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July 14 2005
I first heard about David and the Automatic Millionaire on Oprah. I was excited to read that I could learn how to save and become financially stable for retirement. But somewhat uncertain how I could completely accomplish this, I decided to take David's online coaching program and I am so glad I did. I not only learned what I needed to do but also that I was on the right track. I started paying myself first and now have a 403b plan started at work and have maxed out that plan. My husband started a retirement plan at work saving 17%. I have paid off my credit cards and now have an appointment to get my mortgage on biweekly plan that will save me seven thousand dollars. I started a Roth IRA and have six months of expenses in a savings account. I bought a rental property I am fixing up for extra income. And most of all I have an ease about the future knowing I will be financially stable when retirement comes. I thank you David for being a great coach, motivator, and teacher.

- D. Woodard

July 14 2005
Hi David,

I enjoyed reading the Automatic Millionaire, and found answers to a lot of my questions! You gave detailed instructions, and detailed information about various companies (mutual funds) etc. I am making a notebook for reading notes that will help me look up these details as I need them.

I finished setting up the folders...a task I love to do! Thanks for the tab titles, and explanations...very helpful. I haven't finished the three worksheets that accompany that assignment yet, but will soon.

My Latte factor is a little weird, as my husband and I don't spend every day...but a few times a week. We have agreed to limit "White Chocolate Mocha's" to once a week...together. He will usually do what I suggest if it saves $$$! Ha! So, our daily Latte factor is $8.00.

The Double Latte factor includes eating out, which we are now reducing. With limiting Starbucks to once a week, reducing our home phone $30, and reducing eating out $120 a month, we will save $246 a month. Not bad. I think we will be able to save more in other places as we look at what we have recently paid off (a car) and our needs. This is good, since we will be paying some tuition for our college daughter this fall. She earned a $28,000 scholarship greatly reduced our part!

Thanks again,

- M. Kay

July 14 2005
David,

I finished the filing system last week. I was fairly organized to begin with, but it motivated me to get some IRA paperwork filed away that had been piling up on my desk. I read the Automatic Millionaire last year and my husband and I completed all of our goals from that book at the end of December. I have 80 pages left in Start Late Finish Rich and I'm loving it. I originally decided (before the program) to start reading the book to help my mom, who is also doing the coaching program. And ....even though I'm only 29 - I love this book!

My husband and I did the Latte Factor challenge last year and realized that our "latte" was ATM fees and bottled water. We used to spend $60 a month just on those two things. We took the challenge again this year and it was much tougher since we have become very frugal over the last year, but...we eat out at restaurants ALOT. We don't want to give it up but if we skip out on the appetizers and wine/beer we could save about $125 a month. We also spend a lot on groceries. We decided to plan a weekly menu so that we don't throw away as much food. The double latte factor challenge has been tough for us as well. Over the last two years I have reduced our cable bill, phone bill and car insurance and we don't have any debt except our mortgage and our car payment. We had our first child last year so I'm sure we're spending too much on toys, diapers etc. So I'm going to track our expenses for a month to see what I find.

As for the Power Charge. I love the idea. I've decided to make a list of Financial accomplishments from the past two years since we did so much last year after I read the Automatic Millionaire. It will be a constant reminder of how much progress we have made. In the past two years we have paid off $40,000 in credit card/revolving debt, paid $35,000 on our mortgage, saved $20,000 for an emergency fund, increased my husband's 401k to the maximum and opened IRA's for my husband and I. I'm really excited to learn more about real estate in the next few coaching calls. Thanks for all of your help - you have changed our financial future!

- Amanda 

July 14 2005
Hi David,

I have a small journal that I keep in my purse. In this journal, I write my goals and favorite quotes to keep me motivated. On April 12, I made a decision to become rich. I believe it was around the time that I signed up for coaching. I wrote a journal entry about the steps that I needed to take to reach my goal. At that moment, I felt a huge release. I was finally fed up and ready to tackle my finances. I only have student loan debt, but I found that I was wasting money that could be going towards my savings. I went to my benefits department and increased my retirement contribution from 15% to 20%. It's amazing because my net pay only dropped by $40 per pay period. I end up keeping 75% of my income after taxes. I had an "if only" moment as I thought about how I should have done this years ago, but I quickly let it go. As Oprah says "When you know better you do better."

I completed my financial inventory sheets and currently have a net cash flow of $300 for savings which goes automatically into a savings account. Also, my beneficiaries are up to date. I do need to speak to a financial advisor about moving my pension from my previous employer into an IRA account.

- Kim 

July 14 2005
Dear David,

My sister and I have not only come to realize that we are contributors to life insurances (which we didn't know we had opened) but that we are also truly amazed at how naive we've been.

We have to thank you for opening our minds. We first saw you at a conference last month in Secaucus, NJ, and have been hooked ever since.

Since then I have enrolled in real estate school, tutored my financial advisor (who by the way asked for copies to pages of your book, so I have second thoughts about him now), and have become the most popular teacher in the 6th grade wing at my school because I can define the words ASSET Allocation and 403b.

My sister has finally opened the chest full of papers which held have of her life (secrets she didn't know about) For example, she has Gerber Life insurance for her first child that has been Automatic, so much so that she didn't even know she has been paying it for the last 10 years. Not only that, she has finally read one of her 401K quarterly reports and seems to understand quite a bit. (It used to look and read like Chinese). She has also made a commitment and kept to it.(VERY uncommon because she always puts her kids first and thinks of herself last)

Since our first conference call with you, my sister and I have met twice and make it a point to encourage each other to make our money work for us. I am proud of her and look forward to our meetings every week.

All in all, even though we know this is just the beginning (filling the folders took 6 hours) we are excited and look forward to becoming AUTOMATIC MILLIONAIRES who give back to our kids, family, friends, our communities, and ourselves.

Sincerely,

- P. Hernandez & B. Cruz

July 1 2005
Dear David,

While searching for our Latte Factor, we also decided to search for our "Bacon" factor ("Bring home the Bacon!"). At work, I am offered an additional $1.90/hour of "Shift 2". When I started, I asked how to enter this additional incentive into the computer. My supervisor laughed...my co-workers laughed! They said, "It is only a couple of dollars!" I had just finished reading your book, "Start Late, Finish Rich" and I knew that a couple of dollars can add up over time. I entered the $1.90 times 3 days a week into your calculator. In the next 25 years, I will earn an additional $34,865 to $63,919 (at 10%)!!!! I simply have to do a computer entry since I have already done the work! We are looking for additional "Bacon" for momma to bring home!

Thanks David, for giving value to the simple dollar!

- Bettina Thompson

July 1 2005
Dear Mr. Bach,

I am happy to report that I am doing two things with the information provided in all of your great book.

1) Sharing your books and information with several family members and a younger colleague.

2) Using your information to help my husband and I to Finish Rich. As a result:

I have dramatically increased my 403B contributions - I thought I was already maxing this out but at your suggestion to check with my benefits office to see if changes had been made I found out I can now contribute up to $14000/year! This will be a huge difference for me.

I am also working on getting our emergency money out of stale checking and savings accts and into money market acct. or stable fund. I have just moved two underperforming mutual funds that have not come close to the S&P 500 and moved them into better performing Index Funds with even lower expenses. I am also helping my husband to reevaluate his holdings. I have cut way back on our spending. We were already pretty good before but we needed a good reminder since our salaries had grown so had our spending. My husband is very excited about this. I keep reminding him and my daugter of the latte factor. We have already saved hundreds of dollars in just a few weeks. I have my 15 year old daugter saving 50% of her income for college/long term and it is all put in a Roth retirement acct. My mom has just lowered the interest rates she was paying on several of her credit cards since listening to your Start Late Finish Rich audiobook I gave her for her birthday.

I am amazed at how all of these neglected things can add up. Thanks for making me pay closer attention. I think I had lost some of my enthusiasm with saving and investing with the earlier downturn of the stockmarket but now am back on track. Your advice has been so helpful. Thank you for putting this information together in such an interesting, motivational and easy format.

- Donna Ruppel

July 1 2005
Hi David,

I am 45 years old and have just started reading your book "Start Late, Finish Rich".

My wife and I separated in August last year. I took with me the family debts and enough possessions to live in a rented room which cost me £325 a month.

I have just done my Latte Factor and worked out I was spending £170 on petrol a month. I now go to work by train for £52 a month.

I reconciled two credit cards. I was going to cancel a card I did not use anymore. I have transfered the balance of my other two cards to that one without charge, with 0.9% interest rate for 6 months then 7.9%. This will save me £52 a month in interest. (The best deals for credit cards are 0% for 6 months with a 2% fee for each amount you transfer.)

I also used to buy a discounted breakfast at work which was another £20 a month.

My new girlfriend is letting me lodge with her for no rent.

My total savings each month are £515 -- this equates to about $941!!

I have also found a property investment company that has been going strong since the early 1980's where for investment lump sums of £5,000 you earn £150 every four weeks. This gives a return of 39% a year on your money.

This will be the start of my portfolio. They also give lists of properties that are for sale at discounted prices so I will be hoping to get back on the property market soon.

Your book has inspired me that I can improve my personal circumstances and there is a wealthy life after my divorce. I look forward to finishing the book and being able to implement more of your ideas.

Thank you for showing me the way forward.

- Steve Harries

July 1 2005
I've read your other books, but for some reason Start Late, Finish Rich clicked for me. Reading the chapter on asking for an increase in salary was my motivation. You even gave me the words to say to my boss and it worked. I asked her "What do I have to do to get a significant increase in salary?" I handed her documentation of all the extra over and above things I do and have done for the Company. And I got a big increase. I only wish I would have done it a couple of years ago. I put my increase in my 401(k), which is what you have instructed me to do. Now I'm working on paying down my credit card debt. I can't thank you enough.

- Betty Villareal

June 17 2005
I received my materials about a month ago and have been listening to your CD's and reading every day. So far I have doubled what I put in my deferred comp program through work each payperiod so I'm up to 12%. I know my Latte factor $306/mo! I have cut that in half. I own my own home already. I was afraid to let go of the money I had access to, but have taken a leap of faith I won't miss it and have an account for saving that does not have ready access. I share what I'm learning with my daughter. I am working on my emergency fund and automated savings for it. I have to tell you money in general scares me to death. Your coaching program is exactly what I need. It has the reading material to build skills and homework for accountability as well as the verbal reinforcement I need.

I am 49 years old and hate dealing with money. This is the first program that makes sense to me. I automated part of my financial life before and it was what gave me peace of mind so when I read that I needed to automate my financial future I knew it was for me. It is pure torture to go through the steps, but I know once I get it set up I will have conquered my fear and be on my way to financial security. Thank you for giving me the challenges I need to take care of myself instead of everyone else. I look forward to the rest of your sessions.

- Cathy Grahek

June 17 2005
Hello David:
I happened to see you being intereviewed one Sunday morning on a news program. Your ideas made absolute sense and very much appealed to me. I am somewhat of a late starter, but had already implemented some of the ideas in your book "Start Late Finish Rich" which I purchased that weekend. I regained my momentum sparked by your words and ideas - and each day I have taken action on eliminating credit card debt by consolidating at a lower APR, calling my creditors to request a lower APR, (two of which were quite stingy at lowering the high APRs) and saving over $1,000 in one week - once I identified my "latte factor". Yes, I am on a roll and don't intend to stop until I am "DOLPED" out and free. Also, I have my real estate sales license and have some ideas on leveraging to buy a second home. Thank you for re-energizing my drive and letting me know that my views and ideas are shared and DO make sense. So much for the naysayers...and the old saying "follow the crowd and go nowhere".

Many thanks,

- Camille Sobol

June 17 2005
Hi David,
Taking the latte challenge gave me surprising results. I have always chastised myself for casual purchases. After getting married, I made an effort to get rid of them. This was before I had heard of you or your challenge. When I enrolled in the summer coaching program I was really happy to see I had been successful. Rising to your challenge allowed me to feel good about myself and what I had accomplished. I needed that motivation for the double latte challenge. I had lots of room for improvement and felt confident in my abilities as a result of the latte factor. Thanks!

- Kris Lloyd

June 17 2005
I started your work book 12 months ago. I saw a 30 year cigarette habit more as a money waster and was able to "quit" a pack a day habit, saving $1600 a year for my Roth IRA. Then my double latte was the cell phone, I went from $100/month to $45/a month saving $760/yr.

- Lisa Skrzynecki

June 17 2005
David,

Since reading The Automatic Millionaire and Start Late, Finish Rich, I have been setting aside $40 per week in a Roth IRA account. I plan to set aside $50 per week now that I have recieved a promotion. Since I am only 23 years old my mutual fund with American Funds will make me a millionaire.

- Brian Wachter

June 17 2005
Hi David. I'm enjoying the coaching program. I've been a fan of your books for about 2 years now, after a friend loaned me Smart Women Finish Rich (which I told her she should read - she did, got excited too, took your word that she'd be poor forever if she didn't buy real estate and bought a house in Florida that went up in value. She did this despite having gone through bankruptcy!). We are now saving a lot, pretax (~21% without counting 5% matching of my husband's) and it seems hardly any money comes home and what we do have seems to disappear quickly BUT when I took the latte and double latte challange, I got excited to see where I could keep some of that post-savings and post-taxes money and not run out every month! Thank you!

- Lori Van Horn

June 17 2005
Talk about getting rid of my latte factor...I just stopped paying rent. My boyfriend and I became apartment managers, and now our rent and utilities, as well as one business phone, are completely paid. Before we moved, I was in a very nice but expensive place (my reward to myself for making more money and paying off all my debts). But I could see that paying high rent wasn't getting me where I wanted to be. Now, I've used this chance to max out my 403(b), so I'm putting away the full $14,000 this year. I have my 403(b) in an equity index fund for now. It was in a variable annuity last year. In addition, I have some after tax investments in mutual funds and a money market account. My boyfriend and I manage student apartments, so now I'm looking into some college campus REITs that have just gone public.

My boyfriend is in debt, but we're starting the money dates, so we can work on our financial goals together. I have a job in education, but we are both also actors and writers.

Recently, two things occurred to me. One was that the way things are going, I could save for a trip to Italy, which is a big dream of mine. It was such a great feeling to think about putting away just a little each month specifically for that. Then I thought, hey, I could actually take my boyfriend. At first I thought that was somehow weird for a woman to take a man on a trip. I'm still struggling with that one. It wouldn't be weird the other way around.

But my second goal is to become a television writer, and I realized that I could leave my current job and take a lower paying one as a writers assistant. That might push the trip to Italy back a couple years, but then I'd really be getting to do what I want. My expenses are low enough at this point to be able to take a leap into a new position and work my way up. If I get this job, I'll know how to set up an IRA for myself and keep saving for retirement, and my 403(b) will just keep earning interest.

I've gotten this financial part of my life down, and now I'm using this freedom to explore what I can do for my career. If I don't get the writers assistant job this year, though, I'll be in Italy consoling myself!

- Julie Mullen

June 17 2005
Your book inspired me to apply for a home equity loan to consolidate my credit card debt. It was approved and now I can begin eliminating my debt at 6 percent interest instead of 21 percent!! Thank you!

- Dee Long

June 17 2005
Thanks to your book I now save at least $10 for everyday that I work. I am a nurse and it is very easy to swipe your badge just like a credit card to pay for over priced food in the cafeteria, or order out pizza. I also looked at the deductions that I have coming out of my check and I am still paying $7.50 per month for vision insurance when I had laser vision correction a year ago!!! You have inspired me to start investing in my 403b. At age 32 I felt as if I was starting late. Thanks for making me feel like it's not too late for me.

- Kimberly Seigler

June 17 2005
After our first lesson, I called my financial advisor and boosted my Roth IRA contribution (deducted automatically of course). I plan to max it out this year.

I also committed to paying off our home equity line of credit by using the bi-monthly payment plan (again automatically).

Thank you for the motivation and information!

- Chris Peter

June 17 2005
Hi David,
I completed the homework. I found my Latte Factor a few years ago after I read Smart Women Finish Rich. I am now working on my Double Latte Factor by trying to find a reduced cell phone rate and telephone rate.

I did find this process difficult because I do not spend without thinking about it. That doesn't mean I do not have fun i.e hang-gliding this weekend.
I still want to see if I can save on
my monthly expenses.

One of my accomplishments was transfering money from my savings account at my bank to an already existing ING account. Something that I had said I was going to do awhile ago but never got to it.
Looking forward to our next call.

- Nancy Smith

June 17 2005
Limiting our White Chocolate mocha's to once a week gives us a Latte factor of $8.00 a day. Limiting our "eating out" times, Starbucks, reducing our home phone charges gives us a Double Latte factor of $246 a month...at least. We are thinking about eliminating our home phone entirely, as we all have cell phones. I am checking into the feasibility of that this week. Thanks for the information in the Automatic Millionaire! I read "Start Late, Finish Rich" a few months ago, and sent the Automatic Millionaire and accompanying workbook to my 24 yr old son. I am also passing along my new-found lessons to my college and high school daughters. I want them to have this knowledge and practice as young people, so they can start young, rather than finding out late like my husband and I did. Too bad I didn't hear about these important ideas long ago! But...it is never too late, right? :)

- Marla Kay Dandrea

June 17 2005
Hi David,

My name is Joan Powell and one of your current 100 students. For the last month, I have been busy reading! As of now, I have completed The Automatic Millionaire, Start Late Finish Rich, Smart Women Finish Rich and listened to the CD of the Smart Women Finish Rich seminar.

As a single mom with two kids and always on a tight budget, at first, when I thought about my latte factor I struggled to figure out what it could be. I donít have fancy cable channels, or a bunch of phone features, and I donít smoke or buy lottery tickets. However, I was surprised when I totaled up my checkbook for the last month and saw how much money I spend between take out food and going out to dinner. I pretty much lost my appetite! Then I looked a little deeper. I have three cats that I pay $590 per year in cat insurance. The cost of immunizations for the three furry guys is only $330. The extra things that come with the insurance are not worth it so Iím canceling, saving me $260 a year. Next, I have a little Ford Ranger that sits in the garage most of the time. I pay $40 per month insurance (why?). Itís now up for sale and Iím canceling the insurance. And one other biggie that gets me every time: My kids. They are always asking for five bucks here or ten bucks there. Over a months time I probably give out an average of $100. Well, Iíve put my foot down and told the kids we're not buying anything for 15 months! Theyíre still getting used to the idea:)

So here's my latte factor:

1. Take out: $195/mo = $2,340/year
2. Eating out: $80/mo = $960/year
3. Cat Insurance: $22/mo = $260/year
4. Truck Insurance: $40/mo = $480/year
5. Kid bucks: $100/mo = $1,200/year

Total yearly savings = $5,240, which is $437 per month !!!!!!

That extra $437 will go to paying down my one credit card I have left for $10,500 at 4.99%. This week I found a card for 0% for 15 months. Iíll take the $437 from my latte factor and add it to the $300 I already pay and will have the credit card paid off in 15 months.

My other accomplishments this week:
1. I have a couple of interested people looking to buy the truck for about $2,400 (which then goes to ING).
2. I just setup automatic transfers to my ING savings of $315 per month working towards a nest egg of $18,000 over the next few years.
3. I increased my 401K contributions to 8% from 5%, and will increase by 1% in Sept, Dec, Mar, June and then in Sept 2006 when the credit card is paid off, Iíll jump to 20%.
4. Converted my budget to a spending plan with paying myself at the top of the list!!!!!

Your books, and now your seminar really pushed me into hyper action and Iím feeling pretty darn certain that our future will be secure and I will never have to beg and borrow ever again. My 14 year old daughter has been playing with INGís online calculator and sheís amazed with seeing the results of how saving just a little can give her a huge next egg by the time sheís 25. Itís pretty exciting to see her so excited! Thank you.

- Joan Powel

June 17 2005
Hello David,

Reaching Financial Freedom will never be a problem for me. After reading a couple of your books I now put 50% in my 401k ( in the past it was 20%) bought a rental property, own my own home, have ZERO credit card bills, have over 50,000 in SAFE stocks and while making less then less then 50,000 a year. My parents taught me to save when I was young. My POPS always said, "wants and needs are not the same thing."

- Thomas Oberfoell

June 3 2005
I recently read your book "Smart Couples Finish Rich". Many of your steps, my husband and I have already taken (ex: 401k & Roth IRA contributions, life insurance, setup wills, owning rental properties, buying stocks, knowing your networth, etc.), but your ideas of focusing on the values was a conversation we had not tied into our finances. Now it is always at the back of our minds when planning.

Being I am self employed as a real estate agent, I see how money/credit or the lack of money affects peoples dreams in buying a home. I will surely recommend your books to my clients and plan to give my copy to a young, recently married couple buying their first home who are just learning about all the ways of planning for a future.

- B. Smith

June 3 2005
David,

When my wife and I were married in 1947 and junior students at the university, we had very little except for each other and a strong resolve how we would exist on close to nothing. Determining we would buy only what we could pay cash for or use the "90-days same as cash" approach, we somehow survived with several part time jobs (kennel cleaner, 8 to midnight switch-board operator, GI Bill, etc.) and both made it through graduate school without any debt. And we had two of our four children to boot!

For the next nearly 20 years we lived and worked in Africa as teachers and administrators for a non-profit organization and returned to States to be with our children as they were by now beginning their college years. Having lived on such a little overseas, we decided to continue that "lifestyle," maxed out our 401k and pension plans including the "catch-up" we were eligible for along with personal savings accounts, saw our four children graduate from college over the next few years, again without debt, and continued our policy of "no money, no buy!" The month I retired in '91, the last payment was made on the only debt we've ever had - our home mortgage. When my wife retired in '94 our actual retirement income was more than we had made when working! And since we are now past 70 1/2 years old and are required by the IRS to take minimum withdrawals from our 401k plans, we have even more money, inlcuding a 3-year cushion in a joint account for anticipated annual expenses.

David, think of what we might have accomplished if we'd only had your excellent books by the mid 20th. century!

- H. T. Maclin

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