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January 4 2012
I first read Smart Women Finish Rich as a freelance musician trying to make a living in New York City. I think what’s hard about being a freelancer in any field is that sometimes your success is directly proportional to the amount of work, or “hustle” that you put into your career. Not only do you have to be good at what you do, have the discipline to work hard and practice, but you also have to get everything else right: you need to always be on time, be friendly and outgoing, be well-rested, be organized, and generally do whatever else you can to distinguish yourself from the many other people who do the same type of work. I had been at it for over ten years when I realized that I was exhausted by my work and frustrated with my financial situation. I kept asking myself: “Why am I working round the clock and I feel like I never have anything to show for it?” The answer to this question was really, really complicated. I’m one of those people who LOVE my job. I mean, I LOVE IT. I get to make amazing music with amazing people, teach wonderful, deserving students, and interact with people in so many different ways. On a day-to-day basis, if you asked me if I was happy, I would probably answer “yes”. However, while I was happy with my job, and felt like I made enough money, I didn’t feel like it was building towards anything. As I got older, I saw my money follow the same path each month – I would put a little bit away sometimes, but mostly my money went towards paying my huge rent, my health & car insurance, my cable and electric bills, my student loans, and then my credit card bills, which always seemed to creep mysteriously high.
I had been saving up to by an apartment for over 7 years, but set myself back a little bit by buying a car, so I was renting a very small place for $1650.00 per month which I hated. I also had really nasty landlords who kept trying to raise my rent. I dreamt of someday owning my own place but kept thinking that I would get around to it later. I also had slowed down on my contributions to my IRA. I hadn’t put anything in for three years! It was mostly because I got very scared when everything started to go south with the economy in 2008, so I figured it was better to just not do anything for the time being. When I realized how unhappy I was with my financial situation, I emailed my friends who seemed to have it more together than I did, and asked for their advice on investing and IRAs. My good friend Suzy Perelman wrote back immediately and said that the first thing I should do is to read Smart Women Finish Rich! She told me how she had read it 12 years earlier and how it had been the boost that started her on the path to owning her own apartment and making a lot of her dreams come true! I immediately ordered a copy on line and then since I couldn’t wait, I stopped off at Barnes & Noble the next day after work and started reading it there, just so I could get a taste.
I think what immediately spoke to me was “pay yourself first”. It really connected with my essential frustration, which was that I worked SO hard and such long hours but felt like everything was just slipping through my fingers. I realized just how high my latte factor really was! I had been spending tons of money on cabs, restaurants, clothes, and other things that I had been excusing as “necessary” because of how busy I was. Yes, I probably could have packed my lunch for work, or taken the subway, or made coffee at home, or worn clothes I already had to work, but I kept saying to myself “you work so hard, you deserve it!” David’s book made me realize that I deserved much more than these little items that I had piddled away my money on. By sitting down and writing out my values ladder, I realized that what I wanted more than delicious takeout four times a week, or new boots, or cute tops, or a quick way home in a cab, was that I ultimately wanted to feel at peace, as though what I was working for was building towards a sense of security and stability. I wanted to feel as though anxiety wouldn’t creep into my head every month when it came time to pay the bills. This really meant a lot to me because there had been times where I thought I might have to give up music and get a “regular” job for the purposes of at least knowing how much money I was going to make each month. By cutting out my latte factor (or at least reducing it substantially) and paying cash for everything, I was able to eliminate the dreaded surprise of the credit card bills at the end of the month. The other element that changed everything was when I sat down and wrote out the actions I would take to make dramatic changes in my financial future. I wrote out many goals that night, but I really remember this one: “In 6 months, I will own my own apartment.” What pushed me further that night was the element of having to take action in the next 24 hours. It was a Friday night, and I was near my computer, so I thought “why not just look and see what’s out there right now?”. I went on some sites and found that there was a one-bedroom available in a building I had been interested in, and so I called up the agent and made my appointment for the next afternoon. I put an offer in the following Monday, and it was accepted the next day.
It wasn’t easy – I ended up having to borrow some money from my parents for the down payment, even though I had really wanted to do it all on my own. However, where in the past I might have given up because of having to deal with family or any of those old challenges, this time I pushed myself to follow through and keep my sights on the goals I had outlined, realizing that the bigger picture was what I needed to focus on, rather than the petty roadblocks that kept me on the frustrating hamster wheel of “work like crazy, spend like crazy, be unhappy”. I even managed to contribute the maximum to my IRA before I made the down payment, and my credit card bills stayed blissfully low since I continued to pay cash for everything.
It’s now November, 8 months since I read the book, and I now own my own apartment, with a combined mortgage and maintenance that is $50 lower each month than the rent I was paying to my nasty landlords! While financially this move made great sense, the best part of it is that every day when I come home I know this place is all mine. I no longer fear a knock on the door about anything, or a letter telling me my monthly payment is going up by $100.00. The feeling really is priceless. I think the lesson I learned is that a little bit of responsibility with money goes a LONG way in terms of freeing you from having financial worries hanging over your head all the time. And what’s more, I’ll always have this place – for the rest of my life, the money I’m paying is ultimately going to me. Knowing this helps a lot when I work like crazy all the time.
After I closed on the apartment, I got a call from two friends of mine who wanted to meet to discuss career issues, and during that meeting the financial aspects of working as a freelance musician came up. I told them that I had read Smart Women Finish Rich and that they should too! A week later I got a “thank you” text from one of my friends who had already read it and had gotten her finances in order immediately. She even included a picture of her file folders just to show how excited she was. Since then, I’ve suggested it to many friends and all of them have thanked me for it and said how excited and empowered they feel to finally grab the reigns in their lives and take control of their money. It means a lot to those of us who work in the arts, especially because there is this myth out there that we should all be suffering, starving artists who sacrifice everything in order to live a meaningful life devoted to their art form. I think what finishing rich is about is not just having a lot of money or even just enough money, it’s about being rich in the sense that you don’t have to go under to do what you love, you just need to put your values at the forefront of your whole life, not just your financial life. If you do that, the money and how to manage it follows!
Thank you so much, David!
- Katie Kresek
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January 4 2012
David- About 7 years ago I purchased Smart Couples Finish Rich. At the time I just got married and was doing my best to get our finances in order. I’ve always been a saver, but your words gave me the added drive and focus I needed to meet my #1 financial goal of home ownership. I remember being blown away the first time I read about how the #1 financial mistake couples make is having a 30 year mortgage. At the time all of our friends were buying homes. But instead of taking the mortgage debt plunge we decided to wait and save instead. It was hard at first being one of the few people who were still renting. But in the end it paid off huge. After five years of very disciplined saving my wife and I purchased our first home. We paid a big down payment on the house so we would have a small monthly mortgage payment. In fact our mortgage payment now is half of what we were paying to rent! Not only that, but we still got a great price for the home (post housing crash), a great rate, and a first time homebuyers credit from Uncle Sam. After we purchased the home we took our savings and started making some big additional principle payments on the home. It’s absolutely amazing what we’re saving in interest! In less than 2 years we took our 30 year mortgage down to 6 years. Now we’re at the point where we could easily pay off the mortgage with plenty of funds still left in our emergency reserve. But we’re going to wait just because of tax purposes and amazingly low amortization rates. I’m 33 years old and I’m proud to say that I could flat out own my house free and clear tomorrow if I wanted to. Thank you for your advice. I know it ended up saving me tens of thousands of dollars. More than that I have a great home for my wife and two daughters. You’re right, debt-free home ownership is a goal worth striving for.
Nick Foerster
Madison, WI
- Nick Foerster
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January 3 2012
Hi David,
I am 31 now and until last year I havent done anything to develop a nest egg or additional savings. In Germany, you have to do your own private saving as the compulsory retirement savings account for everybody isnt enough. After reading your books I started to pay myself every month with money going to a special account. Also I got the German version of a Roth IRA and a stock investment plan to which I automatically contribute. Plus I downsized my personal consumption by growing my own food, not eating out anymore and getting rid of useless stuff I own at ebay. Thanks to all this I was able to buy finally a decent car to get to work, pay down 6000 Euros in student loan and develop a little emergency fund of 1000 EUR! Thank you!
- Martin Pohle
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January 3 2012
Dear Mr. Bach,
I want to thank you for writing your books. As with all creative endeavors, I am sure you felt uncertainty as you began. I am so glad you set aside that uncertainty and wrote anyway! You have made an enormous difference in my life. I came across "The Automatic Millionaire" at the library book sale. Some generous soul was parting with it and thank goodness. You see, I am an artist, and I have a wonderful daughter who was born 4 months early. Although very bright, she will always struggle in this life so my prospects to go out and earn a living have been curtailed. Paintings don't always sell, so by the time I found your book I was feeling pretty concerned about the future. Thanks to you I have a ROTH, and I set up a recurring contribution through JustGive.org. Those two actions improved my life immediately, in the way I felt about myself and the future. In fact, I was so excited about this book I gave it to one of the young ladies who works at Panera as I was saying farewell to my latte factor. I hope she uses it and shares it with all of her friends.
Then, I found "Start Late and Finish Rich"...and now I am filled with hope and excitement. You have shown me many ways in which we can not only survive, but actually get rich and dare to dream! When I read about REIT's, I immediately went to my financial advisor and had my Roth purchase a share in one. Rebalancing will come later, but now I have all the three pieces of the pie in place. At nearly 50 I am indeed starting late but you threw me a lifeline and I'm grabbing it.
Thank you!
Melissa Pierson
- Melissa Pierson
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January 3 2012
Dear David,
Once you have lived in the country, it is difficult to return and live within the boundaries of city life. But live in the city we did for many years, caught the trappings that seem so unimportant now. Leanne, my wife, grew up in Budgeree – a glorious place of rolling grassy hills that in the closing decades of the the 19th century was cleared and carried dairy cattle, and is now home to an eclectic mix of dairy and beef herds, market and hobby farmers, and simply those seeking a quieter life. She left for city to study teaching in her late teens, but home was never far away. A two-hour drive would see her at the kitchen table of her parents, with coffee in hand, catching up on the local news.
I had but fleeting experiences of the country compared with Leanne, but those experiences have stayed with me to this day. Most memorable were pineapple farms, friendly people that would treat you as one of their extended family, bare feet, and living most of the day outside made me feel as though I was truly home.
This feeling of wanting to return the country grew inside Leanne and I up to the point where we were unable to ignore it anymore. We wanted to reconnect with nature, with each other and to live a life more simple. This is our story of success.
In moving to the country, we have totally changed our life and our thinking. We self-built our family home using sustainable materials. We invested in sustainable energy systems (wind and solar), and solar hot water that heats our home (boosted by a wood fired boiler) - all costing less than connecting to the electricity grid. Consequently, we have no energy bills other than fuel to run a backup generator. Life is simpler. We spend a lot of time in the fresh air outside, tending to the garden, planting trees, or exploring the natural wonders of our local area. Living 30 minutes out of town means that we need to plan our shopping in advance and ultimately save money in the process. Leanne and I have found jobs close to home and although our collective take home pay has dropped by 25 percent, we have more money in the bank than we ever had. Our children catch the bus at our front gate, instead of us driving them 15 minutes each way to get to school. We keep a brood of hens, and they feast on our food scraps each night. Hens are easy to keep and provide an abundant supply of eggs. The land around us gives opportunity for growing our own vegetables, fruit and herbs. We are at the very start of this journey and have so much more to do.
The list of benefits of living closer to nature is endless - the list of opportunities even greater. It’s a choice that has brought abundance into our lives and for that I am eternally grateful.
Luke Potter
Budgeree
www.budgereehouse.com
- Luke Potter
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December 13 2011
David,
I read Automatic Millionaire after graduating university, and incorporated it with brilliant results! I'd paid off some $20,000 in student loans inside of two years!
For some reason though, after the student loans, I stopped with your system. But I recently bought Debt Free For Life, and I'm inspired once more!
One huge breakthrough for me came when I tracked all my purchases in Quicken for a few months. I was able to identify all my hidden bills, like bank fees, that I wouldn't have thought of otherwise but were draining my accounts just as much.
I then automated it so half of all my bills would be transferred to another account every paycheck. That way, instead of having more bills in the last half of the month, and having to check the couch cushions and return my empties, it's a constant load throughout the month!
David. Thank you.
-Phil Boycott
- Philip Boycott
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November 23 2011
Today is 11-11-11 and I have just completed your book, The Automatic Millionaire. I am in my late twenties and my fiance is in his early thirties...there couldn't have been the more perfect time for all this knowledge. We are purchasing a home, debt free and ready to build a future for ourselves and future children.
Thank you!!
Jennifer
- Jennifer Collura
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November 23 2011
I just completed my Latte Factor Challenge and wanted to share my experience in hopes of winning a free mug to enjoy my Latte's at HOME!
Well, real simple and plain, basically my Latte Factor was wrapped up in eating out EVERYDAY and a bunch of other things like a Sprite from the gas station, that ice cream cone or a random end cap item at WalMart that caught my attention on the way out (which I didn't intend on buying when I went in).
My Latte Factor monthly number is approximately: $157.63 ($160)
I didn't intend on coming up with a number so high but I truly can cut back on my spending this much or more on nonsensical things.
Thanks a million for helping me to realize this!
Jerome
- Jerome James
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November 23 2011
Well I wish I had a Great start to my Story. But Unfortunately everything is not going as planned in the past year. It's Okay. Obstacles are opportunities, and that's how I will continue to look at things until I notice God working for me which I plan on working for him* I was hanging out with the wrong "friends" and found myself in trouble twice too many times. I actually read your book while I was in CCNO jail serving some time. I truly Thank God I did not hurt anyone. While in there I read your book, before I went in I had started my business plan I was attending college for Business Management, to be an enterperneaur and I waitress Full-time. My goal and Dream "Living or Existing" is my business plan which will help people be healthy and happy and I cannot wait to get it started. So, when I saw your book I knew it was a must read! I really liked the Latte Factor. I never really considered all the little things I had been spending my money on, money which I could start saving. Also, how you mentioned if your not owning a home then your paying the land lord money that could be going towards my future! Also with the helpful self- employed tips that A can consider once I get my business rolling. I took a bunch of notes from your book " The Automatic Millionaire". Unfortunately, the day I was getting out my Dad Passed away and that was truly heartbreaking to me. But also very expensive. I will not let this hold me down though as soon as I get back on my feet and continue taking care of business I plan on applying many of the smart ideas you had in your book to my daily life and I cannot wait to see the changes for a better.... Thank you again for taking time out to write a book that will help anyone if they just take the time to accept the knowledge and read it. :) God Bless you* Alexia
- Alexia J
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November 23 2011
Dear David,
I read your free copy of Start over, Finish Rich. My latte factor was $5.00 per day. I started automating my bills. I also went on my state treasurer website and found money from dividends I forgot to put on reinvestment. Thank You. I will continue reading your books.
- H oneale
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November 9 2011
My story begins in December of 2009. I was charging when I wanted something, then it evolved to charging when I ran out of money…until it evolved to the point of getting a paycheck, paying my bills (minimum payments only) and not having enough money left to live on until the next payday. I felt as if I was in a state of perpetual broke-ness! NO FUN! A 41 year old with a decent job should not be living like that. I realized that I was behaving like a petulant child who felt like she deserved to have what she wanted right now, buy now – pay later. I realized that I was making my present life very stressful and killing my future. I realized (finally) that “treating” myself to some shopping, was not treating myself at all! I changed the way I was thinking about my situation….I had gotten myself into it and could get myself out of it. I recalled the Oprah’s Debt Diet. I’d diligently watched every week, taking notes, seeing families that were in way worse shape than myself slowly work their way out AND see that they had a future with retirement savings! At the time of the show, I was in denial, (I felt that as long as I could still pay my bills, then I was ok – ha), but it all came back to me when I realized NOW is the time to change my habits.
I decided that for the entire year of 2010, I would not charge and I needed to do monthly updates on Facebook to keep myself accountable.
I started my journey with $27,440 in CREDIT CARD DEBT. The two things I had going for me was that I have never been late on a payment in my life, so my FICO was decent at 733 and all of my credit cards have LOW interest rates (all under 10.25%). I had 5 credit cards and have DOLP’d two. The remaining ones I call my three kids – AmEx, Citi, and WF Visa – they are big. My lowest credit card is the American Express at $3200, then after that is the Citi Visa at $5900, and then the Wells Fargo Visa at $12645.00.
Each month, I gave a status update about how I was still charge-free, how much I had paid down on the cards ”kids”, and how much total paid on debt (including house and car)...part way into the year I got into investments! I had a Fidelity IRA and rolled it into a WellsTrade account and picked some stocks. I started with $29,778.00 in that account and it is now up to almost $36,000 as of today. I also have 401K that I max out. By then end of the year, I’d whittled away $4,600 in credit card debt. I have kept going with my fiscal frugalness 2011 and have paid of another $1,400. Due to large vet bills during 8 months of this year, my progress was hindered, but now I am back on track.
Progress on my debt free lifestyle is slow, but I know I will get there. I am very serious about this and am proud of my progress. I thank you for showing me way back on Oprah’s Debt Diet that even the worst cases have hope! After hearing you speak last night I now see that I need to research my investments in my 401k and understand them better. I also need to do the folder system to be better organized.
Thank you for coming to Des Moines!! I am so glad I met you in person. Here is the picture that was taken last night. It seems a little hazy for some reason. Maybe the picture from your camera turned out better. I’ll email you again down the road to let you know when I have become DEBT FREE!!
- Jennifer Hampton
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October 20 2011
David, I wanted to let you know I have been listening to your books on cd on my way to work. I was so inspired. I wrote down the websites to check for unclaimed money on the weekend, when I am off. I really didn't think I would actually receive any. The form asked for proof that the account was mine. No info was provided about the account. Some I had taken the time to print the forms and had started filling them in before I realized account proof was needed, I filled in what I could and mailed it. I didn't think anymore about it. About a month later I received a check in the mail for $801. I was quite surprised. I have decided to put the money in my Start Late Finish Rich ROTH IRA. Thank you!
- Twila McClure
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September 14 2011
Hi David,
My name is Tracy from NY. I just finished reading your book fight for your money. When I saw this in the library I just knew I had to read it. I am the type for person that's always looking to save and fight for money whenever I need to. I am so happy that I did, I learned so much from this book. I told my friends how great it is and we actually bought a copy each because it's such a great book to have as a reference. When I read the section on TV and Phone that was a personal experience I dealt with. I totally agree with you cable TV is truly a joke. My family had Cable vision for several years and I tried several times to convinced them that it was not worth the money we are paying. Finally, last year I did the calculations showing how much money we were wasting, and we canceled our bundled service and only kept the internet and added Netflix. So from pay $200+ a month now we are pay $58 for internet and Netflix and I never been happier paying the bill until that change was made. I feel like we are getting what we are paying and enjoying the services as well. After reading Fight For Your Money it inspired me to fight for my money even harder. I also read the Automatic Millionaire, loved that book as well. Next on my list is Smart Women Finish Rich. I want to thank you so much for writing this book, it is truly a great help for anyone looking to help themselves for the better. I love the way it's written, you not only showed us the problems but also the solutions and where to look for help.
Once again thank you for writing inspirational books.
~Tracy
- Tracy Forbs
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September 12 2011
Hi David
I was at the library yesterday to pick up a computer book when I saw your book on the shelf. I think the book just came in yesterday at the library. I went over the last chapter of the book and just out of curiosity searched the missingmoney.com website with my name. GUESS WHAT. Surprisingly my name showed up. It turned out that I bought some shares of a company in 2002 and totally forgot about it. The finance company was unable to contact me since my address got changed. I just talked to the Department of Treasury, Unclaimed Property Division and they will be mailing the check (around $2000.00) in next 30 days.
Thanks a ton for the book.
Regards
Muks (MI)
- Mukul Mitra
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September 12 2011
Hi David Bach,
I go by the name of Lucy Kariuki,from Kenya,Nairobi area. Your book Smart Women Finish Rich has really blessed my life. I am wiser, you caused me to dream again, my dreams are now measurable, and specific and I must attain them. I have to say I never liked finance in campus but you took it and made it look simple yet profound. When I finished reading it I prayed that God will truly add into your life, like you did to mine. Thank you so much and the 12 commandments for attracting greater wealth?! Wow!!!!!!
- Lucy Kariuki
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August 30 2011
Hi David!
I read Debt Free For Life and followed your directions for getting my rate lowered on my credit cards. I called Sears and followed your steps and got my rate reduced from 25.24 to 19.24%. I also signed up for DebtWise and I am so looking forward to getting out of debt! Thank you for your wonderful advice!
Karen Hastings
- Karen Hastings
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August 30 2011
Dear David,
We have definitely been in a good place, a lovely house in a pretty neighborhood. A holiday every year. But after our business went belly up, we went broke. I saw the other side of life. Hardly able to buy groceries for my family. Heartbreaking. We decided to sell our family home to pay the looming debt and now we are in a more balanced place. We are 40, renting a nice house, in a nice neighborhood. But we are debt free. I am writing to tell you two things..
Today I started your book, Start Late, Finish Rich. Very excited to start looking ahead again, instead of being weighed down by the past. I will let you know how it works out for us!
The other reason is, while we were getting on our feet I went to work at Starbucks. (great company by the way!) I can't tell you how many people charge their purchases! I would cringe when I would see someone charge their vente latte and muffin every day, 5 days a week! That is a huge 'Latte Factor'!!
My mantra now is, if we can't pay cash, we don't do it. Nothing is charged. I think I'm the only one of our friends that wasn't in debt after Christmas, and paid cash this year for a trip to Disneyland.
Today I start our journey to save for our future, thank you for the inspiration!
Kind Regards,
Christine Musgrave
Vancouver Canada
- Christine Musgrave
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August 30 2011
David, Just picked up your book while browsing at the bookstore and enjoyed it! I made the commitment to get out of debt by the time I turn 45...which gives me 3 years. Reading your book made me feel good that I am on the right track; however you also provided additional tips that I am now trying out to make my goals occur sooner. I plan on keeping this book for my son to read when he is older (He's only 7.) I will do whatever I can to make sure that he does not get overwhelmed with debt as I did. My parents were unable to be the best role models for me at times and I find myself now providing them with about $200 a month to help them. I know this is money that I could be using to pay down my debt, but they are my parents. I am just doing what I can (and busting my butt to do it!) so that my son will never have to feel what I have gove through the last 15 years. I want to be a better role model for him...insisting that I am paying in cash and I explain to him why. Thank you for keeping me on track! I am excited to read your additiional books.
- Lisa Draper
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June 22 2011
Hello, I'm not sure if this is a success story or not, but I purchased your book a few years ago and only read a few chapters, but was inspired then. I entered the gov't after retiring from the military in 2006. I contributed towards my TSP when I first signed on, but did not contribute the max until I read your book. I'm happy to say that in such a short time of contributing to my TSP since 2006, I have just short of $100k and I'm not due to retire from the federal gov't until 2027. I'm currently credit card debt free, but I do have two car notes that I'm working hard at paying off. Your book is so basic and to the point about how to become wealthy that this should be taught in high schools across the country. Thank you so much and I do plan on giving updates with my progress.
- Angelo Jones
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June 6 2011
I read Smart Women Finish Rich and Smart Couples Finish Rich several years ago, unfortunately I didn't follow them. I loved the books and wanted to do them. However now I don't have much choice. I have mounting debt between a student loan, and other small debts that might be reaching the statue of limitations but I'm also now a divorced mother of two and Iraq veteran who doesn't make very much regardless of my software engineering degree.
So I will be starting immediately and slowly putting away as much as I can in savings no matter how small the contribution will be. Don't know when I'll start paying off debt but at least I'll be paying myself first. And eliminating my latte factor of Diet Coke. Plus teaching my kids to be more financially responsible than I was.
- Angela Kloss
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June 6 2011
Hello,
I just wanted to let you know that when I watched your interview with baker @ man vs debt at the beginning of April, I had just been told by Sallie Mae that I needed a co-signer in order to get a loan to go back to school – even though I’m 26 and had a solid credit score of 716 and I’ve worked for the same company for 6 and a half years. I watched the interview and checked out the equifax debt wise tool, which I’ve been using ever since. The tool REALLY puts things in perspective and I was able to make some adjustments and pay off ALL of my credit cards leaving just the previous student loan debt and car loan debt. I am happy to say that today’s (may 17 – just one month after beginning to use debt wise) updated score is 764!!!! And thats not even including the $1000 I paid down on my car loan and the balance increase I got on one of my cards tilting the debt to credit ratio even further in my favor! Equifax now rates me as having EXCELLENT credit and only a 4% risk for loan default – greatly improving my chances of getting a loan to go back to school next fall (premed!) Thank you so much for posting the interview, it has made such a difference for me!
- Liss Hyde
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April 1 2011
David,
I just want to thank you for your latest book! It has been a life changer. I have implemented many of the techniques from your book. I have automated my bills and my savings. I already had the 401K automated, but I bumped up my contribution to 10%.
I am using DebtWise and the Credit Protection. It has been about a month and I used my tax return to pay off my car loan and I have reduced the first credit card to the point where it will be paid off in two months. Then on to the next one!
Your simple techniques are already making a significant differnce in my life.
The only thing I was not able to do, was to get the credit card companies to reduce my interest rate, but I will keep trying.
Chris
- Chris Brindamour
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March 22 2011
Dear David,
Thank you, Thank you, Thank you
My mom taught me “cut your coat according to your cloth.”
You showed me how to do it.
I don’t have Latte Factor thanks to you,
I don’t have a credit card debt thanks to you,
I never stopped investing in the recession market even my investment value became 1/3rd. Everyone called me fool but I never stopped. Thanks to you
Your books made me survive laid off, cancellation of job contract, unemployment for the last 5-years. Today March 2011 I am reading your book Start Over Finish Rich 10 Steps to get……..2010. Cheering myself. Thinking how well you trained me. Thank you.
Last but not the least please please keep on writing.
You are the source of inspiration, courage, and strength for people like me.
Your writing always telling me there is a light at the end of the long dark tunnel.
Thanks
Duure
- Durre Jabeen
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March 15 2011
Dear David,
I just finished reading Smart Women Finish Rich and felt compelled to let you know what a profound impact this book has made. I would like to share a brief history of myself with you.
My name is Michelle Caruso. I live in Oakville, On Canada. I am approaching my 49th birthday this May.
I have been separated and recently divorced, for one and one half years, after 21 years of marriage. I have 2 beautiful and smart women daughters, Kaitlyn 21, and Danya 18. During my 21 year marriage my ex-husband worked off and on for the first 10 years after which he decided in his words, “I’ve paid my dues.” I have been in the equipment lease finance business for over 21 years. In 1999, I made the choice of leaving my employer to work as an agent for a brokerage firm. In a nutshell I became self-employed. I have always been in commission sales, so I had the confidence that I could do this. My income increased instantly. In most people’s eyes I appeared to be very successful. Since 1999 my family’s lifestyle became extremely consumption based. Two family vacations per year, designer clothes, current model vehicles, Harley Davidson Motorcycles (his) and by 2006 we had moved into a 3500 square foot home in one of the most sought after neighborhoods’ in Oakville. All based on my income. We were mortgaged to the hilt; four major credit cards and the line of credit were all maxed. I couldn’t make money fast enough. We were digging ourselves into a hole. You can imagine the stress I was under. By now you’re probably wondering what my income was. Over the ten year period of 2000 to 2009 I earned close to TWO MILLION DOLLARS!
Over the course of my marriage, I lost all respect for my husband nor did he have any respect for me and so on my 47 birthday I looked at myself in the mirror wondering where the woman that people used to call “smiley” had gone. I finally admitted to myself that I wanted out. I moved out that day. Over the next 6 months I hashed out a separation agreement. Canadian Laws are quite simple, everything gets split 50/50. And I was being treated as any man that had a stay-at-home spouse. My ex-husband is entitled to indefinite support because he hadn’t worked in 10 years. After speaking with several friends and colleagues who had gone through divorces and with the consult of my attorney I offered him a five year contract with support payment of $4000/month, plus $1000/month for child support of my eldest daughter who is still in school; this along with half the assets (equity in our home/ RRSPs etc). After the 5 year contract is over he is on his own.
So here I was in my own home, not knowing how to move forward. I had made so many errors in the past that I most certainly did not want to repeat. I needed help, so I hired a Coach. I worked with my coach, Samy Chong, every week for the better part of a year. It’s funny that when I tell people this they can’t believe that I spent that kind of money. My reply is always the same, “this investment in me is the best investment I have made in my whole life.” It is funny that people don’t mind spending $7000 on a family vacation but don’t see the value in spending it on their own personal growth. In my case with an average of 2 family vacations per year, it was easily justified.
I needed to forgive my ex, myself and my past errors in judgment. I needed to move forward. I started by finding my authentic self. I needed “me” back; that person who was always happy, smiling and loving. I needed to find me and find balance in my life. So for the past year I went to work on myself. The one piece that I hadn’t really looked at was my financial situation. I’ve always made a good living and I just thought it would look after itself. I looked at everything other than the spending habits I had acquired over the past 21 years. Well I am sure that you will agree that God always has a way of sending us messages and it became clear to me this past December that reviewing my finances was on HIS list. The last 4 months of 2010, my income took a 10% dip. With expenses at an all time high I could not afford a decrease in income of any size. This past December was the first time ever that I was faced with literally not being able to afford groceries let alone buy Christmas gifts for my daughters. Another wake-up call, get your financial house in order. All I could think about was how am I going to face this. So last month I got caught up on my accounting (I was 4 months behind), made a budget and started to track what I was spending and on what. It became clear that I was living beyond my means. I consolidated the debt on my line of credit and my 2 credit cards and remortgaged my home (at 2.35%). I had heard about a book called “The Millionaire Next Door” from an audio book I was listening to called the Slight Edge. I was determined that I needed to buy and read that book. So off I went to Chapters and along with this book I also purchased Smart Women Finish Rich. (I wasn’t surprised when you referred to this book at the beginning of your book. I have come to learn that there are no such things as coincidences). I figured I’m a smart woman, why shouldn’t I be able to finish rich? I read the Millionaire Next Door first and what an eye opener. Not only about how the typical millionaire lives, but also about what we as parents are NOT teaching our children.
Last week I started reading Smart Women Finish Rich. I finished reading the book last night. This past week I completed your Finish Rich Inventory planner. I am sad to report that my Net Worth is only $248,000. However I am an eternal optimist and the past is the past. If I was able to earn $2M in the past 10 years that I was raising my family with a ball and chain around my ankle, you can imagine what I can accomplish in the next 10 years!
I am I have contacted my financial advisor and indicated that we will need to meet to discuss my investments, mortgage balance, disability insurance and life insurance. I have both but not nearly the coverage I require. I had revised my Will, Living Will and beneficiary’s during my separation, so that is currently up to date.
I have created a Finish Rich Personal and Business Plan where I have outlined my financial goals and how I will achieve this through my business plan (which I completed in December). Now it’s time to take action.
Over the next 3.5 years my goals are clear. I hope to have my car paid off, catch up on my RRSP contributions, pay down my mortgage as much as I can and take my girls on a Mediterranean Cruise for the 50th birthday next year.
For the five years after that I hope to pay off my mortgage with the money I will no longer be paying to my ex-husband and do a few renovations to my home.
I have discussed this plan with my daughters and have indicated to both of them that we need to meet to devise a finish rich plan for each of them.
I love my career. It has allowed me the flexibility to raise my daughters (almost as a stay at home mom) and it has provided me with an excellent living. I have earned every dollar I have made. I gain true pleasure helping my clients sell and purchase equipment that helps them grow their business and ultimately achieve their goals. They are loyal to me because I make it easy for them to do business with me. As one of my customers recently said, “You always look after me”. That is who I am, the person that looks after everyone. Now I have also learned to look after myself first and then give to others. I am passionate about helping and mentoring others. I am the” go-to gal” you speak about at the end of your book.
On a final note I am currently pursuing coaching training through the Coach Training Institute and last June started another business called Inspired-Success (www.inspired-success.ca). I am not making much money with this, yet, but my dream is to help other Entrepreurs and Sales Professionals lead an authentic and balanced life. I know that success is not only measured by money but by who we become. However it is my belief that if you are successful in all of the non-financial areas of your life you will also have financial success.
This smart woman plans on finishing rich!
Thank you for writing this book.
Kind Regards,
Michelle Caruso
P.S. I will keep you posted on my success.
- Michelle
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March 15 2011
Dear David,
I started reading your books in 2008, and decided to give your advice a try because it seemed to make lots of sense to me. In 2009 I doubled my income! I went from making $12.50 an hour to making $25 an hr. I started saving, and I secured a $1mm term life policy that would've taken my then youngest daughter through 18 years of age. Well wouldn't you know it, by December of that year the small devlopment firm I worked for was in trouble and I was out of a job.
I had three months worth of living expences saved (not bad for 7 months of work) and was hoping for the best but not overly concerned because my husband was still working.
David, within three months of losing my job I had a breast cancer scare (I was 26) found out I was pregnant with baby girl # 4, and my husband became disabled due to a work related injury. I remained umemployed for the rest of the year, and my family and I ended up in a shelter.
I am happy to say that I am working again, and still in my field of real estate. In addition to saving money for us to move I have finally really commited to saving 12% of my income! David I only make $10 an hr. If I can do it anyone can do it. With the exception of a Macy's card with a $100 limit I have always been cash and carry. Yes I have brought things I couldn't really afford but always with cash.
I just wanted to let you know that your advice has really made a difference in my life, and we sould be out of the shelter by the end of next month. In the short time I've been back at work I have managed to save 3 months of my family's rent contribution which is 30% of our income.
- Jessica Johnson
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