Author David Bach reveals how you become a millionaire

Core Insights - The premise of "The Automatic Millionaire" remains that wealth and financial security can be built on an ordinary income, emphasizing that extraordinary income does not guarantee financial success [1] - The concept of "paying yourself first" is highlighted, suggesting that saving 12.5% of gross income is essential for wealth accumulation [2] - The relevance of the "latte factor" has increased, with daily savings from small expenditures now estimated at $27, indicating a greater impact on financial health [2] - Home ownership is deemed essential for wealth building, with a strong disagreement against the notion that renting is cheaper than owning [3][5] - Real estate prices have quadrupled over the past 20 years, reinforcing the importance of local market conditions in real estate investment [4] - The number of millionaires has significantly increased from around 8 million to over 24 million, with projections indicating this number could double in the next decade [7]