Become an Automatic Millionaire

Building substantial personal wealth can feel difficult and out of reach. But my guest says that even those with modest means can, with a few simple decisions and strategies, become millionaires, and even multi-millionaires.David Bach is the author of the bestselling, newly updated personal finance classic, The Automatic Millionaire. Today on the show, we talk about the money management framework that will put you on the path to a free, secure, rich retirement. David explains his controversial "Latte Factor" principle, the astonishing power of compounding interest, how setting your finances on autopilot may be the most important financial move you can make, why he still believes in buying a home as an incomparable way to build wealth, the best way to pay down your debt, and more.Resources Related to the Podcastinvestor.gov compound interest calculatorAoM Article: What Every Young Man Should Know About the Power of Compound InterestAoM Article: Know-Nothing Investing — Index Funds For BeginnersAoM Article: Build Your Wealth — Graduate from a Paycheck Mentality to a Net Worth MentalityAoM Article: A Young Man’s Guide to Understanding Retirement Accounts — IRAsConnect With David BachDavid's websiteDavid on IGDavid on FBDavid on XDavid on YouTubeDavid on LinkedIn0:00 - Introduction0:41 - Meet David Bach & The Automatic Millionaire2:18 - The McIntyre Story: How Ordinary Income Built Millions7:37 - The Latte Factor Explained17:37 - The Power of Compound Interest20:27 - The Rule of 72 & Rate of Return23:32 - Why Starting Early Is the Key to Wealth33:55 - How Much to Save: The Millionaire Formula36:05 - Setting Up Automatic Investing (401k & IRAs)44:23 - Why Homeownership Still Builds Wealth50:22 - How to Pay Off Your Mortgage Early47:14 - Paying Down Debt While Saving for RetirementSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.