Fixing your finances is key to any new year. David Bach, author of his eponymous 2004 book  The Automatic Millionaire, is out with an updated version. Bach's advice for 2017: Automate your finances. "It's so much easier now to make your financial life automatic," he said, referring to the helpful role smartphones play in money management. Bach also breaks down the math behind compounding interest and why young people who save just a few dollars a day can become millionaires by the time they retire.

More from Video

Lee Munson: Not Peak FANG Yet

Lee Munson: Not Peak FANG Yet

Even Standing Desk Company Varidesk Is Watching How the Trump Tariffs Play Out

Even Standing Desk Company Varidesk Is Watching How the Trump Tariffs Play Out

Jim Cramer on Bank of America, Tariffs and the Goldman Sachs CEO Change

Jim Cramer on Bank of America, Tariffs and the Goldman Sachs CEO Change

Video: General Electric Shares Slump Amid Weakness in Power Division

Video: General Electric Shares Slump Amid Weakness in Power Division

Podcast: What TheStreet's Interns Learned From Jim Cramer and Action Alerts PLUS

Podcast: What TheStreet's Interns Learned From Jim Cramer and Action Alerts PLUS