Why Is Everyone Still Talking About How to Finish Rich In Real Estate?
Millions of readers have read the books by David Bach. This week we explore the plan on how to finish rich in real estate in the ‘Automatic Millionaire Homeowner’, published in 2005.
First, for those who aren’t familiar here’s a brief recap. The most important investment you will ever make is your home. You start small and you work your way up. A $30,000 investment eventually turns into $1,000,000. Additionally, he points to the fact you will save a ton of money by paying off the mortgage early.
Fun fact: $30,000 in 2001 is equivalent in purchasing power to about $44,123.21 today, an increase of $14,123.21 over 20 years.
Specifically, Bach’s plan is saving for a home must be automatic. He asks the reader to open your “Home Savings Account” and Get Started. Shop around for the best interest rates.
Forbes discussed the relevance of the Automatic Millionaire in 2018. In an interview with David Bach he said the beauty of his financial books is that your can read them in 90 minutes! He then continued his main objective of automatic saving.
“The reality is if you take what’s written in The Automatic Millionaire, and that’s all you do with your financial life, you’re pretty much set. You pay yourself first for one hour a day of your income and you will be saving four times what the average American saves.”
Another example, found in an upcoming event on Eventbrite in the UK:
- Becoming rich isn’t about making a lot of money at once.
- Line your pockets first.
- An automatic millionaire is built from an automatic
deposit into your savings. - Build a rainy day fund.
- Aim to own.
If you are ready to start your search for a first home or a second home investment contact The Dias Team today!