    My teenage daughter recently was tempted with the idea of buying a car from an Aunt ( it is a little blue VW ‘bug’ ) …
    It is exciting in a way and scary for me in a way…
    We had funds opened many yrs ago to make sure our futures are secure.
    Recently, we opened funds for each of the kids so the funds will grow over many years and give them some security later in their life when Social Security and Medicare etc are no longer available.
    We are just trying to have some sort of forethought on their part…so they can be comfortable in their later yrs.

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