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The Automatic Millionaire – Quick Review - The Automatic Millionaire – Quick ReviewFinance Books 

The Automatic Millionaire – Quick Review

In Saving Tips, Managing & Making Money, we love to showcase books which could help anyone improve their finance security and ultimately, their financial freedom, and while many books can be eye-opening when it comes to money managing, there aren’t many as direct as this one.

The Automatic Millionaire isn’t a mindset book, as a guide to actually become a millionaire using different compounding methods and investment options available while creating a platform that will do this for you using several financial products at our disposal.

This can be really exciting for a person who’s willing to start putting the effort right away, because these techniques actually work. In the book, David Bach focuses on two key components of his philosophy, “pay yourself first” and “the power of compound interest.”

Although the tittle can be considered as sensationalism, it actually isn’t. The guide works and has worked for many people in the past. The rules are explained in detail by the author with some examples and guidelines to implement them as soon as possible.

Pay Yourself First

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This lesson is something that anyone could understand from the start, but almost no one practices it. It revolves around the idea that we should pay everything to meet the “millionaire plan” before even start to consider our own expenses. This is a hard pill to swallow, but when you integrate this, you’ll become more powerful thanks to your own self-control. Everything adds up, and compounding is the weapon of choice here.

The Latte Factor

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“The Latte Factor” refers to how we spend money on things we really don’t need. This is where the same compounding effect which can make you rich will actually make you a poor person. You have to create a budget and start figuring out where you can cut your losses on a daily basis. It’s called “The Latte Factor” because David Bach talks about how this little latte purchase every day can cost you more than a million dollars if you think about the long run, which is key in order to obtain financial security.

Automate Your Savings

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This lesson talks about how you can actually make all of these little “pay yourself first” fees automatic using different bank services and products. If you manage to set up an automatic deduction system for every time you get paid, you’ll get used to the saving mechanism with no resistance. This is a fundamental part of the book, and it is the cornerstone of the title, as not having to deal with all these transfers every month will give you peace of mind, plain and simple.

The Honest Truth – Is it Worth Your Time?

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Although the book has little-to-no really new concepts to bring to the table, the fact that The Automatic Millionaire is a really easy-to-read book is refreshing on its own. It is one of the simplest guides you can read in order to obtain financial security and freedom, and the best part? It actually works like a charm!

The Total Money Makeover – Quick Review - The Total Money Makeover – Quick ReviewFinance Books 

The Total Money Makeover – Quick Review

In Saving Tips, Managing & Making Money, we love to showcase books which could help anyone improve their finance security and ultimately, their financial freedom, and although this book isn’t a detailed guide about how you should manage your money, it can give refreshing ideas about it.

The Total Money Makeover by radio host Dave Ramsey talks about his philosophy about money and how to use it. He’s an advocate of a no-debt movement and his book is completely immersed in that philosophy, and with a good reasoning.

The read itself is pretty entertaining although Ramsey’s way of explaining things could fall short on some occasions. On the other hand, the lessons this book brings to the table are pretty good, let’s study them in detail.

Psychological Hurdles

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This lesson is about how people perceive money and what would be the correct attitude to take in order to have better control of your financial future. The first one being denial, referring to people who doesn’t understand they’re not in control. The second one being seeing debt as acceptable, as this is completely wrong in the eyes of the author.

The third one is ignorance, as most people don’t have a clue about where to go or what to do in order to obtain financial security in the long run, and the last of them being social acceptance as an argument to accept debt as something positive. Not thinking about this is a freeing experience.

Baby Steps

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This lesson refers to the simplest steps to take when one is starting to see this plan, this financially free future. It focuses primarily on paying everything before even considering investing. His golden rule is still applied in this one.

The other step he explained in the book is about creating a $ 1000 savings fund for emergencies, which is a smart choice if you ask us.  After paying everything you owe, you’ll be able to grow that exponentially. The last one would be just saving for real investments, which is the end goal right at the gates of financial security.

Getting Rich

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This refers to the later steps of the money making game, where things start to get interesting. It focuses on paying things ahead of time, like saving for your retirement or for your children’s college education. However, the big part focuses around the idea of paying your mortgage before is due, and while this can be a challenge, you’ll actually be free after that.

The Honest Truth – Is it Worth Your Time?

This is going to be an eye-opening book for many new readers, but it’s going to be one more book for the ones that are accustomed to these financial-focused books. If you like self-help books, this one is going to be one of your favorites. If you’re more goal-focused and detail-oriented, it might be too new age for you.

Rich Dad Poor Dad - Rich Dad Poor Dad – Quick ReviewFinance Books 

Rich Dad Poor Dad – Quick Review

In Saving Tips, Managing & Making Money, we love to showcase books which could help anyone improve their finance security and ultimately, their financial freedom, and this is the book that started this whole deal and is the best-selling personal finance book in history.

Rich Dad Poor Dad explains why Robert Kiyosaki became a wealthy man. In it, he reveals some of his childhood memories around his two fathers, one of them being the father of his best friend, a really rich man. In this book, the mindset of a rich person is compared to the one of a middle class person.

This is shocking for the reader, as the book completely deconstructs and rethinks the idea of how money works in real life, with ideas like seeing an asset as “something that generates cash flow” instead of the linear old school thinking that an asset is something valuable.

In the book, Robert explained how he learned many things about money with his rich dad’s guidance while understanding how his poor dad made huge mistakes in the same regard. During these chapters, Robert revealed several important lessons.

Don’t Work for Money

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Rich people aren’t working for money, and this is a tough to accept. Rich people work to learn more and more things that can easily be turned into businesses. Rich people are the ones that can come up with better ideas to make more money, and that only comes with education, not hard labor.

Get You a Business

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This is simple one, but is true gold. It revolves around the idea that every rich person spends more of their free time figuring out how to come up with more assets, instead of just spending their free time spending their money. Investing is the wisest choice here.

Rich People Make Up Money

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This is a weird principle but it is completely true, and although the example presented is dated and pretty much unviable by today standards, the meaning is still there. Rich people invent their own money when they know how to create value out of anything, and you can too.

Work to Learn

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This resonates with the first lesson, which is to not work for money. This is simple, if you’re not learning in your job, you should quit, because it became labor already. If you keep learning every day, someday you’ll have your own business with that knowledge put in practice.

The Honest Truth – Is it Worth Your Time?

Rich Dad Poor Dad is a great book to start changing your mindset when it comes to assets and liabilities. It teaches you that you have more power than you thought. We think is a mandatory read for everyone interested in anything related to improving our personal finances.

Credit Card Types – The Dumb Proof Guide - Credit Card Types – The Dumb Proof GuideFinancial Tips 

Credit Card Types – The Dumb Proof Guide

Everyone can own a credit card, but not everyone is capable of managing it properly, leading to loss of money and several major problems. If we like to get the most out of these products, it’s important to learn which type better suits our needs. In this list, you can figure out which one you like the most.

Standard Cards

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These are the old school credit cards we all know and love. These won’t earn you rewards or anything and are super easy to understand. On these, you can spend money to a limit, which is then available when you make a payment. Minimum monthly payments are mandatory to avoid penalties.

Rewards Cards

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These give you rewards for every purchase you make with them. There are three main types of rewards: cash back, travel, and points. Although some people prefer cash or points to make free purchases, travel cards are the most popular on this category.

Charge Cards

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These are the most double-edgy of them all. Although they don’t have a preset limit, every dollar you spend with these will have to be paid at the end of each month. Charge cards do not have minimum payments and aren’t easy to get, as you’ll need an excellent credit history to even obtain one.

Prepaid Cards

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These aren’t even real credit cards and won’t improve your credit, as the money is loaded directly from your deposit. Consider these as some type of debit card, the only difference is that these aren’t linked to any checking account.

Having a credit card is an awesome choice if you’re trying to save some money down the line while being financially prepared for anything. Knowing the differences between them will automatically teach you how to use them better, and under what circumstances is smarter to use one or the other.

The 4 Steps to Financial Security - The 4 Steps to Financial SecurityFinancial Tips 

The 4 Steps to Financial Security

Let’s be raw honest. We all want to be wealthy, maybe not millionaires, but everyone need to know they’re going to be fine in the future, that they’re not going to fail in the later stages of life due to not having enough funds to cover their expenses.

In our attempt to get rich, we often miss the first step, which is financial security. Just by this, you’ll be able to retire younger than everyone else. Saving Tips, Managing & Making Money brings you the most important rules to consider in order to achieve financial security:

Make Smart Goals and Have a Clear Focus

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You first have to know what are you saving for and why. You’ll have to compromise many wants in order to have your needs in check while also saving as much money as possible. Make lists with specified financial goals to make the bigger goals more accessible.

Cut Your Expenses

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There’s no way around it and most rich people already said it. You can’t spend money like you’re a millionaire before you actually are a millionaire. The majority of people spend all of their money every month. Learn to save every single time you get a paycheck.

Put Your Needs First

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In order to save more money in an enjoyable and sustainable way, you must pay your savings right after getting your paychecks. This sounds like old school people talking about money, but it’s the way the rich say they do it. You don’t need to struggle with your money, just set the savings aside from the get-go.

Be consistent

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The most important thing in this list comes at last. You really need to prioritize your financial security if you actually want to get there. It’s not an easy ride, but it’ll be worth it.

These are the most important tips you should consider when trying to get your financial security rolling. Try to learn from your mistakes, keep making money, and keep saving as much as possible.