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March 17 2006
Hello, my name is Jonathan Torre. I am a 14 year old who has just finished rreading your book "The Autopmatic Millionaire," and found it so inspiring that i decided to move my $3,000 from a .25% interest savings account to a money market account. I recently emailed Morgan Stanley asking about opening one. I figure the money might eventually become a small "rainy day" fund. My parents seem to have all of your methods about paying yourself first down. My mom takes out 10% of her monthly paycheck because that is all her company allows. My dad takes 15% out into his 401(k) plan. They are trying to finish off their mortgage early by paying $200-$300 extra every month. They also have, believe it or not, ZERO credit dard debt. I'm even trying to encourage them to buy another house and rent it out. They are about 10-15 years away from retirement and they dont have a "Rainy Day" fund. While I cannot automate money directly into the money market account due to me not having a real job, i put aside money monthly i get from mowing lawns, tutoring, etc. When i turn 16 I will look into getting a real job to try to automate this process. Now, I believe I am on my way to keep my parents and I on the track to becoming an automatic millionaire!
- Jonathan Torre
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March 17 2006
I recently completed The Automatic Millionaire Workbook, The Finish Rich Workbook, and Start Late, Finish Rich. It has changed the way I view money. I was living paycheck to paycheck, supporting a wife and 2 kids, both under the age of 2. Although I was making 55K/year, we never seemed to save money despite watching our money and limiting extra activities. After finishing your books we made multiple changes.
We used our tax refund of 6K to eliminate our credit card debt and I changed my exemptions from 5 to 10. This reduced our tax rate to 9%. I changed my simple IRA contributions from $300/month to the max of $830/month. I setup a rainy day fund of $200/month, and two Roth IRAs – one in my name and one for my wife. My wife’s fund receives $300/month, while mine receives $250/month, with my quarterly bonuses going to this account so that both will be maxed out – all of this automated of course. Doing this I am saving $18,790/year (34% of my salary!) I am about to establish a 529 plan for my children (waiting on paperwork)and I have setup a savings account to save for my next car and pay cash. We were paying $700/month for our house payment ($23 was extra) and we increased that to $800/month.
In addition, I have resumed tracking our money in Quicken. For Jan and Feb. we spent $591 on dining! There’s a latte factor! Needless to say, we gave up eating out for lent this year and hope to continue this. My wife and I have learned much and have referred your books to another couple. Thank you for detailing the simple and automatic way to become a millionaire.
- Greg Rybarczyk
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March 17 2006
I was 23 years old and 6 months into a new job, making money, but not seeing much of it in the bank. The credit card companies were seeing more of my paycheck than I was. While I kept sending them money, my debt wasn't decreasing too much and I still wasn't saving much at all. My Uncle Donald, who is a C.P.A., recommended this book to help me financially now and in the future. The book was "Start Late, Finish Rich".
Reading is not one of my hobbies but financial work is my Uncle's business I figured I could trust him and read the book. I started reading it and I couldn't put it down. I read 13 chapters in a few nights. As soon as I read the book, things started to change for me. I was saving more money, paying down credit cards, and watching how I spent money. I even went the entire Christmas shopping season without putting 1 CENT on any credit cards.
Now 7 months later, thanks to David Bach and his book, and my Uncle Donald, I will celebrating my 24th birthday next month DEBT FREE and that will open and endless number of possibilities in the future, and it puts me in the great position to look for my first home. And that only means I have to read David's new book "Automatic Millionaire Homeowner", because I know that it will change my life and hopefully get me the home I've always wanted but never thought I could afford at such a young age.
I've recommended this book to my entire family and they all are getting aboard the Latte Factor Express. So Thank You David for everything. Anyone who wants to get their finances straightened out from age 19 to 89 should read David's books. You will not be sorry!
Thanks,
- Michael Simonelli
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March 17 2006
David,
In August, 2003 I picked up your book "Smart Couples Finish Rich" and read it while on vacation. At the time my husband and I had a 2 year old and were trying for #2. We have never been in debt (except for our house and two car loans) but we had only $3,000 saved. We saved every month for bills so we never lived paycheck to paycheck, but we never just saved to have it saved. Luckily I had a 401(k) I was contributing to and my husband has a good pension with early retirement at 20 years service.
However, in less than 3 year's time, we paid off both car loans, went to a lawyer and wrote a will, purchased extra life insurance for my husband and a policy for me, increased my 401(k) to 20%, opened an ING orange account (nicknamed emergency account)and saved $17,000 (so far), had a second child and now have a third on the way. It is my option to return to work part time (which I have been working for 5 years) or stay home when #3 comes. I can't tell you how much that financial freedom means to us.
We now look to the future as we are purchasing a second home in a nearby state and just saving as much as we can to live comfortable lives without the worry of money.
We are 30 and 31. I already have budgeted the $2,000 per year for each child to save in an IRA to follow your example of how they too can be rich, all on early saving.
Sincerely,
- Jessica Cohen
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March 10 2006
Thanks to Smart Women Finish Rich, I got a hold of my latte factor, paid myself first, taught my husband the same techniques, and within a year, saved up enough money for a small downpayment on my first home. I never thought I could ever be a homeowner with all of the debt I have amassed. But by applying a some of the techniques in your book, my dream came true. I am now reading The Automatic Millionaire Homeowner and am looking forward to finish rich in real estate.
Thank you so much David - you've changed the way I look at finances.
- Emily Noble
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March 10 2006
David-
Thank you so much for everything! We saw you on Oprah recently and you have changed our lives! We went out and bought "The Automatic Millionaire" and both read it in a few days and already started making dramatic changes that we should have started making years ago. We are only 26 & 27, so we have a lot of time still. We are on our way! We have told literally everyone we know about this book and hopefully they will be inspired too!
Thanks Again!
- Rachel & Jim Perry
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March 6 2006
5 years ago I had to sell my home due to a divorce, at the bottom of the market. Since then I've been renting and paying lots of taxes. I read your book Start Late, Finish Rich on the way home from New York at New Years. I had every excuse, I didn't think I could afford anything in the LA market, bad credit, not enought for a down payment, etc. etc. I came home and took action. I had already done some work on cleaning up my credit rating by removing all of my Ex-husbands accounts. Surprise I got pre-qualified and found a small condo that had not been painted or cleaned and made a low ball offer that they took. 6 weeks after reading your book my escrow closed! THANK YOU THANK YOU for getting me to take action. Even in it's bad condition the condo appraised for $20K more than I paid, and my Real Estate agent thinks I could turn it over for more than that with a little paint and carpet. I plan on keeping it, as it suits my needs very much. But, I'm going to keep an eye out for investment property next. Thank you again.
- Linda Bose
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March 6 2006
I was a single, self-supporting 40 year old woman when I purchased your book 'Start Late, Finish Rich.' Like a lot of the stories in the book, financially my situation appeared bleak.
I didn't have any assets and was living pay-check-to-pay check. What made matters worse, was that I had credit card debt. However, when you emphasized the importance of owning a home and wrote, "do it." It stuck and I did just what you suggested. I literally called a real estate agent that very day.
Within three months, I was a first-time homeowner. It gets better - by the time closing day came I had built up $15,000 equity in the home!
Thank you,
-Josie
- Josie Scarpelli
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March 3 2006
Hello David,
I have been finding it hard to get up the nerve to write you. We saw you live in Edmonton and I chickened out to say hi and thank you because I was scared I would start to cry. We have a huge story to share, but unfortunately can't properly sum up here or on the phone. Our story must be heard somehow!
I have read--and studied--three of your books and am WAITING for the next Homeowner book. We were in financial despair, I was and am sick with Multiple Sclerosis. My husband being an electrician went from annual $40,000 to a whopping $125,000 income on your advice for raising your salary, etc. Crying, very pregnant with our fourth child and sick with Multiple Sclerosis, I 'gently' pushed him out the door to 'get experience' in a different sector of his career. He had to leave us and work out of town to gain experience and he is now home transfered within his company locally and making MORE money, now has an RRSP and is maxing it. We now invest and we teach our kids hands on how they can handle their money and save and invest. We are even about to invest in our SECOND home!
We are very young couple and have been together for nine years, burying ourselves into debt. We were on the road to bankrupcy when he left town to open more doors career wise. You have no idea how you have helped us to change our lives. Now my MS doesn't look so challenging to me anymore, I feel I can face anything, and now we can focus on the important things in life....our family. We broke a trend and have confidence that our kids will carry it on after us. And I feel that I have only scraped the surface with sharing our success.
Investing is now something I don't feel I 'have to do'...it's my passion in life (other than my family). It's for my family, and I am constantly on numerous Web sites, taking courses, soaking in whatever I can.
David, I am sorry I didn't shake your hand and say thank you. I thought I would look like a fool breaking down crying, then I saw ALL THOSE OTHER PEOPLE, THE LIVES YOU'VE CHANGED, with just SIMPLE LOGIC.
- Brenda Dubilowski
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March 1 2006
David,
When I completed your coaching program last summer, I told you that through the program I had come to realize I was using spending to mask the pain of some of the disappointments in my life. By using my values circle to look at my life, not just my finances, over the last 6 months, I've taken a hard look at some of the dreams I've had that I had let go of and put together an action plan to take back my life.
After 6 months of automating my finances and learning that I CAN do this, I'm in a position to do something to bold to chase my dreams. Within the next few weeks, I will have quit my very secure but unfulfiling job to start a new business in a new city. I've never felt I had the financial security--or the faith in my ability to manage my finances--to take the risk. Now I know better and I have the confidence to go for it!
Last week I dug out all my materials again and have gone through my homework with my new projected earnings and expenses. It was a great refresher! My Power Charge is full of things I did right! And I have a plan I'm confident will help me through the first few months of a dramatically cut income--and I'm still going to be paying myself first!!
I'll be in the audiance when you bring your new program to Seattle. I signed up to give myself one last tool before the movers show up.
Thank you for all you do!
- Debbie Windom
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February 22 2006
Dear David and Finish Rich -- I began reading Automatic Millionaire and I feel pretty good about my situation. I already participate in my company's 401K and contribute sustantially more than the national average according to your book. I have other deposit accounts as well, savings, CDs and money markets, but I am not what I would call wealthy by any means. I am still not saving as much as I would like but, like most other people I feel I am doing the most I can do. So, I TRIED to take the Latte challenge and the absolute truth is I don't splurge on anything daily. Not store bought coffees (make at home and free at work), not cigarettes (don't smoke), I don't drink (alcohol or sodas), I take my lunch to work (only going out once a week or even less for a treat). I don't subscribe to newspapers or magazines. So, I couldn't find a latte factor. That is until I started looking at my credit card statements. Now, my credit cards are not used regularly and I don't max them out. In fact, my payments are not what I would call significant or uncomfortable and I always pay at least double the minimum. But what I realized was that the interest, let alone the principal I pay them every month would be better spent adding it to my 401K at work. I was so inspired by your book that I decided to get rid of my credit card debt once and for all but I didn't want to take from my savings or other deposit accounts to eradicate it. My children are grown and I have some time to myself that with nothing productive to do I find myself going to the mall or treating my children to a restaurant meal (which in itself is not a bad thing but I was doing it too frequently). I couldn't wait to get rid of that debt and start putting those funds in my 401K so I went out and got a part time job waiting tables! This has done a number of things for me that honestly I hadn't figured into the equation. More than ever before I feel like I am in control of my money and my time instead of the other way around. I am still reading the Automatic Millionaire book but I am taking baby steps and developing some new habits while breaking some very old ones. I am sharing your methods and principals with my children as I go along (planting the seeds) and when I finish with the book I am going to ask them to read it as well. I just received today my Automatic Millionaire Workbook to go along with the book and I can't wait to get started. I also received your book Smart Women Finish Rich and I can't wait to devour it. Women ARE smart and we CAN finish rich! Thank you David for showing me that I was on the right road but, I was Sunday driving. I just needed to look at the map and give it the gas!
Connie
- Connie Shirley
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February 22 2006
David
It was New Years Eve in the Minneapolis airport, when my flight was canceled. Knowing I was going to be spending the next thirteen hours in the terminal, I stopped by the book store. Last semester’s finals still fresh in my mind, I figured I would get a book with little substance to pass the time. There on the bestseller rack was David’s recent book, “Automatic Millionaire”. Flipping through the pages, I figured it might be informative, but mostly, I wanted to find out what was behind this, yet another, get rich quick scheme.
Two hours later I was shocked. Being a student, I have never spent much time thinking about my future, but by the end of this book I realized that with little impact to my small income, I could begin to set my self up for the rest of my financial future.
Now, three months later, I have over 300 dollars in savings and set up a retirement plan, all automatically deducted from my paycheck before I get it. At this rate, I will have a solid financial foundation to build on when I graduate.
Thanks,
Jordan
- Jordan Cage
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February 22 2006
Dear David,
I truly believe that your books are the most inspiring and helpful in guiding people toward their financial goals. Although I have never had much of a latte factor, I see others who do and wish I could hand them a copy of your book and see how their lives would change.
I have read "Smart Couples Finish Rich" & "Start Late, Finish Rich" and can honestly say these books have helped me immensely. Everything regarding savings and bills is on autopilot and therefore I really do not have to think about it. I contribute 20% to my 401K and also put money in a ROTH IRA & traditional IRA monthly. After reading "Start Late", I took your advise from the chapters on real estate and purchased another home 1 year ago, have built a 2 bedroom, 1 bath addition onto it at minimal cost because I have done all the work myself. My other house is a 2 fam. rental which is 1 mile away. My equity in that house is 1 and a half times what is left on the mortgage plus one of the rent checks is my profit, free and clear! I have a goal to purchase another income/equity producing property this year. I have preordered your newest book and can't wait to have it in my hands. I feel really good about where I stand and I cannot thank you enuogh. My family and I are on our way to becoming an automatic millionaires! God speed.
Cary
Utica, NY
- Cary Eisenhut
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February 21 2006
Dear Mr. Bach,
First of all, my husband and I are part of the debt diet group that you are assisting with for the Oprah show. We just recieved in the mail the package that you sent us contaning all of your materials! It felt like Christmas when we were opening up the box. We had wanted to purchase your extra materials, but due to the debt diet we were going to wait. We wanted to let you know that you made our day! We are truly thankful for all the materials that you sent to us. We have decided to use the videos and workbook to teach our close family members what we have learned-they say when you teach it is when you learn it best! Once again, thank you so very much.
We also wanted to say thank you for the first book that you gave us at the taping of the show. I read the book within two days and I hate reading! (I have not read a book through in more than 6 years.) I can honestly say that you have made me enjoy reading again, and you have also made me feel smart again. I am a stay at home mom (with a teaching degree), and have been feeling somewhat lost since I am not in the real world. I for sure knew nothing about how to watch our money and save for retirement. Becuase of your book (which is such an easy read and easy to understand), I have gained much knowledge and confidence. Thank you so very much for changing our lives forever. My husband also is VERY excited about what you have taught us. He plans on teaching what he has learned to undergraduates at the dental school that he works at. Once again, we are so thankful for you and all you have done for us. We look forward to meeting you at the next tapings.
P.S. Since the taping of the first show we have paid off more than half our credit card debt-we paid off more than $20,000.00 of our &40,000.00 debt.
Sincerely,
- Nicole & Benjamin A.
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February 13 2006
David,
I stumbled across your book at the store and the title of your book, "The Automatic Millionaire" intrigued me, so I skimmed through your book. I have read so many business and investment books in the past and to be honest, I hadn't heard of you before so I checked you out on the web and was very impressed. I went back to the store as soon as I could and bought your book and devoured it. It was not overpowering with information that I couldn't understand and it motivated me into action. My wife, Patty, and I had become so overwhelmed with the information in other books causing us confusion on what to do, that it actually caused us to flounder and do nothing for fear of making mistakes. Your book provided not only easy to understand information but, motivated and energized us to act now.
I'm 43 and my wife is 47 so, we needed to start right away. Within a week of reading your book, we had increased our bi-monthly mortgage payment by over 10 percent, opened a 401k at my work and my wife's work and began to seek legal counsel to set up a living trust. We will also be reviewing our insurance coverages and shopping for the best deals with highly rated insurance companies and moving our savings into a money market account with check writing priviledges.
I can't wait to buy your next book on home ownership when it comes out next month as my wife and I want to start buying investment properties.
We are well on our way to financial freedom thanks to you, David.
Thank you so much.
Todd and Patty
Fair Oaks, CA
- Todd Bane
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February 10 2006
My parents gave me a copy of Smart Women Finish Rich for my birthday, about 2 weeks before I left for a job in France. I love my job but it pays about $900 a month, however I managed to save around $65 a month by skipping the little things that I always thought were nessecery in the USA. I had no idea how much that money was going to come in handy until I was trying to come home for the holidays and my passport got lost in the train station in Paris. I ended up taking a $60 taxi ride to the airport trying to get there in time, then $100 to change my ticket after I missed the flight and another $50 on a hotel room since the next flight was not until the next day. I'm back to square one right now but I know that I can do it, and I know how important it is to continue to save. You just never know when you are going to need that money that would otherwise be spent on coffee and magazines!
- N. C.
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February 8 2006
Dear Mr. Bach,
I finished reading your book "Automatic Millionaire" this weekend and I absolutely loved it! I couldn't believe how much I learned from this book and also to know that I'm in the right track to obtain my financial freedom.
I first saw your book when I was browsing in book section at Costco. The title "Automatic millionaire" really caught my eye, but the first impression was that it was going to be another "get-rich-fast-scam". However, I decided to give a shot and take the book with me to my long (13 hours) flight to Chile. Once I started to read it, I couldn't put the book down. I traveled all over Chile with my book, until I lost it in Valdivia. Hopefully, someone will find it, read it, and use the wonderful information this book can offer. As for me, I bought another book as soon as I came back to the US. After reading the book, I found out that my "latte factor" is my lunch at work that I usually pay around $7/day...that's $1,820 per year! That's not counting the bagels, Starbuck coffees and out dinning. The bottom of it is that I can save a lot of money by controlling my spending a little and I could probably afford a home if I want to. The good news is that I'm already on the right track: I'm contributing 15% to my 401K and last year I had established an automatic emergency fund of $70/week.
I would like to thank you, David, for all the valuable information. I’m looking forward to reading all your books!
- Patricia Candia
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February 8 2006
I somehow "clicked" on a pop up and got to your website. The testimonies were so positive and I had been in credit card debt for years. I rushed out and bought your book Smart Couples Finish Rich the next day. I started making little changes.
A week later my 13 yr. old son gave me The Automatic Millionaire as a Christmas present. (Books are popular gifts in our house) I was so inspired by the simplicity of it all.
Now, after about 6 weeks following your advice I will be out of credit card debt by 10/06. I will have a substantial savings account (at 4.25%) by the end of the year. I am finally able to donate to my favorite charities and have. This week I will opened a conservative IRA in my name and next year we will open a Roth IRA for my son. I showed him your chart on pg 95 in Smart Couples. We were blown away by the results of a minimal part time job over the summer. My son is a very active, intelligent preteen but he wants to work during the summer. He is excited about investing at a young age. (and not having to give up sports during the summer to do it)
Perhaps you will be hearing from my son in the future.
Thank you!!
All the best to you and your family!
- Anette T
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January 30 2006
Dear Mr. Bach,
I recently read your book The Automatic Millionaire. As a result, I decided to take your Latte Factor challenge. As I kept track of the week’s spending, I found that the worst single area of wasted money was soda pop bought at work. I found that I put $21.00 into the soda machines each week. When I multiplied this figure by 52 weeks I was shocked! It figured out to be $1092 being put into the soda machines each year. This was nearly 5% of my take home salary going into the soda machines! Needless to say, change needed to be made. While I did not totally abandon the soda pop, I started to simply bring a 24-pack of cans to work each week. The difference in price between the bottles and cans was nearly $900! That’s close to ¼ of 2006’s Roth IRA limits, or nearly $29,000 by the time I retire in 2040 (10% interest rate). I never thought the price tag of twisting a few plastic bottle caps would be so expensive! Thank you for opening my eyes Mr. Bach!
Douglas Lee
Mission, SD
- Douglas Lee
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January 20 2006
Dear David,
I can say that your book automatic millionaire has truly changed my outlook on life. Before your book I was at work talking to a colleague about buying a sports car. He told me I should save the money and invest in my future rather than a toy. I shrugged off his advice but not completely. On the way home that night the old gears worked on what my colleague had said. At that point I remembered that I had received an audio book for Christmas about money or millionaires some thing about finances. It was your book how to become an automatic millionaire. I popped it in and low and behold I was blown away! I couldn’t believe how hard your first chapters hit home! The story about the couple who you had not suspected to be millionaires and the gentleman with the Porsche whom looked to be rich but wasn’t open my eyes to the truth! I was heading down the road to becoming the man with the Porsche! It was frightening! As I continued to listen I was amazed and empowered to change my ways, my life. I wanted to be rich not play rich. I recently started my new job last year with one of the largest aviation businesses in the world, which offers a great 401k plan that I contribute 20% too. After listening to your book I am in the process of opening another automatic investment account which I will contribute another 10% too. At age 27, making an income over $50,000.00 a year, practically debt free and a homeowner to boot I figure I am on the road to becoming that millionaire. My only regret is that I didn’t start sooner. Budget after budget and latte after latte, if only I had started earlier. With your book and my new sense of latte awareness I know that my financial future is bright and secure as I watch my investments grow. Thank you so very much.
Sincerely,
Daniel McLaughlin
- Daniel McLaughlin
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January 20 2006
Hi David.
I finished reading Start Late, Finish Rich a few days ago and have already put into play some of your money-saving ideas. We figured out our latte factor and realized that we were basically throwing away $400.00/month on buying lunches, coffee, and many other little add-ons that we never thought would add up to much. As of yesterday, we increased our monthly deposits into our companies 401K plans, and also plan to send an additional $250.00/month to the principal on our house. We should now be able to pay off our house within the next 10 years!
My husband and I were both really excited to see in writing (in your book) that it is never too late to change the way you think about money. We are both in our 40's and had just about given up the thought of ever being able to retire. I'm sure you've heard it over and over again....we thought we would be working until the day we died.
Thank you for making this book so easy to understand. Thank you for giving us hope!
Marianne Keane
- Marianne Keane
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January 19 2006
Dear David,
My husband and I were at a crossroads with our financial life. We had credit debt, car debt, student loan debt, and a mortgage. Not unlike many other families in America. However, we had hopes of moving into our dream home before we were 40. We have two children ages 3 and 12 with no money saved for their college. We had not one cent in a savings account.
We were at the mall doing some after Christmas shopping when I noticed your book. My husband laughed at me and said we can't affort to buy that book. I bought it anyway.
It was the best decision I could have made. I was able to read your book in three days flat.
Upon completion, I am thrilled to say that we have accomplished the following financial goals:
1. We are automatically contributing 15% each into our retirement funds.
2. We were able to negotiate lower payments and interest on all of our credit cards. (We cut them up and using them is NOT an option!)
3. We were able to get all of the cards current and below the credit limit.
4. We began a savings account with $300.00- that we didn't know we had.
5. And the most important thing is that we realized we did have extra money.
We did all of this in one week with not a penny more than we made the month before. By watching where we spent our money we realized that all of our extra money was simply being spent on buying things and going out to eat. Now that we have our finances on the right track- we look at money in a new light. We have decided that it is more important to have money in the bank than to have things in our home!
You have taught us both how to value our money and our futures. Without you, we would still be living paycheck to paycheck.
Thank you for saving our lives!
I am looking forward to attending your seminar in March.
Sincerely,
Andrea and Johnny Cleveland
- Andrea Cleveland
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January 12 2006
David,
I feel truly blessed and privileged to be sharing my story with you today.
Six years ago I met my soul mate. When we met he was in the process of divorcing his first wife and I had been divorced for three years. He had a very good paying job and had been with his company for twenty some years. I had been employed with a school district for ten years. First as a teacher and then as a counselor. After a year of dating we decided to tie the knot. Our combined income was around $110,000 a year.
Because I had a wise colleague advise me early on to invest in a 403b plan through my employer, I didn't realize I was "paying myself first". And every year instead of spending my raise I would increase my contribution to my 403b and live on the paycheck I was accustomed to living on. Yes, I lived paycheck to paycheck but I also had piece of mind knowing that I had something tucked away for a rainy day.
My husband on the other hand was starting from scratch. He lost half of his retirement to his ex-wife and inherited most of their debt.
Needless to say we were in the hole as a newly married couple. At the time of his divorce he was only contibuting the minimum 2% into his 401k.
I first heard about you on the Oprah show. After the show I logged on to Amazon.com and purchased "The Automatic Millionaire". I read it and convinced my husband to look at our Latte Factor. He reluctantly agreed. We pin pointed some things we could do without such as his a.m. coffee purchase at the Cirkle K, his sports car that was costing us about $600.00 a month plus $300.00 a month in gas, and he began to brown bag it to work. In addition, he agreed to make a call to his employer once a year to increase his contributions to his 401k. We did more cash purchases than credit card purchases. With my excellent credit history we managed to juggle around some of the higher interest rate card balances to those that offered 0% interest rates or 1.9% introductory rates. We also adopted the idea that if we didn't have the money, we didn't buy it.
My husbands 401k earnings have trippled in the last three years and so have his contributions. (He will be making that annual phone call in January.)
In that period of time we continued to pay down our debts while investing in a second home. Currently these homes are being rented. My husband got a promotion and his company now pays for our housing. We recently purchased two lots. Both lots sit side by side in a very exclusive part of town. If we turned around and sold them today, we could profit at minimum 25,000-30,000 on each lot.
A year and a half ago we opened a 529 College Savings Plan for my now 12 year old son. (We are doubling his contribution to make up for lost time.)
Our Church contributions continue to increase as well. We now are able to give more every month and for the last few years we have sponsored a twenty turkey giveaway for Thanksgiving. It gives us great pleasure to be able to feed twenty needy families during this special time of year. And for the first time this year we wrote a $1,000.00 check out to the youth program at our church.
I wanted to spread your good word so, I gave away my "Automatic Millionaire" to a good friend of mine, I bought "The Automatic Millionaire for Single Women" for my sister and purchased the "Automatic Millionaire for Couples" and the "Start Late, Finish Rich" book for my husband and I. I plan to put a copy of Automatic Millionaire in my kids treasure chests. I want my kids to start early rather than late. My husband says I'm the best thing that ever happened to him. I think it's the other way around.
Thanks for making a huge difference in our lives.
Letty from Texas
- Letty Ybarra
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January 12 2006
My struggle with my finances began when I started college at 18. Walking down the university’s main building, I signed up for 6 credit cards. By the time I was 20, I owed $12,000 to those 6 cards and a handful of store cards. After signing up for a consolidated credit program, I realized that I need to make a drastic change if I was ever going to pay off my debt. I purchased your book, Smart Women Finish Rich, and choose to change. Now, at 25 years old, I have managed to pay off my cards, improve my credit, and have set up a savings account with direct deposit. I have a 403B and will be investing other monies this month. I feel motivated, I love saving money and watching the amount grow. Now I leave my credit card at home! I will also be making more by working as a professional organizer, and plan to help others organize their lives like I did with mine. Thank you! I share what I have learned with everyone who will listen…
- Maria Arbiol
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December 16 2005
I really enjoyed your two books, The Automatic Millionaire and Start Late, Finish Rich. I particularly enjoyed the chapter on living rich. This is real important and you're right, many of us don't do it. I'm one of the ones that says, "I'll live good when I retire". I'm so consumed with working and saving for retirement and the future, that I often feel guilty splurging on entertainment for myself now. I would like to see a whole book on living rich. I also don't think you can point out enough about feeling bad about past mistakes. I basically have been doing everything your book says, I paid off my condo when I was 34, and have been putting the full amount in my 401K and IRA account since then. Now the guilty part...
I took out an $80,000 home equity loan and put it in the stock market when I thought it was at a real low! Well, I learned the hard way, the bottom really is ZERO! I also haven't done well investing in my 401K. I'm 43, so I've been in it during some bad market times, but I'm only averaging a 3-4% return. I try to be in the highest paying funds offered, (using historical information, of course), and sometimes when the market is doing bad I get out for a while. I now realize I would be better off going with the Balanced Fund and staying in! It would be much more effortless also. Along the way I've owned numerous individual stocks that I failed to watch and rode down to, yes, you guessed it, the bottom (zero). And I had quite a few shares! These things really annoy me. I think about how much money I would have now, (it would be hundreds of thousands more), I'm sad to say. Now, I only invest in Mutual Funds which, of course, has worked out much better. I try to focus on what I'm doing right NOW, instead of what I did wrong in the past.
The whole concept of starting early and finishing rich is so great, I'd love to spread the message. The good news is, I'm still young enough to Finish Rich!
- Cindy R.
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