Book Review: Automatic Wealth by Michael Masterson

In his book Automatic Wealth, business guru and investor Michael Masterson lays out a plan for how to achieve financial independence within 7 to 15 years. Though some his principals are oversimplified and general, he does do a good job of laying out what you should do to build wealth quickly.

The three main points in the book are as follows:

1) Increase how much you make at your job by increasing how much value you bring as an employee.

2) Invest in a part-time business to boost income.

3) Invest in real estate for both equity appreciation and income.

What I like about Michael is the fact that he is not afraid to say you will have to work hard. He does not believe in making it sound to easy for the sake of selling more books. He will tell it to you straight; If you want to build wealth, you will have to work much harder than you are right now.

Michael talks a lot about boosting your income at your job. This sounds like a logical move to make, however, in these current economic times it seems unlikely for this to happen. Right now most companies are downsizing and decreasing wages, so trying to get a substantial raise would seem unlikely to happen for most people. Also, if you are a union employee you will have no power as to the amount of a raise you can get.

If you are new to wealth building, Automatic Wealth written by Michael Masterson would be a good starting point. He lays out a pretty general plan for you to follow with some examples. However, you will need to supplement this book with other reading material that will be more specific to each type of investing. All in all a good read.

 

Tagged with: how to manage money • manage my money • manage personal finance • personal finance basics • personal finance help

Filed under: Personal Finance

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