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.”
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 uncomfortable—and even controversial—money 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.
Above: David Bach, the first-ever guest of the “Better Off” podcast and author of “Automatic Millionaire”
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.
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.
More from Betterment:
What is Tax Coordination? How Asset Location Works at Betterment
What is Betterment's approach to asset location? It's called Tax Coordination, and it's a built-in tax optimization strategy for retirement goals at Betterment.
How To Invest When You Have Family Members With Disabilities
Having family members with disabilities requires lifelong planning that might not be easily addressed by typical financial planning advice. Planning appropriately for their lives can ensure they are protected and secure.
Why Stock Market News Might Be Misleading You
Learn to separate the meaningful information from the noise. Knowing the right way to interpret market news can help us to make smarter decisions about how to manage our investments.
Explore your first goal
This is a great place to start—an emergency fund for life's unplanned hiccups. A safety net is a conservative portfolio.
Whether it's a long way off or just around the corner, we'll help you save for the retirement you deserve.
If you want to invest and build wealth over time, then this is the goal for you. This is an excellent goal type for unknown future needs or money you plan to pass to future generations.