Chapter Summary: Meeting The Automatic Millionaire

Better Essays
Meeting the Automatic Millionaire: This chapter introduces the McIntryres and how they became automatic millionaires. The McIntryres are just an average American couple who created an automatic plan to retire early with over one million dollars. The couple earned a combined income of $55,000 but they followed specific steps so they could retire at 55 with lots of money. With every paycheck they would pay themselves first. They both gave up smoking and used the money that had gone to buying cigarettes towards investment. They became automatic millionaires by using an automatic system to achieve wealth. We learn in this chapter that the most important step in creating a positive change in how you handle your money is to make it automatic. This…show more content…
This chapter gives you many reasons you should buy a home. It also includes reasons you should pay it off, and why you should do it automatically. Home ownership has many different benefits including both financial and emotional. Some that were mentioned in this chapter are, it 's forced saving, it uses leverage, it uses other people 's money, there are tax breaks to ownership, home ownership is a proven investment, and it provides pride of ownership. This chapter also reminds us that homeownership (buying) is better than home leadership (renting). Back suggests doing a 30-year mortgage and then using his secret system which is doing biweekly payments.
The Automatic Debt-Free Lifestyle:
Automatic millionaires do not do debt. In this chapter we learned steps that will allow us and help us to regain control over credit cards and stay out of debt in the future. The average American family owes $8,400 in credit card debt. The five steps for getting out of credit card debt that the author provides for his readers include, stop digging, renegotiate the interest rate on your debt, pay for the past; pay for the future, DOLP your debt out of existence, and make it automatic.
Make a Difference With Automatic
…show more content…
Most of the information is so simple that if you apply the principles you are well on your way to getting your financial life in order. I really like the idea of automatic millionaire and the idea of saving without too much change to your lifestyle. It just shows you don’t need to make big changes to save money. What I disliked was that the whole book centered on the idea that you should focus exclusively on saving more money rather than making more money. Of course, not everyone is going to be a doctor, but increasing your income can make it so much easier to start saving more money. In my opinion, the true road to wealth and becoming an automatic millionaire is both making more and saving more.
I plan to implement the thing that was the main focus of this book, making everything automatic. I really like the idea of making everything automatic and believe that it would help me better in managing my finances and making sure everything gets paid on time.
The quote that I liked from the book is found on page 212. It says, “Becoming an automatic millionaire is not simply about accumulating wealth. It’s also about relieving stress and worries about the future – about putting yourself in a place that enables you to enjoy life now as well as in the future. In other words, having an automatic plan should not only change your future, it should also change your
Get Access