GET MOTIVATED BY SUCCESS!

Farren’s Success Story….

I received an email from a reader named Farren. Farren was in the middle of taking my FinishRich Coaching Program, and he was writing to let me know that even though he hadn’t yet finished the course, his entire life had already completely changed. In less than eight months, he had gone from being stressed out over his finances to being out of credit card debt and on his way to a dream trip—seven weeks in Australia with his wife and two young sons.

As I read his email, it really hit me—it’s all about mindset and action. Farren’s mindset had changed, and as a result so had his actions.

Here’s the original email Farren sent me. I want you to read it because there’s so much in it to learn from. The fact is, you too can enjoy this type of success.

David, I just wanted to send a quick email to thank you once again for providing a great product/service and resource. I have listened to the CDs, watched the DVDs, read your book “Start Over, Finish Rich,” implemented the strategies, and changed my mindset! My wife, Amelia, implemented our latte factor and started looking at our overall expenses or consumables.  Things we could really get out of our life and stop spending money on right away and then… how can we also look at our different bills and cut them out.  The TV, the direct TV.  Things that are small, but as you add them up with the whole, it’s really a lot of money.

In less than a year, we’ve paid off $12,000 in American Express credit card debt, drastically reduced our monthly expenses, created a financial future with less stress, and – drum roll, please – the most exciting thing is that we are taking 7 weeks off for a family trip to Australia! (And I was able to pay cash for the $6k airfare!)  My wife and two boys age 5 and 8 years old are so excited.

 I took a picture of our little home savings jar that we used as a visual reminder for our kids and ourselves to see what we were saving for and how much we were saving. My kids are now excited to save. When they find a nickel or a penny – even change in my car – they run to the kitchen to put money into our “Australia Fund.”

Really life-changing stuff… so thanks to you and your team for their financial wisdom. These are troubled times for some, but with a plan and a coach, there’s nothing stopping you from the greatest life change you can do … understanding how to be financially free!

Cheers to you guys and “hi 5”! Thanks again!
Live your dream,
Farren W.

I wrote back to Farren immediately, telling him how amazing I thought his email was. “I love how you changed your mindset, took action and involved your family!” I wrote him. “You are an amazing example of how quickly you can get out of debt and start LIVING YOUR DREAMS. Nearly two months in Australia—sounds incredible!”

Farren’s response was as inspiring as his first note

We have just barely implemented your systems and still have made significant changes and progress. But it’s really like you said—it’s all about mindset and action. If you are married, you really have to have a “come to Jesus” meeting with your significant other. Look at ways you are both wasting money, create a goal, and go after it. A visual reminder like the jar in our kitchen also really helps. And if you can get the kids involved and excited, that can make all of the difference.

Farren’s story touches me for many reasons—and maybe it touches you, too.

Even though Farren was in debt, he was still willing to invest in himself to learn more about handling money and building wealth. With the benefit of what he learned, he changed his mindset and he took action. He’d didn’t over-think it—he just got going. He also involved his whole family in his dream of being debt free. He sat down with his wife and had the hard talk about looking for ways to cut back on spending. Then they created a visual aid (the money jar) to help them save money—and they got their kids to participate. As a result of all this, in just eight months, Farren was able to pay off a $12,000 credit card debt—and on top of that save enough to be able to pay cash for $6,000 in plane tickets and take his family on a two-month dream trip to Australia.

I mean, really—it’s a story that can make you jealous. Here’s a couple in debt, struggling to keep their heads above water, and in less than a year their whole life is turned around—simply as a result of changing their mindset and taking action (plus a little bit of coaching and education).

 IF FARREN CAN DO IT, WHY CAN’T YOU?

If this story inspired you like it did me- please leave a comment below and share it with your family and friends.

Live Rich!
David Bach

 

When’s the RIGHT time to teach your kids about money?

I have a tried and true test to help you answer this very question. Put a one-dollar bill in your left hand and a $100 bill in your right hand. Then ask your child which one he or she wants. If your child picks the $100 bill then you know it’s time to start teaching your kid about money. (My son, Jack knew to pick the $100 bill at age three!)

The money conversation with your kids is so important, and luckily technology has made it easier for us parents to raise a money savvy kid. If you are an active member of my FinishRich Community then you know that I am involved with a company called Tykoon. Tykoon has created an unbelievable online platform that provides families an innovative way to engage children to become more fiscally responsible and the best part is that it is a platform that is totally customizable to your family’s rules and values and it’s FREE.

So how does Tykoon work? Here’s the breakdown—(It’s awesome!)

Teach your kids the meaning of EARNING: You can assign your kids various tasks including recurring chores such as cleaning their room, or one-time jobs and also daily responsibilities such as their homework. You choose how to assign rewards based on your own family practices and values. These rewards can be cash or non-cash such as stay up late time.

Tykoon’s parent dashboard allows you to view and approve all your kid’s tasks in a single place and on any device. You can also print a weekly calendar for your fridge or child’s bedroom, or access tasks on the go with their mobile app.

Teach your kids the value of SAVING: Learning to save from an early age can instill balanced, long-term financial practices that extend into adulthood. Tykoon allocates earnings to the savings category easily and helps establish a mind set for savings and setting and achieving goals.  In addition to putting away some of their earnings, your kids can also set up and save for a big or long-term goal. This can be an item that they want to purchase, a family vacation or trip or a savings goal for college or education.

Teach your kids the importance of GIVING: Through Tykoon, kids discover and learn about dozens of age appropriate charities and also share these interests with their family and friends. Tykoon reviews every charity before making it available to your children and they give you controls on what categories your kids can access. It’s a simple start that can lead to a lifetime of community involvement and giving back.

All transactions are secure through the use of Network for Good (one of Tykoon’s partner). They will collect your credit card information, make the donation to the non-profit in your name, and send you a tax-deductible receipt. It’s simple, secure and carries all the benefits of charitable giving for your family.

Teach your kids how SPEND and buy real goods with real money: When you use Tykoon your kids can purchase their favorite products which are delivered right to your door through part Amazon.com (making all transactions secure). The best part is that all products they can purchase are kid appropriate and Tykoon reviews every product to make sure it’s kid safe. Even better, you can control the product categories that your kids can see. Don’t want video games? No problem. The choice is yours.

If you already have an Amazon account, you can seamlessly checkout with through Tykoon with your Amazon ID or Amazon prime account. When purchasing through Tykoon, kids can’t move money and parents make the final decision on any item that has been marked for purchase or donation by their kids. Meaning you can rest assure that your children will not be spending YOUR hard earned money without you knowing.  

I am so excited about Tykoon and whether you use this system or not, I hope this post has inspired you to take action to spread financial literacy to the children in your life!

To learn more about Tykoon check out their website (www.tykoon.com) and sign up today.  

 

Live Rich,

David Bach

 

 

4 Tips For Saving On Holiday Shopping

Visit msnbc.com for breaking news, world news, and news about the economy

Make sure to check out my latest video from Today.com about ways to save when it comes to Holiday Shopping! I discuss my Top 4 Tips on how you can save BIG this Holiday Season, then we take some tips from Today Show Viewers on their ways to save!

MY TOP 4 TIPS -
1) Create a holiday shopping budget – from the very beginning!
2) Make a list for the people you MUST buy gifts for.
3) Shop online at stores like amazon.com (that’s where I do the majority of my shopping.)
4) Shop early to get the best bargains!

Live Rich,

David Bach

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Do You Want To Turbo Charge Your Latte Factor®?

Turbo Charge Your Latte Factor - What’s the fastest way to get back on track with your financial plan for the future? You’ve got to find your money and keep track of the small daily expenditures that tend to add up over time. Earlier this week, I discussed getting back to the basics with the Latte Factor®, but what if you want to find a way to save even more?

If you really want to boost your savings you’ve got to turbo charge your Latte Factor by cutting back on all fixed expenses—those monthly or yearly reoccurring costs that are also known as your overhead. You don’t have to give things up; again, just cut them back. I call it the Double Latte Factor.

Where to find your Double Latte Factor – Finding your Double Latte Factor is fairly simple, since you most likely receive a bill for your fixed expenses (like rent or mortgage, car payments, Internet services, phone, cable, etc.). You should also check your bank and credit card statements for any subscription-type services that are automatically debited to your account or charged to your card. Finally, look for other luxuries or expenses that you don’t really need or use as much as you should, such as premium cable channels (that you never watch), extra fancy cell phones (and apps), new wardrobes every season, and overly lavish presents during the holidays.

Take a close look to determine who’s attached themselves to your monthly income. You may be shocked to realize how many people are on your household “payroll.”

If you can bring your Double Latte Factor under control in the next few weeks, you’re going to find some serious extra money in your pocket that you never knew you had.

What's Your Latte Factor®?

What's Your Latte Factor®?