ipl-logo

Chapter Summary: Meeting The Automatic Millionaire

1132 Words5 Pages

Meeting the Automatic Millionaire: This chapter introduces the McIntryres and how they became automatic millionaires. The McIntryres are just an average American couple who created an automatic plan to retire early with over one million dollars. The couple earned a combined income of $55,000 but they followed specific steps so they could retire at 55 with lots of money. With every paycheck they would pay themselves first. They both gave up smoking and used the money that had gone to buying cigarettes towards investment. They became automatic millionaires by using an automatic system to achieve wealth. We learn in this chapter that the most important step in creating a positive change in how you handle your money is to make it automatic. This …show more content…

This chapter gives you many reasons you should buy a home. It also includes reasons you should pay it off, and why you should do it automatically. Home ownership has many different benefits including both financial and emotional. Some that were mentioned in this chapter are, it 's forced saving, it uses leverage, it uses other people 's money, there are tax breaks to ownership, home ownership is a proven investment, and it provides pride of ownership. This chapter also reminds us that homeownership (buying) is better than home leadership (renting). Back suggests doing a 30-year mortgage and then using his secret system which is doing biweekly payments.
The Automatic Debt-Free Lifestyle:
Automatic millionaires do not do debt. In this chapter we learned steps that will allow us and help us to regain control over credit cards and stay out of debt in the future. The average American family owes $8,400 in credit card debt. The five steps for getting out of credit card debt that the author provides for his readers include, stop digging, renegotiate the interest rate on your debt, pay for the past; pay for the future, DOLP your debt out of existence, and make it automatic.
Make a Difference With Automatic …show more content…

Most of the information is so simple that if you apply the principles you are well on your way to getting your financial life in order. I really like the idea of automatic millionaire and the idea of saving without too much change to your lifestyle. It just shows you don’t need to make big changes to save money. What I disliked was that the whole book centered on the idea that you should focus exclusively on saving more money rather than making more money. Of course, not everyone is going to be a doctor, but increasing your income can make it so much easier to start saving more money. In my opinion, the true road to wealth and becoming an automatic millionaire is both making more and saving more.
I plan to implement the thing that was the main focus of this book, making everything automatic. I really like the idea of making everything automatic and believe that it would help me better in managing my finances and making sure everything gets paid on time.
The quote that I liked from the book is found on page 212. It says, “Becoming an automatic millionaire is not simply about accumulating wealth. It’s also about relieving stress and worries about the future – about putting yourself in a place that enables you to enjoy life now as well as in the future. In other words, having an automatic plan should not only change your future, it should also change your

Show More
Related

How Did Robber Barons Help The Economy In The Late 1800's

594 Words | 3 Pages

These “ Captains of Industry “ donated to charity and helped the poor after they helped themselves. Stated by Andrew Carnegie in Wealth and Its Uses “ It will be a great mistake for the community to shoot the millionaires, for they are bees that make the most honey, and contribute most to the hive even after they have gorged themselves full. “ Carnegie is explaining that millionaires make the most honey ( money/wealth ) and contribute the most to the hive ( community ) after the millionaires are stable themselves. These businessmen also set an example on how to live and deal with wealth, also stated by Andrew Carnegie in The Gospel of Wealth “ This, then, is helf to be the duty of the man of wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance “ and “ to produce the most beneficial results for the community - the man of wealth thus becoming the mere trustee and agent for his poorer brethren.” Carnegie is explaining that men of tremendous wealth need to set an example of living for the poor and produce for the whole

Read More

Analysis Of Birds And Bees, No Let's Talk About Dollars And Cents

716 Words | 3 Pages

In the article, Birds and Bees, No Let’s Talk about Dollars and Cents, by Ben Stein, who was a former White House speechwriter, he informs his point successfully to his son that he needs self discipline to create human and financial capital to have a more stable life. The young boy has been living large his whole life and his father wants to help him keep it going by having self-discipline to make smart decisions so he doesn’t live in fear and insecurity. Ben Stein uses many anecdotes to get the point across to his son and the readers of the New York Times that people are capable of coming from nothing and turning into something with the willpower to make smart choices. With the use of anecdotes and repetition all throughout the letter, it

Read More

Summary Of Andrew Carnegie's Wealth

1191 Words | 5 Pages

During the Gilded Age, Andrew Carnegie became a wealthy man due to his control over the manufacturing and distribution of steel. The Carnegie Steel Company and its use of vertical and horizontal integration allowed Carnegie to control the production and distribution of his steel, which made him into a wealthy industrialist (The New Tycoons 2014). In his article “Wealth”, Andrew Carnegie argues for the wealthy to give back their wealth to the community by providing “public institutions of various kinds … [to] improve the general condition of the people” (Foner 30). He uses this article to promote his Gospel of Wealth idea and provide his interpretation of the changing American society. Carnegie’s Gospel of Wealth stated that “those who accumulated

Read More

Similarities Between Dex Green And The Great Gatsby

2135 Words | 9 Pages

They were living easily. He had not lied about how he grew up. Although, ever since he was a young caddie, he had dreamed of becoming wealthy, and being high on the social ladder. After college, he worked hard, and began a chain of laundromats. “I suppose he'd had the name ready for a long time, even then.

Read More

Millionaire Next Door

661 Words | 3 Pages

This chapter also includes many statistics that are very interesting to someones knowledge. One will also learn that the shopping habits people have and where they shop determines if they are well off. In the story about Johnny and his habits of life, one will learn that he is not considered a “bespoke” because he does not spend the money on customized suits. It is proven that people will buy certain pieces of clothing or a pair of shoes just to have the logo on it. One will also learn that most Americans in this generation will never become wealthy because they are wasteful.

Read More

Social Class Ladder In S. E. Hinton's The Outsiders

446 Words | 2 Pages

Ponyboy remarks on the subject of his brother Darry, “But we just didn’t have enough money for him to go to college, even with the athletic scholarship he won” (p. 16). Money buys TVs, houses, cars, and sometimes very essential things for having the life that people require to have for education or good jobs. Almost none of the people who are million or billionaires started at the very bottom of the hill

Read More

Birds And Bees Rhetorical Analysis

1063 Words | 5 Pages

Crucial Capital In America, living an adequate life is dependent on having sufficient financial capital. Having money allows Americans to live successful lives. Because money is such a necessity, a large emphasis is placed on doing what needs to be done in order to gain such capital. In "Birds and Bees?

Read More

David Burner's John F. Kennedy And A New Generation

461 Words | 2 Pages

Some people would consider “Joe [choosing] banking as a quick route to attain his goal of becoming a millionaire” the corrupt

Read More

'The Gospel Of Wealth' By Andrew Carnegie

214 Words | 1 Pages

And highlighting the period of wealth of the American upper class along with the rise of American philanthropy, was Andrew Carnegie who referred to his article as the “Gospel of Wealth”. This is why “The Gospel of Wealth” is an important theme of the class. Many new corporations and businesses gave rise to ultra-rich individuals during this time. Carnegie proposed that the best way

Read More

Wealth Inequality In America Summary

994 Words | 4 Pages

When you become in the top two percent you stay there. The people at the very bottom of the wealth spectrum, which will make-up at least half of the United States population, will share ten to fifteen percent of the total wealth. Let me repeat that, ten to fifteen percent of the total wealth of the United States is split up in-between fifty percent of the United States population. People on average don’t realize what little money they have. There are people mistakenly thought of as wealthy, but don’t even come close to comparing to those who are actually in the highest class of

Read More

Birds And Bees Ben Stein Analysis

711 Words | 3 Pages

In the article, Birds and Bees, No Let’s Talk about Dollars and Cents, by Ben Stein, he successfully makes his point to inform his son that he needs self discipline to create human and financial capital to have a more stable life. The young boy has been living large his whole life and his father wants to help him keep it going by having self-discipline to make smart decisions so he doesn’t live in fear and insecurity. Ben Stein uses many anecdotes to get the point across to his son and the readers of the New York Times that people are capable of coming from nothing and turning into something with the willpower to make smart choices. With the use of anecdotes and repetition all throughout the letter, it allows Stein to utilize logos, pathos,

Read More

Essay On The Gilded Age

750 Words | 3 Pages

Carnegie even went so far as to publish a book on the matter, The Gospel of Wealth, which encourage other successful individuals to take up

Read More

Comparing Wealth And The Life Of A Coal Miner

587 Words | 3 Pages

Carnegie immigrated at age thirteen from Scotland and worked his way up by developing the telegram system during the civil, there collecting his first million then dominated the steel industry; thereafter prospering his enterprise, which leads him to be the second richest man after Rockefeller. “The American Dream”, envisioned by our Founding Fathers, is a revolutionary idea that any citizen has an equal opportunity to prosper by challenging themselves and through an initiative, and determination. This gives” Wealth” much more of an impact thus, many Americans consider ‘The American Dream” as a standard and praise this idealism. Even if his views seem a bit outdated; it stills heavily impacted lots of Americans from the Gilded Age to modern day. However, for all that prosperity, the gap between rich and poor has always been a huge complication, for over a century, people have tried to fix this inequality.

Read More

Sales Strategies In The Wolf Of Wall Street

1744 Words | 7 Pages

The movie “The Wolf of Wall Street” demonstrates how anyone has the ability to sell anything, you just need the right skills and abilities. Jordan Belfort is a real example of how any individual can become a millionaire in just a short period of time with very little training provided. One of the main Belfort’s lessons is to know exactly what you want. Not only have goals and a vision, but also know how you can reach your goals and have your desired outcome.

Read More

Persuasive Essay On Saving Money Memberships

596 Words | 3 Pages

But even when our economy gets better, wouldn 't it be nice to save money on all the things we need? Wouldn 't it be nice to have an a few extra thousand dollars in our pockets each year? Well, you certainly can! The best part about it is it 's incredibly easy to do!

Read More

More about Chapter Summary: Meeting The Automatic Millionaire

Related Topics

Open Document