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Financial Goals

Trying to Become a Millionaire: Perspectives from David Bach

Welcome to the first-ever episode of “Better Off,” the new podcast sponsored by Betterment. For the show premiere, host Jill Schlesinger, CFP®, talks with David Bach, best known for his book “The Automatic Millionaire.”

Articles by Jill Schlesinger

By Jill Schlesinger, CFP®
  |  Published: January 5, 2017

This article originally appeared on Jill Schlesinger’s LinkedIn.

How does it feel to have nine consecutive books make the New York Times bestseller list? Or to be on the Oprah Winfrey Show six times? Well, I have no idea, but our “Better Off” guest, David Bach, does.

Let me back up…this is the first-ever episode of “Better Off,” the podcast sponsored by Betterment where I tackle sometimes uncomfortableand even controversialmoney and investing issues. For the show premiere, I talked with David Bach, who has written 11 national bestsellers, with over 7 million books in print. He’s best known for “The Automatic Millionaire.” It was so popular the first time around that he just released an expanded and updated version.

Automatic Millionaire

Above: David Bach, the first-ever guest of the “Better Off” podcast and author of “Automatic Millionaire”

Research shows that we have more positive outcomes when we take emotions and self-discipline out of the equation and put our financial lives on autopilot.

Of course, there’s no secret recipe to becoming an automatic millionaire. There’s no magic formula. It’s something that takes time, work, and discipline. If it were that easy, we’d all be millionaires…and Mark probably wouldn’t be my producer. (You’ll get to know Mark in subsequent episodes. He’s the guy that makes the show appear in your feed every week.)

As you’ll hear, I don’t agree with David that skipping a latte a day will help you become rich, but we also discuss many topics in the book upon which we both agree—perhaps none more important than becoming an “automatic investor.” Research shows that we have more positive outcomes when we take emotions and self-discipline out of the equation and put our financial lives on autopilot. That may be the biggest takeaway from the book. Whether it’s a retirement plan at work, an IRA, or a service such as Betterment, set it, forget it, and let the magic of compounding interest go to work.

It’s the beginning of a new year, a time when we reassess our financial situations and maybe even make some resolutions. Listen to this podcast, read the book, and I have no doubt you’ll pick up some useful tips that will help you achieve your goals in 2017.

Better Off” is sponsored by Betterment. If you like what David Bach has to say, you can follow and connect with him on social media. He can be found on Twitter and Facebook, as well as his website.

The opinions stated on the Better Off podcast are those of the host, Jill Schlesinger, and her guests, and not those of Betterment or its employees. Any third-party links provided are offered as a matter of convenience and are not intended to imply that Betterment endorses, or is affiliated with the owners of or any information contained on those sites, unless expressly stated otherwise. Listen to a preview and subscribe to “Better Off” here.

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