Essay on The Automatic Millionaire
Chapter One begins with Jim and Sue McIntyre, a middle class hardworking American couple, setting up a meeting with the author to go over their financial situation. The couple was excited about the thought of retiring in their mid 50's while …show more content…
"We decided to pay ourselves first"(Bach 19) By this the couple decided to take a certain percentage out of their own paychecks that would go directly towards their investments.
"We watched our Latte Factor" (Bach 21) The McIntyres found ways to eliminate unnecessary expenses. For example, Jim discovered how to reduce his mortgage by seven years by making half a monthly mortgage payment every 2 weeks. This increased his yearly payments from 12 to 13 and helped him save thousands of dollars on the interest on his mortgage.
"We decided to become automatic millionaires" (Bach 26) In order to protect themselves from temptation, the McIntyres made all of their payment automatic. They did not have to write checks, pay bills, or set aside money for savings every month. They created an automatic system that they could not work out their selves out of it.
In doing so they where able to achieve what most people are still hoping for, becoming automatic millionaires. Bach believes that what the McIntyres achieved could be achieved by anyone if they are willing to take the steps to do so.
In Chapters 2, 3,