The Automatic Millionaire

by David Bach

Name:

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What is “the American dream”?

What happened to the American dream?

According to the American Savings Education Council how much does the average American worker having their savings account?

On average, how much Americans currently owe in credit card debt?

What is the philosophy of the automatic millionaire?

Chapter 1

Explain looking rich vs. being rich.

Explain the 10 % PYF.

What is the one critical step to creating a lasting, positive change in the way you handle money?

What is your impression of the McIntyres?

Chapter 2

Explain the quote, “It’s not how much we earn, it’s how much we spend.”

Describe in detail what the Latte factor is.

Reflect on the chart on page 48.

Do the Latte Factor Challenge, pages 50 & 51. Have someone else in your family do it as well. Discuss this activity with your family member. Describe what you found out.

Chapter 3

Why don’t budgets work for most people?

How do you pay yourself before paying the government (legally)?

Why should you figure out how much you are working for your future? What can you do with that information?

Chapter 4

Explain ‘The Power of Pretax investing’ & ‘Employer Matching’.

Why “Max it out?”

What are the different accounts mentioned in the book? How do they differ?

Chapter 5

How much should you put aside and where should you put it ?

Chapter 6

Why should you own your home?

How much home can “you’ afford? How is this determined? How do you feel about this %. Is it too high or too low? Why?

Explain a bi weekly mortgage payment plan.

Chapter 7

What does the saying, “big hat, no cattle” mean?

What does the average American family owe in credit card debt?

If I had a credit card balance of $8,400 and paid only the minimum balance (assuming no extra charges made/no annual payments) at 18% interest how many months would it be to pay it off?

How many years/months would that translate to?