The Automatic Millionaire is a great book and opened my eyes to a few things. I like that “latte factor”. I have done some things right and feel good about that, but I have done many things wrong….knowingly through the years! I was just too lazy to do things right and pay myself first and let my money work for me!
I am debt free….house and autos paid for….no credit card debt….just day to day expenses of living….and living somewhat cheaply….small house to cool and heat….inexpensive fuel efficient autos, gourmet foods are not something we crave, and so forth. But in spite of this I have done the math and have realized that I can save or invest an additional 10K each year….one income family….without scrimping on anything else. Presently, about 23% of my gross pay goes to retirement accounts and if I add another 10K to that, over 38% of my gross pay will be put away for the future…and we are not depriving ourselves! Although I will retire in 6 to 8 years, I plan to also use my new found enlightenment and enthusiasm….from your book…to encourage my 2 grown sons and daughter to not make the same mistakes I did! I have already talked to each of them!
Upon retirement, our goal is to be able to travel….a trip to Europe, a trip to Alaska, trip to Hawaii, and numerous road trips to discover the USA. Although we have been to Great Britain three times, Canada numerous times, have been to 45 of the 50 states, and my wife has traveled to Ecuador, there is much we have not seen, but also have not deprived ourselves of enjoying life. And on just one income….and a somewhat modest one at that. So you are correct when you say, it is not how much you earn, but that you save some of it….automatically! Thanks a Million!