The Automatic Millionaire Book Report

The author of this book, Dave Ramsey, is a man who has gone through many struggles in his life. Throughout his book he talks about the times when he went bankrupt and couldn’t provide for his family. Dave Ramsey sat down and wrote a plan on how to be smart with your money. Ramsey says, “The principles are not mine. I stole them all from God and your grandmother” (xi). He talks about how these are not new ideas and that these are not theories because they are proven to work every single time. The central concept of this book is to help people succeed in life with money but also their personal relationships. Ramsey wants to give people hope and happiness by playing a small role in their financial freedom.

As a million dollars passes through your hands, Foster teaches us on how to hold onto the money we’ve earned. Many consider money to be a good thing, but when people start believing that quantity overrides quality, money can lead you to the wrong reasons. He’s gotten to know some of the most successful people in the world during his lifetime, and every single one of them started out learning what do with the money they’ve earned with a part-time job. “They also learned how tough it is to earn each and every dollar, so they were careful about how they spent their money. These successful people developed good spending habits when they were young that stayed with them throughout their careers,” (pg 22). In my future, I plan to get a job and save at least half of my

Being stoned to death by 300 of your friends and family is possibly the worst way anyone would ever want to be killed. In the short story “The Lottery” written by an author Shirley Jackson, she mentions about a small village consisting of 300 residents who most reluctantly participate in an annual lottery drawing. I know, who in their right mind would hesitate to be a part of an event that gives you a possibility of winning a prize, which makes you wonder what the prize is. At the end of the story the protagonist, Mrs. Hutchinson, who also happens to be the winner of the lottery is stoned to death. I argue that Jackson wrote this story to inform us how living in a small community isn’t always a great thing because in a small population people start gossiping about one another, which can lead to issues and could turn into hatred.

The fact that their parents did not provide economic outpatient care was astonishing. This means most millionaires were not financially supported by their parents. The author’s research indicates that “the more dollars adult children receive from their parents, the fewer they accumulate, while those who are given fewer dollars accumulate more”. I figured these millionaires were raised in a wealthy family and didn’t want to live any other way. I thought they were given things by their parents throughout their life. Another trait is their adult children are economically self-sufficient. The authors clearly believe that giving money to adult children damages their ability to succeed. I agree with this because if their children keep getting life handed to them on a silver platter they won’t learn the value of a dollar. They’ll think that daddy or mommy will bail them out whenever they’re in trouble which will not teach them anything about being successful on their own.

In the book The Wealthy Barber it begins by talking about the thing that he likes to do in his spare time. David then begins to introduce his wife and talks about how they have a baby on the way but he is completely clueless when it comes to managing/saving money. He needs to make himself a smart financial quickly with having a wife and now a baby on the way. David talks continues to talking about how his father was very smart with financial means. His father has never bought anything without saving for it first. The only thing David’s father borrowed money for was to buy a house and he had a 30 year mortgage. He learned to become financially smart from a local barber named Roy. David, his sister Cathy, and his best friend Tom together go visit Roy who promises by the end of seven months all of them will be on the road to success.

How do our relationships with others define who we are? Others affect us greatly. The people who surround us everyday have a great impact on our own life. Friends and family are the people who create you, and are part of the reason of who you are today. For example, when there’s a new trend, or when someone says a mean comment, you might change something about you at one point or another. Who affects your life?

What would you do if you had $15,000? Perhaps you donate money to charity, or perhaps buy a new car? Maybe you could finally get that watch or purse that you’ve always wanted. The issue is that many people thought they had this much money. Unfortunately, they paid with credit and are now paying 18% extra on their purchases; in some cases, it’s even as high as 26%. That equates to paying roughly $18,000 dollars for something that only cost $15,000. Many Americans are regrettably faced with these bills today, but there is hope. There are people out there who want to get us out of debt, and back on our feet. This essay will look at two of those people, Dave Ramsey and Suze Orman. Of course, you will have to decide which will work best for you. Hopefully this will help you find your way to being debt free.

The presentation that I saw during the preparation of this discussion board post is entitled, “The 7 Baby-Steps” by Dave Ramsey. In this presentation, Dave Ramsey utilizes seven baby steps that will help individuals get out of debt and start a savings account. The question that was being answered in this research report is no matter what your income level is, Dave Ramsey will utilize your earnings in slowly chipping away at your debt. Dave Ramsey is very serious about his study and has used his teaching in his own life. Once a millionaire, Dave Ramsey had lost it all and was in crippling debt. However, using his research he developed a plan that not only allowed him to get out of debt, but to also become a millionaire once again.

According to Document A it says that if you get married at age of twenty-three and you save fifteen dollars a month and anyone could do that or try to save up 15 dollars a month then he keeps saving for over twenty years and at the end of that he would have four hundred dollars a month. He would be rich. Anyone could save 15 dollars if they would try hard and not spend the money they are saving at the end they will have a very good amount of cash every month and it would be worth all the saving.

Dave Ramsey’s book The Total Money Makeover is the ultimate guide for you to become as wealthy as you possibly can. In this book Dave tells a tale of a man who ends up going bankrupt and how that man became a millionaire. That man is Dave Ramsey and he goes step by step to his proven plan which is used by millions of people to get rid of their debt. Throughout the book Dave Ramsey gives astonishing myths that the majority of people think are facts. In this book he talks about this snowball which is supposed to help you get rid of your debt so you can “later live like no one else” (Ramsey). In the following paragraphs I will be sources checking the validity of this paper with the well known financial website Fobes.

How does one earn the title of wealthy? Authors Dr. Thomas J. Stanley and Dr. William D. Danko have studied how people become wealthy for over twenty years. They have conducted research, written books, conducted seminars, and advised major corporations on whom the wealthy are and what are the characteristics of the affluent in America. The research for The Millionaire Next Door was comprised of personal, as well as focus group interviews, with more than 500 millionaires. A survey of 1,115 high net worth and/ or high income respondents was also compiled. The authors define the threshold for being wealthy as having a net worth of $1 million or more. This is one distinction that the authors make in comparison

In the book “All Money in the World” by Laura Vanderkam discusses about ways that people get and spend money in their lives and the relative between money and happiness. Each title, the author shows us different ways to use and earn money like getting, spending and sharing. But in chapter 3, “Rethink Retirement” of getting, Laura Vanderkam shows the creative way to approach retirement. There are three of the ways that the author suggests people can rethink and plan for retirement such as saving, making extra, and using time efficiently.

Thesis: Today I will inform the audience of the power of saving small amounts of money for the future and how compound interest works in their favor when they start saving as soon as possible.

Why this is a strength: Maylee loved the game, and stayed intensely focused on the passages, did her best to answer correctly, as well as wanted to explain her thinking behind choosing her answer. She asked me if we can play the game again.

Brandon Turner, contributor for Entreprenuer.com, explains simple reasons why the average American citizen will not become a millionaire along with ways to combat this “problem” in his piece “4 Reasons Why You'll Never Be a Millionaire, and How You Can Change That” (2015). He partially attributes the difficulty to achieving millionaire status on a misunderstanding of the rudiments of money, not valuing one’s continued education, spending all income instead of living below your means and investing any leftover cash, and not having enough assets that will actually bring in money as opposed to just being a liability. He goes on to suggest ways in which these four issues can be remedied.