Finished Reading The Automatic Millionaire by David Bach. My wife an I read The Automatic Millionaire shortly after we got married. The book was very helpful and allowed us to setup a savings plan. Its been a few years since I first read this book, so I decided to revisit the subject.
Over the last four years I discovered my views on personal finance have changed. I no longer believe that you can save your way to a wealth. Sure you can save your way to retirement maybe even early retirement. But saving alone will not make you financially free. I now believe that in order to become truly financially secure you must control your finacial destiny. The current economy has highlighted the fact that as an employee your employer controls your financial destiny. Your employer can change your benefits, cut your salary, or lay you off. If you own your own business or work for yourself you really control your own financial destiny.
The Automatic Millionaire is a good book for mass market sale. It has good advice for the average person. I wish more people would follow advice this book teaches. Personally I still use many of the techniques taught in this book. But, in order to secure my family’s financial future I’m also seeking other opportunies to create cash flow.