#david bach

Book #97 of 2019:

The Automatic Millionaire Homeowner: A Lifetime Plan to Finish Rich in Real Estate by David Bach

My wife and I went to a home-buying seminar put on by our credit union, and one of the speakers recommended this book. It's a quick read, and although it's a little dated -- author David Bach is writing in 2005 just before the housing bubble crashed, and he also over-explains some computer things like how to access Google -- the main points still seem valid. Namely, it's easier and more affordable to buy a house than many renters assume (especially if you aren't holding out for a dream home), real estate that you aren't buying just to flip is one of the best low-risk ways to build your finances, and paying half your monthly mortgage fee every two weeks won't squeeze your budget too much but will net you the equivalent of a whole additional month's payment every year, drastically reducing the overall interest you will pay over time.

Bach does include some tiresome cliches like cutting out a daily latte as another pathway to prosperity, and he mistakes correlation for causation when he notes that the average renter has far less personal wealth than the average homeowner, but these faults are oddly so glaring that it's easy to see past them to the advice that's good. And while the more advanced topics in the book like leveraging one house purchase against the next, converting your home into a rental property, and gaining the millionaire status of the title are not currently as interesting / relevant for me, I'd still recommend it as a solid introduction or crash course for anyone else looking to transition away from renting in the near future.

The Automatic Millionaire

David Bach

The Latte Factor

David Bach

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Millionaire David Bach Gives Advice to Millennials: The Costly Mistake of Not Buying Now

On his personal website, self-made millionaire David Bach makes a striking statement:

“Not prioritizing homeownership is the single biggest mistake millennials are making.”

He further stated, “Buying a home is an escalator to wealth.”