Comments on: The Automatic Millionaire: Make It Automatic http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/ Simple, applicable personal finance advice for the modern world Fri, 19 Mar 2010 10:36:42 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Jay http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/comment-page-1/#comment-738589 Jay Mon, 27 Jul 2009 04:44:56 +0000 http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/#comment-738589 I read the Automatic Millionaire while in high school and it had a profound effect on me. Just flipping the switch from 'not actively caring' about my financial situation and future, to 'actively caring' has made my finances something to constantly improve upon. I've begun using the 'every two weeks vs. twice monthly' idea towards my car payment. I took the monthly payment and adjusted the amount to be based on 13 payments per year (rather than 12) and divided by 12. Now, each month I pay $39 extra, which comes straight out of principle, and I'll end up paying off my car in 30% (or so) less time. All achieved in 30 minutes of number-crunching and time spent setting up the automatic payment through my bank. Great site by the way! I just stumbled on it, but I'll be attempting to read your blog more regularly. Your advice, especially the range of financial-related topics, is fantastic! I read the Automatic Millionaire while in high school and it had a profound effect on me. Just flipping the switch from ‘not actively caring’ about my financial situation and future, to ‘actively caring’ has made my finances something to constantly improve upon.

I’ve begun using the ‘every two weeks vs. twice monthly’ idea towards my car payment. I took the monthly payment and adjusted the amount to be based on 13 payments per year (rather than 12) and divided by 12. Now, each month I pay $39 extra, which comes straight out of principle, and I’ll end up paying off my car in 30% (or so) less time. All achieved in 30 minutes of number-crunching and time spent setting up the automatic payment through my bank.

Great site by the way! I just stumbled on it, but I’ll be attempting to read your blog more regularly. Your advice, especially the range of financial-related topics, is fantastic!

]]> By: Joe http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/comment-page-1/#comment-233331 Joe Wed, 09 Apr 2008 17:13:32 +0000 http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/#comment-233331 I agree... it's absurd to pay an extra fee just to pay off your debt quicker. However, it is an absolutely worthwhile approach, once the fees are taken out of the equation. One other point about Millionaire... I used to see the book in stores and pass it by because I thought the title, and the claim it makes were just ridiculous. Become a millionaire, automatically? Yeah, right. It wasn't until I saw the audio book version in the library that I figured it wouldn't hurt to give it a listen. That's when I realized it was really a pretty silly claim to make, not because it was impossible, but because it was totally possible and practically necessary to accumulate a million dollars by retirement 25-30 years from now! It's kind of ironic that he makes this bold, eye-catching claim with the title of his book, but when you factor in the time horizon and effect of inflation over that time period it becomes a big yawn. Great site btw Trent! I agree… it’s absurd to pay an extra fee just to pay off your debt quicker. However, it is an absolutely worthwhile approach, once the fees are taken out of the equation.

One other point about Millionaire… I used to see the book in stores and pass it by because I thought the title, and the claim it makes were just ridiculous. Become a millionaire, automatically? Yeah, right. It wasn’t until I saw the audio book version in the library that I figured it wouldn’t hurt to give it a listen. That’s when I realized it was really a pretty silly claim to make, not because it was impossible, but because it was totally possible and practically necessary to accumulate a million dollars by retirement 25-30 years from now!

It’s kind of ironic that he makes this bold, eye-catching claim with the title of his book, but when you factor in the time horizon and effect of inflation over that time period it becomes a big yawn.

Great site btw Trent!

]]> By: Lazy Man and Money http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/comment-page-1/#comment-5070 Lazy Man and Money Sun, 04 Feb 2007 16:04:15 +0000 http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/#comment-5070 Really? I thought something like 90+% of the big ones had free online bill pay. I'd say if your bank doesn't offer it, then it's worth switching or at least adding a bank that does. If Shane gets it for free, then perhaps other people should shop around and get it for free too. Really? I thought something like 90+% of the big ones had free online bill pay. I’d say if your bank doesn’t offer it, then it’s worth switching or at least adding a bank that does.

If Shane gets it for free, then perhaps other people should shop around and get it for free too.

]]> By: Trent http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/comment-page-1/#comment-4738 Trent Thu, 01 Feb 2007 15:26:44 +0000 http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/#comment-4738 Shane, some banks have begun to offer that feature, but not nearly all of them. A lot of banks and mortgage handlers require a fee to do what you're getting for free. Shane, some banks have begun to offer that feature, but not nearly all of them. A lot of banks and mortgage handlers require a fee to do what you’re getting for free.

]]> By: Shane http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/comment-page-1/#comment-4737 Shane Thu, 01 Feb 2007 15:24:08 +0000 http://www.thesimpledollar.com/2007/02/01/the-automatic-millionaire-make-it-automatic/#comment-4737 Instead of a mortgage handler, what I do is have my bank with free online bill pay, just cut a check every two weeks. It's the same plan, and I don't pay any extra. Instead of a mortgage handler, what I do is have my bank with free online bill pay, just cut a check every two weeks. It’s the same plan, and I don’t pay any extra.

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