What I Learned from David Bach the Automatic Millionaire
The first thing I learned when I
read the Automatic Millionaire by David Bach was that when you make money
whether by a job, online business or a hobby; you must keep some of it to be wealthy.
How are you ever going to be financially free if you spend it all on bills and
I learned that every credit card company has what you call a hardship program. You can call them up and request to apply for it. But make sure they don’t report to the credit bureau, which would lower your credit score.
If you read further in Automatic Millionaire, David Bach goes on to explain about paying your mortgage biweekly. This will save you interest payments on a 30yr loan by about 7 years, thus only paying 23 years instead of the full 30. David also explains how you can pay yourself first automatically so you wont have to think about it. When you do this, you build your wealth even quicker. David Bach shows why real estate is the best investment too. In real estate, you can use the 1031 exchange where you can roll your profits into another property.
There are alot of benefits to owning a home and here are six of them: forced savings, leverage, other peoples money, pride of ownership, tax breaks, and real estate proves to be a great investment. These are only a few of the things I learned from reading Automatic Millionaire by David Bach. Just wanted to share. God Bless.