Purchased book 11/20: It took 4 months BEFORE I took action: I sent the pdf to my now three adult kids too. I have Mutual of Omaha Insurance 😁. Automatic bill pay.... Thank you.
Why each example in any of financial books states 7-8% interest which is guaranteed for the life time? Who the hell pays such interest consistently without any risk?
I believe this is actually the average historical return of the US stock market adjusted for inflation. It's a very good estimate, as good as it gets for those of us here in the US anyway.
Excellent book for Finance Newbie to make a right mindset. You can also find Chinese version here: 中文版本《如何成为自动富翁》请点击这里： ua-cam.com/video/beKJXM0XEbs/v-deo.html Language is not a barrier. 💪💪
Check out real estate investing, starting a business, stock market, and other more risky options if that's what you want. This book is essentially "Save a little over a million after working for 40 years in the USA" which is better than nothing but still quite a disappointing solution.
After 35 years of saving with 8% of compounded interest rate, it would be 44,356 (and not a 539,089). Simple math! Could you please kindly explain the steps of your calculation? On top of this, you don't get 8% return nowadays (where there is a deflation in most countries) unless you invest in very risky funds in developing countries or you start buying & selling the real estate (in some countries this speculation is forbidden). Congratulations on the video though - very well done.
I'm not sure what calculator you're using but the math is absolutely correct. Here's an example from the bankrate.com www.bankrate.com/calculators/savings/compound-savings-calculator-tool.aspx. In fact if you earned nothing and saved this money you would have over 100k! With that said Aga the chart is an illustrative example of compound interest. This education video is not suggesting a specific investment. But can you earn longterm over 8% annually in the stock market? Probably. Definitely not guaranteed. The reality is US the stock market has averaged annually since 1926 over 11 percent. We've just lived through a major bull market the last seven an a half years. The market is up 300% from the low in the US in February of 2009. With that said, this video is really not about the returns. If you don't like the 8% annual rate go to a calculator like the one above and run new numbers with a new percentage that you feel comfortable with. The real key to this video is to learn the habit of PAYING YOURSELF FIRST, one hour a day of your income for life AUTOMATICALLY. That's the lesson I hope you and the other of my friends and readers get. And I hope this context helps. Have a great day.
Here is why Aga M is wrong: He only calculate the first year's saved money, which is $10x25x12=$3000, after 35 year's compound interest of 8%, the $3000 will become 3000x(1.08)^35 = $44,356, but he forgets the second year that will be another $3000 saved with (1.08)^34 created $41,070, and so on for the following years as long as you keep saving $10 a day. With every year's savings, the final saving will be $44,356+$41,070+....+3000=$539,089 after 35 years.
Akshit Babbar Write a book and get millions in royalty. David Bach did it, and now he teaches his "secrets" and The Latte Factor to unsuspecting individuals who already own Roth IRA's, IRA's, 401k's, 403b's.
taoist40 I started his program 6 years ago and my net worth went from zero to 212k in 6 years.....it works if you have a positive attitude and are not a pretentious ass
You can never be rich by saving money in 401k because the prices of things are also increasing even more than the speed of interest which you will get from 401k plan.
Chris Tatton inflation is higher than that lol. Plus our fiat currency is losing its purchasing power every month. we're on our way to a hyper inflation
Automatic millionaire book had changed my life!!!!
All time favorite
Thank you . This book called the automatic millionaire reminds me of the concepts of the richest man in Babylon.
I watched this, and then I checked myself. I found that I AM doing what you suggest! It made me feel so much better about my financial situation.
Purchased book 11/20: It took 4 months BEFORE I took action: I sent the pdf to my now three adult kids too. I have Mutual of Omaha Insurance 😁. Automatic bill pay.... Thank you.
Could you help me with the pdf
That was good stuff, 1hr per day. I LOVE IT
thank you you actually changed my life since the day I bought the automatic millionaire
Automatic Millionaire... Fantastic and logic ways to make Millions!
It got me through some challenges🔥🙏🤓😍
The most inspiring book I have ever read to get my financial house in order.
Wow James thank you! Totally appreciate the nice comment and so glad to hear my book helped you. Well done! What did you do?
probably what the book said?
Wow I love it! That's a simple way to put it; a hour of pay away to let it compound for your future! Thanks for all the wisdom and education! :)
Financial Proactive. I love that term. Thank you for saying hi, watching and posting a positive post. Cheers to you!
1:24 Pay Yourself First, Make It Automatic
4:00 The Power of Compound Interest
You inspired me six months ago when I read automatic millionaire.
Bolafication than you! I'm so happy to hear The Automatic Millionaire inspired you. Keep it up. Happy holidays.
I saw someone reading your book at work and decided to look it up
Latte factor - awesome
Only if I know about it when I was 16!
I think multi-billion dollar companies need TO be mandated to match 401K contributions. It's a disgrace that some USA companies don't.
Simple, but simply forgotten...!!!
Kevin that's why I'm reminding you...
Great concept ..only downfall , we will be on the senior citizen cruise ship
Why each example in any of financial books states 7-8% interest which is guaranteed for the life time? Who the hell pays such interest consistently without any risk?
I believe this is actually the average historical return of the US stock market adjusted for inflation. It's a very good estimate, as good as it gets for those of us here in the US anyway.
I hate it when they call it interest. They really mean capital appreciation of the SP500.
Nov 2020📚🤓
Great tips. What about putting the money in a Roth IRA? Based on the list provided, is there one better than the other? Thank you
Aida C I like vanguard Roth is a vwo vea and vti funds
Excellent book for Finance Newbie to make a right mindset.
You can also find Chinese version here:
中文版本《如何成为自动富翁》请点击这里：
ua-cam.com/video/beKJXM0XEbs/v-deo.html
Language is not a barrier. 💪💪
So basically I won't be financially where I want to be until I'm old. What could this possibly do for me and my financial situation now?
You have to start now to be wealthy later. You certainly won't improve your life by putting it off.
knpstrr Well, it won't improve the current situation which is what the first comment was about.
You won't even be there when you are old. You will go through divorces and job losses and need to withdraw (or give away) the money.
Check out real estate investing, starting a business, stock market, and other more risky options if that's what you want. This book is essentially "Save a little over a million after working for 40 years in the USA" which is better than nothing but still quite a disappointing solution.
How come all these videos were published 2 years ago +?
What about those of us who do not have 35 years to "save"
Michael Sherron they are pretty much fucked
I took action🤓
So, he's saying that we automate it so that a transfer literally goes over to our 401k once a day, every day for that "1 hr" amount?
Are you 5 years old?
@@ethanshy280 what if I was? You'd feel pretty stupid then, wouldn't you Mister?
@@Adelante742nope. That would mean I guessed someone’s age based on their UA-cam comment. Was I correct?
@@ethanshy280 You know what you can do with your comments, bud. Stay comfy behind your keyboard.
@@Adelante742I am quite comfy kiddo, thanks!
After 35 years of saving with 8% of compounded interest rate, it would be 44,356 (and not a 539,089). Simple math!
Could you please kindly explain the steps of your calculation?
On top of this, you don't get 8% return nowadays (where there is a deflation in most countries) unless you invest in very risky funds in developing countries or you start buying & selling the real estate (in some countries this speculation is forbidden).
Congratulations on the video though - very well done.
I'm not sure what calculator you're using but the math is absolutely correct. Here's an example from the bankrate.com www.bankrate.com/calculators/savings/compound-savings-calculator-tool.aspx. In fact if you earned nothing and saved this money you would have over 100k!
With that said Aga the chart is an illustrative example of compound interest. This education video is not suggesting a specific investment. But can you earn longterm over 8% annually in the stock market? Probably. Definitely not guaranteed. The reality is US the stock market has averaged annually since 1926 over 11 percent. We've just lived through a major bull market the last seven an a half years. The market is up 300% from the low in the US in February of 2009. With that said, this video is really not about the returns. If you don't like the 8% annual rate go to a calculator like the one above and run new numbers with a new percentage that you feel comfortable with.
The real key to this video is to learn the habit of PAYING YOURSELF FIRST, one hour a day of your income for life AUTOMATICALLY.
That's the lesson I hope you and the other of my friends and readers get.
And I hope this context helps. Have a great day.
Here is why Aga M is wrong: He only calculate the first year's saved money, which is $10x25x12=$3000, after 35 year's compound interest of 8%, the $3000 will become 3000x(1.08)^35 = $44,356, but he forgets the second year that will be another $3000 saved with (1.08)^34 created $41,070, and so on for the following years as long as you keep saving $10 a day. With every year's savings, the final saving will be $44,356+$41,070+....+3000=$539,089 after 35 years.
@culturefreedom89 totally agree
sir this process takes a lot of years but i want to become a millionaire fast
Akshit Babbar Write a book and get millions in royalty. David Bach did it, and now he teaches his "secrets" and The Latte Factor to unsuspecting individuals who already own Roth IRA's, IRA's, 401k's, 403b's.
taoist40 I started his program 6 years ago and my net worth went from zero to 212k in 6 years.....it works if you have a positive attitude and are not a pretentious ass
You can never be rich by saving money in 401k because the prices of things are also increasing even more than the speed of interest which you will get from 401k plan.
Average rate of inflation = 3.2%
Average 401k return = 7%
??
Chris Tatton inflation is higher than that lol. Plus our fiat currency is losing its purchasing power every month. we're on our way to a hyper inflation
Except for if your getting a match.
Uh... no, that's just an old ignorant comment that's not factual. And not everyone buys things that inflation tracks.
capitalism 😔