Jan. 2, 2026

The Automatic Millionaire Reimagined: David Bach on Wealth, Freedom, and the Future of Money with Joe Polish

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Season 1

David Bach explains why automation—not intention—is the real key to building wealth, and how “pay yourself first” creates financial freedom without painful budgeting. He also shares a bold IRA flat-tax idea to unlock retirement money and why mini-retirements and sabbaticals can be a life-changing investment.

Here’s a glance at what you’ll discover in this episode:

  • How one woman’s $1 decision at age 30 changed four generations of a family and sparked a global movement for financial freedom.
  • The overlooked moment that turned a young financial advisor’s frustration into a sold-out seminar for women and a bestselling book series that changed millions of lives.
  • Why budgeting and discipline rarely work, and a simple automated system designed to help people build wealth over time without relying on constant effort.
  • The biggest lie entrepreneurs tell themselves about “the exit,” and what to do instead if you actually want financial independence.
  • The three overlooked moves that turn a successful business into lasting wealth and protect the people you love most.
  • The near-death experience that forced David to clean up his finances, update his will, and rethink what truly matters.
  • The bold $45 trillion idea that could unlock a generation’s retirement savings and spark a new economic boom.
  • Why money is not the goal but the tool—and how financial peace frees you to hear your higher calling.
  • How taking a one-year sabbatical can reset your health, creativity, and soul, and why every entrepreneur should plan “mini-retirements” before burnout hits.
  • The simple daily practice that costs nothing, changes lives, and makes you (and everyone around you) richer in the ways that count most.


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Show Notes:

Why “Automation” Beats Budgeting and Willpower

  • The core principle: “Pay yourself first” by automatically saving one hour a day of your income (about 12.5% of gross) for life.

  • Why budgeting and discipline often fail in the real world—and how automation removes friction and decision fatigue.

  • David’s maxim: you don’t get rich by intention; you get rich by automation.

The Origin Story: Teaching Women Money (and Why It Worked)

  • David’s grandmother started investing 50 cents from each paycheck, became self-made, and changed their family’s trajectory.

  • Early career lesson: widows and divorced women were being forced to learn money at the worst possible time—so David created proactive education.

  • The first workshop overflowed with demand (225 RSVPs), revealing a massive unmet need and leading to his book-driven platform.

The Simple Wealth Pattern Most People Still Don’t Follow

  • Many millionaires are created through two repeating behaviors: automated retirement investing + buying a home (and paying it down).

  • Why it’s easier than ever to invest automatically today (apps, mobile onboarding, fewer barriers).

  • The tragedy: people can earn a lot and still have little to show for it if they never systematize saving/investing.

The Entrepreneur Money Mistakes (and What to Do Instead)

  • Biggest mistake: betting everything on “the exit” while failing to pay yourself first along the way.

  • A baseline rule for Entrepreneurs: aim to put at least ~15% of gross income away first (even without a traditional paycheck).

  • Practical wealth move: buy the building instead of paying rent—create long-term equity and optionality (and potentially keep the building after selling the business).

The “Financial Fire Drill” Every Family Needs

  • A near-death experience forced David to confront what happens if you can’t access passwords, accounts, or updated estate documents.

  • The key question: if you died tomorrow, does your spouse know everything they’d need to know—immediately?

  • Why hiring the right advisor (including choosing someone with long-term continuity) can protect your family from confusion and exploitation.

The Big Policy Idea: An 8-Year IRA Flat Tax to Unlock $45 Trillion

  • The problem: many retirees avoid using retirement funds until forced by Required Minimum Distributions (RMDs) because they don’t want the tax hit.

  • The proposal: a temporary 8-year “tax holiday” that replaces ordinary income tax on IRA withdrawals with a lower flat tax (tested at 10–15%, with 12% as a middle).

  • The intended effects: encourage people to actually use/circulate money, potentially increase GDP, pull tax revenue forward, and reduce pressure on Social Security timelines.

Sabbaticals, Mini-Retirements, and Getting Your Life Back

  • David’s turning point: instead of only 10X-ing income, he decided to “10X free time” and took a one-year sabbatical.

  • What breaks restore: sleep, joy, creativity, better decisions—and a reset that can extend your impact for decades.

  • The bigger frame: don’t wait for “retirement” to live—plan mini-retirements as part of a sustainable, high-quality life.

The Good Job Project

  • A simple daily practice: catch someone doing a good job and tell them—one person a day for 30 days.

  • Why it matters: people at every level still want to be seen, appreciated, and valued.

  • Small, consistent acknowledgment can create outsized ripple effects in relationships, teams, and community.

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