Automatic Wealth: The Six Steps to Financial Independence

automatic wealth

Welcome to this comprehensive book review of “Automatic Wealth: The Six Steps to Financial Independence” by Michael Masterson. In this review, we will delve into the key concepts and insights presented in the book, offering you an in-depth understanding of how to achieve financial independence. Whether you’re a seasoned investor or just starting your journey towards financial freedom, this book provides valuable strategies and principles to guide you. So, let’s dive in and explore the six steps outlined by Michael Masterson in his book!

Step 1: Set a Specific Goal

Setting a specific financial goal is crucial for achieving wealth and independence. In “Automatic Wealth,” Michael Masterson emphasizes the importance of clearly defining your objective. By setting a specific goal, you create a target to focus on and measure your progress against. Whether it’s saving for retirement, buying a house, or starting your own business, having a specific goal allows you to create a roadmap towards financial success.

Step 2: Make It Measurable

Once you’ve set a specific goal, the next step is to make it measurable. In this step, Masterson highlights the significance of quantifying your objectives. By attaching a specific numerical value or target to your goal, you can track your progress and determine if you’re on the right path. For example, if your goal is to save $1 million for retirement, you can break it down into smaller milestones and monitor your savings regularly.

Step 3: Create a Realistic Plan

Creating a realistic plan is essential to turn your financial goals into a reality. In “Automatic Wealth,” Michael Masterson emphasizes the need for practicality when designing your plan. It’s crucial to consider your current financial situation, income, expenses, and time horizon. By evaluating these factors, you can develop a plan that aligns with your resources and capabilities, increasing the likelihood of success.

Step 4: Take Consistent Action

Taking consistent action is where many people stumble on their path to financial independence. Masterson stresses the importance of discipline and perseverance in implementing your plan. Consistency is key, whether it’s saving a portion of your income, investing regularly, or acquiring new skills. By maintaining consistent action towards your goals, you build momentum and increase the likelihood of achieving long-term financial success.

Step 5: Learn from Results

Learning from your results is a critical aspect of the wealth-building journey. Masterson emphasizes the importance of analyzing your outcomes and adjusting your approach accordingly. By monitoring your progress, you can identify what’s working and what’s not, allowing you to make necessary tweaks to your plan. Continuous learning and adaptation are essential for overcoming obstacles and maximizing your chances of financial independence.

Step 6: Repeat and Refine

The final step towards financial independence is to repeat and refine the process. Masterson encourages readers to view wealth-building as an iterative process. As you achieve your goals, it’s important to set new objectives and continue refining your strategies. By repeating the steps outlined in the book, you can build upon your successes and continuously improve your financial situation.

Frequently Asked Questions (FAQs)

FAQ 1: Is “Automatic Wealth: The Six Steps to Financial Independence” suitable for beginners?

Absolutely! “Automatic Wealth” is a great resource for beginners and seasoned investors alike. Michael Masterson explains the concepts in a clear and accessible manner, making it easy for readers to grasp the principles of financial independence.

FAQ 2: Can I apply the strategies in the book to my personal situation?

Yes, the strategies outlined in the book are highly adaptable. Whether you’re a salaried employee, self-employed, or a business owner, the principles presented by Masterson can be tailored to your specific circumstances. The book provides a framework that can be customized to suit your financial goals.

FAQ 3: Does the book provide practical examples and case studies?

Yes, “Automatic Wealth” includes practical examples and case studies to illustrate the concepts discussed. These real-life examples offer valuable insights into how the principles can be applied in different scenarios, helping readers relate the concepts to their own lives.

FAQ 4: Is “Automatic Wealth” only focused on investing?

While investing plays a significant role in achieving financial independence, “Automatic Wealth” covers a broader range of topics. The book explores various aspects of personal finance, including goal setting, planning, saving, and entrepreneurship. It provides a holistic approach to building wealth.

FAQ 5: How long does it take to see results by following the six steps?

The timeline for seeing results varies from person to person. It depends on factors such as your starting point, the size of your financial goals, and the consistency of your actions. While some individuals may experience rapid progress, others may take longer to achieve their objectives. The key is to stay focused and committed to the process.

FAQ 6: Can the book be applied to any income level?

Yes, the principles outlined in “Automatic Wealth” can be applied to any income level. Whether you have a modest income or a high salary, the strategies presented by Michael Masterson can be adapted to your situation. The book emphasizes the importance of living below your means and making wise financial decisions, regardless of your income level.


In conclusion, “Automatic Wealth: The Six Steps to Financial Independence” by Michael Masterson is a must-read for anyone seeking to achieve financial freedom. Through his six-step process, Masterson provides a comprehensive guide that encompasses goal setting, planning, action, learning, and refinement. By following the principles outlined in the book and applying them to your own life, you can pave the way towards a financially independent future. So, grab a copy of “Automatic Wealth” and embark on your journey to financial independence today!