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January 19 2005
Dear David:

I just wanted to let you know what the Latte Factor has done for me. I am 43, a mother of 3, and debt free - and have been debt free for years. I work from home and with all my combined income, I make about $50,000 year. Because I don't work for someone else, I started my own retirement plan which I call the 369C Plan. The 369C Plan stands for every 3 years I need to be to a certain level in my savings, my children's savings, career and mortgage payoff, and the C stands for Cheryl. My youngest turns 18 in 9 years which is why I call it my retirement plan. The Latte Factor of my plan is where I cut back on McDonald's, use coupons for everything (which saves me a lot of money) and other spending areas to save an extra $300 to $400 a month. If my 369C Plan and Latte factor work together, by the end of 9 years, I should have a fair amount saved and invested, my mortgage paid off and my children will be started with a savings of their own in which to invest. I do not have a lot of bad spending habits (i.e, the Latte factor) but my children do and so I involve them in the whole Savings and Spending Plan to also help them with their future. It is a teaching and learning experience for us all.

- Cheryl 

January 19 2005
"FREE COFFEE"

I justed started reading your book "The Automatic Millionaire", and I love it. I wanted to share something my boyfriend and I came up with- FREE COFFEE! Starbucks has a Visa card which we (I) use for my business account and earns -you guessed it!!!- Free Coffee at Starbucks! I make sure the balance is paid in full at the end of the month (why pay cash why I can earn a few coffee drinks??).
I love the idea of nesting away $5 a day, or even $10. Today I was so proud. Normally I would have gone out to lunch, but I paid myself instead and ate at home. I'm thinking of making a copy of the chart and carrying it with me....$200 a month in 20 years is....$$$
Thanks for the great information!

- Sarah 

January 19 2005
My literal latte factor!

*I now make my own lattes from home using the cappuccino maker I got years ago free as a wedding gift. That's $3 a pop.

I also set up an online savings account that automatically deducts 10% of my earnings from my savings account.

Carrie
www.money-smart-women.com

- Carrie Lauth

January 19 2005
My Mom was a single woman raising six kids in the sixties. (When women could not get credit). She had to save for herself.

I was telling my Mom about the book I was reading (your book). She started reading it and could not put it down. There were mistakes in the way some of her accounts were set up. She took your book home to show to her broker. Changes were made thanks to your book.

My Mom has always tried to have a close family. Every other year we go someplace for a family reunion (she pays Hotel & Air)- Arkansas, Dallas, San Antonio etc...

She dreamed of Hawaii but wouldn't dare until after reading Smart Women Finish Rich. She looked at the values ladder and realized she had every thing she could ask for. Why not spend her money on her kids. We are at the top of her ladder.

Where should we go next year? How do you top Hawaii?"

Thanks David,

- Carin Trant

January 19 2005
Thanks for writing such an awesome book! I've read my copy several times over and am heartened each time I realize that I've been taking the steps to become an automatic millionaire all along.

I have increased my RRSP contributions to 10% of my gross pay. I take advantage of my mortgage options and increase my bi-weekly payments by 20% every calendar year. Right now, 71% of my mortgage payment goes to principal and 29% goes to interest. I set aside $100 each payday for my emergency fund. My student loans are gone and I have no credit card debt. The goal this year is to pay off my car loan and then reward myself with a trip to Hawaii next winter.

Again, I'm on the automatic plan to become a millionaire sooner rather than later and I just wanted to say thank you for showing me that I'm on the right path.

- Camille 

January 19 2005
David,

You proposed a great question in your last FinishRich newsletter. Who are you spending time with? Wow, that opened my eyes. The past two years I have spent time with an individual who has drained me emotionally and financially. With loss of jobs (yes, that is plural ~ this person went through about eight in two years!) and their drug addiction, my savings has dwindled to next to nothing and I have more debt than I had two years ago.

I'm free now, but need to really focus on where I go from here. I cannot afford to join your coaching program, but your book is a blessing. I do many of the things already, but now it's time to get serious. I've started two streams of income (in addition to my full time job) and I hope to use this money to pay down my debt asap. (In addition to about $6,000 in credit card debt, I owe a whopping $75K in student loans. Yikes!)

Thank you for your information, and I know in no time at all I will be on my way to financial security. I don't need to be ridiculously wealthy..I do need to be financially secure.

Best regards,

- C.A. Gray

January 19 2005
I was given The Automatic Millionaire as a birthday gift back in March. Since then I have increased my 401k contribution from 3% (which is matched by employer) to 17%. I have also set up two money market accounts, both of which draw automatically from my checking account on a biweekly basis. The 1st is for long-term savings, the 2nd is for down-the-road home repair and projects. My tithing is now automatic, splitting my monthly contribution between two causes that are very important to me (the environment and animal welfare).

I am paid biweekly and receive expenses for travel. Instead of just spending this away, I have set aside my last expense check plus my 1st biweekly paycheck for the month of May - in May I receive three biweekly checks. This I have set aside in my money market account in order to earn interest and to cover my bills (minus mortgage) for the next six months. I will plan to set this amount aside every six months. Now that I no longer have to worry about covering my bills on a monthly basis, I can comfortably increase my 401k from 17% to the yearly max.

Thanks to this book I am now paying myself first, have cut my latte factors, stopped budgeting, and will be contributing regularly to two great causes! All this without altering my lifestyle! And it was so easy!

- C. Irwin

January 19 2005
I saw you on Oprah a few weeks ago and immediately bought your book. I am fortunate to have zero credit card debt, and I own my home outright, but I bought a second home 3 years ago and because of your book, I switched to a bi-weekly mortgage automatic payment system this week that will shave off 7 years of payments and save me over $100,000. Thank you for your wonderful advice.

- Bruce Miller

January 19 2005
My mother sent a copy of your book "The Automatic Millionaire." Before I was half way through the book, I was opening up an IRA account with Fidelity. I don't know whom to thank first - you or my mother. It makes me sick to see the effects of my "Latte Factor." Thank you for making it so simple to understand everything.

- Brian W. Kapprel

January 19 2005
I bought your book this past Saturday night. I could not put it down until I was done. Monday morning I went to work and signed up to put 10% into my company 401k. I've already organized my files and my wife just opened an IRA today. And it's only Monday at 3:00!!! I can't wait until tomorrow when I finish automating everything. I have read almost everything on the market when it comes to finances, but FINALLY this is something that made perfect sense and was easy to implement immediately! Thank you for writing this book!

- Brian Brereton

January 19 2005
David,

Your name was brought to my attention a few years ago (Thanks Karen!!!). She told me about your book Smart Women Finish Rich. It was such a refreshing book to say the least. I was around 32 at that time...it was great to see that what my father told me was the same thing that you did. I have been saving for retirement since I started working after college at 22.

I, of course, did some of those "stupid" things with my money and debt over the years, but I can say that at 33, I am FREE of DEBT--I have NO credit card debt. I can not even express what a feeling that is.

I have and will continue to always put my pay increases in my TSA (403b) and since I am also in the military (reserves) I participate in the TSP which is similar to the TSA. I have also opened a Roth IRA and am building my "emergency fund."

Oh and the "filing system" you suggest is perfect. I am sure that my mother truly appreciates it also as since 2001 I have deployed with the military numerous times and she knows where "everything" is.

The other thing is that my single and married female friends all receive your books from me ;-). I feel like I should pass this amazing information on just like my friend Karen did for me.

Thank you again for the assisting me with gaining financial freedom.

- Bonnie Bosler

January 19 2005
The Automatic Millionaire is a great book and opened my eyes to a few things. I like that "latte factor". I have done some things right and feel good about that, but I have done many things wrong....knowingly through the years! I was just too lazy to do things right and pay myself first and let my money work for me!

I am debt free....house and autos paid for....no credit card debt....just day to day expenses of living....and living somewhat cheaply....small house to cool and heat....inexpensive fuel efficient autos, gourmet foods are not something we crave, and so forth. But in spite of this I have done the math and have realized that I can save or invest an additional 10K each year....one income family....without scrimping on anything else. Presently, about 23% of my gross pay goes to retirement accounts and if I add another 10K to that, over 38% of my gross pay will be put away for the future...and we are not depriving ourselves! Although I will retire in 6 to 8 years, I plan to also use my new found enlightenment and enthusiasm....from your book...to encourage my 2 grown sons and daughter to not make the same mistakes I did! I have already talked to each of them!

Upon retirement, our goal is to be able to travel....a trip to Europe, a trip to Alaska, trip to Hawaii, and numerous road trips to discover the USA. Although we have been to Great Britain three times, Canada numerous times, have been to 45 of the 50 states, and my wife has traveled to Ecuador, there is much we have not seen, but also have not deprived ourselves of enjoying life. And on just one income....and a somewhat modest one at that. So you are correct when you say, it is not how much you earn, but that you save some of it....automatically! Thanks a Million!

- Bob Bonack

January 19 2005
Well I'm already on the last chapter of your book and just now writing to you about my own Latte Factor. It's your own fault since your book just makes me want to keep reading and learning about how to become an Automatic Millionaire. Anyway; between my daily coffee and drinks my Latte Factor for
one day is $9.10 and in 40 years it would be worth $132860.00!!

Well that made me a little mad at first (mostly at myself and some at the coffee for tasting so good) and I decided to use that money for my future. I started reading your book on Monday and by Friday I have: already set up a Roth IRA with automatic biweekly payments at my local bank, am researching for my Rainy Day accounts, and know how much house I can afford using the biweekly mortgage payment plan! I did all this while working 14 hour duty days but it's definitely worth it.

Only buy items with cash and don't own a credit card (to the shock and dismay of my friends). Now your book is completely changing my mind about actually having a plan to retire rich. Thanks.

- Blair Mahoney

January 19 2005
David, I was in the book store looking at the library of money management books and investment guides. Now I'm no stranger to investments, but hardly savvy enough to try and play the market. I participate in my company's 401k, which I just increased, I have my mutual fund with TransAmerica that I started 3+ years ago with a $100 a month automatic deduction from my checking account but I did have some bad habits.

The first bad, and most expensive, habit... wish it was as cheap as a latte... smoking. Cigarettes, being from the NYC area and I'm 15 minutes out of Manhattan, we both know, costs between $6-$7 A DAY!!! Well, reading your book and doing the math (not to mention the fact that I'm in the gym 5 days a week) I became absolutely disgusted. I'm 27 and this angered me so much that I threw out my cigarettes and quit right there, no bull. I went and increased my 401k to 12% deduction, reallocated my porfolio according to the chart in your book and on top of that I'm still making the $100 a month deposit to my mutual fund. I've read MANY books on money & investments and yours was a no-nonsense, simple approach that ANYONE can follow. I'm well on my way now and since I quit the smoking I'm gonna make sure that at 60 when I retire I can enjoy the rest of my life.

- Bill Golden

January 19 2005
Hello David ,

I saw you on CJOH TV in Ottawa, Canada and wanted to read your book even though my husband and I are in our seventies and have been retired for several years.

The main reason I purchased your book was to be able to loan it to one granddaughter and then the other. I thought I should read it first so we could discuss it together. I am delighted that they each listened to me and have already purchased their own rrsps at the ages of 18 and 23 from their earnings at part time jobs. Your book will encourage them to continue paying themselves and to guide them in choosing to buy a home.

You are the first finance man who has written a 'money book' who has heart and isn't afraid to speak of it. I was so touched to read the last chapter of your book. Churchill's quote moved me. Our giving at this time is to our granddaughter's education but we will find another place for our giving when they have finished their university courses. It is so expensive 4 to 5 thousand dollars a year and that's when they live at home.

It is our joy to be able to give and to live comfortably in our little house. We drive a ten year old Camry that we are very happy with. We could by a new car but will not until the current one becomes unreliable.

I hope you and your lovely wife are holding a healthy baby by now. It is heartwarming to know that you are aware of your blessings. That's the joy of it all.

We just celebrated our 50th wedding anniversary at a surprise party held by our adopted son at his beautiful home on the Rideau River. And - oh does giving ever come back to you.

Thank you for putting so much of yourself in your book. I know my granddaughters will have a better life because of it.

- Bill and Jackie Unitt

January 19 2005
David,
Your book "The Automatic Millionaire" is terrific. I generally don't like to read but to my surprise I read the whole book, and it seemed like I could have read 1000 pages easily. My wife and I have been able to increase our 401k contributions. We have also started to pay much more towards our mortgage principal. Thank you again for all your help & advice.

- Bijal Parekh

January 19 2005
Here is my Latte factor experience: 1 week after I finished your book, I started a Roth IRA, consolidated my credit card debt to another card with a much higher DOLP #, began saving 8% of my income, took my income tax refund and split it 4 ways; 1- saved 25%, 2- put 25% into a bank CD, 3- used 25% for my DOLP, 4- added 25% to my IRA. I now feel as though I will soon be debt free, have savings, and have some investments.

Thank you very much for not only writing your book, The Automatic Millionaire, but making it so simple that anyone can understand it and learn from it.

- Anthony Valerius

January 19 2005
My mother calls me ‘her little overachiever’, it’s a compliment. At only 18, I have accomplished a great deal financially for my age. I have a Roth IRA, a growing ‘Dream Fund’, good credit, own my own (used) car, and live by myself.

If it were not for David’s book, I would have no clue about how to start a retirement fund. Financially, women are taught nothing in school, like me, but David’s book Smart Women Finish Rich allowed me to understand and most importantly, get motivated about my financial future!

I saw first-hand how bankruptcy hurt my single mother. She warned me to NEVER use a credit card; And, I don't! I congratulate myself with every bank statement now!! I am pursuing my career as a Realtor, and currently work for Delaware’s #1 Selling Realtor! I feel my potential is limit-less. I shall soon be making a few thousand just as my boss does; until then David’s book has put me on a financial track my peers will wish they knew forty years from now.

With hard work, no Latte’s and discipline, I now contribute 10% to my Roth IRA and 5% to my ‘Dream fund’. In case you were wondering, I only make a measly $7.50 an hour. But, I guarantee you that will change within a few months when I finally get MY license. I made a goal to buy a house about 2 years from now, and other long-term goals.

It's a wonderful feeling to walk into the bank and have jaws drop when I requested information on IRA’s, and also when people realize I am the Realtor‘s Executive Assistant, not his child! With every “you’re sooo young”, a feeling of accomplishment follows. Thanks a million David--literally!

- Amanda 

January 19 2005
David - Great Book!!! My Mom thought I was wasting my money, but after seeing you on Oprah - I new it was well worth the money. I was already on the right road to being a millionaire, but took a small detour. I discovered today that I'm only contributing 5% to my 401k!!! At that rate I'll be working until I'm 90. I will be increasing it to 10% next enrollment period. I figure with my raise plus a little more I won't even miss it. A month or two ago I started the process of purchasing my first home! I did that before reading your book. Common sense told me rent would go up year after year after year, but my mortgage payment wouldn't. There are so many great programs out there for first time homebuyers. If more people my age (30) new this they would all being doing it. I am working a second job to save more money for the downpayment. After that, I'm going to open a Roth IRA.

Thank you so much for the "kick in the rump" your book gave me. I have no debt so the potential is definitely there. You sound so passionate about what you do. I bet your employees love working for you. Got any openings!!!

Keep up the good work. I hope you visit Rochester NY someday so I can hear you speak in person.

- Alyssa Sand

January 19 2005
David gives us a solid, straightforward method for building wealth...the easy way. It's brilliant in it's simplicity. And thoroughly enjoyable to read. If you want to create financial security and still sleep at night, you've just got to get this book!! Thank you, David...your advice will change people's lives.

- Barbara Stanny

January 19 2005
This program has gave me courage and it gave me hope. Doing this program will give you a freedom you’ll cherish forever. I now feel rejuvenated, hopeful and healthier. This program will change my family for generations because I’m teaching my son everything I’ve learned and letting him watch the program work in my life. I’m his living example.

- Cathleen Williams

January 18 2005
Just wanted you to know that I read The Automatic Millionaire and I am now reading Start Late, Finish Rich. My husband and I are in our very early 50’s and we are starting late in savings and investing. After reading The Automatic Millionaire I took a good look at our incoming and outgoing money. Things changed, we earn $70,000.00 (Gross) between the two of us. My husband has a 401 at his place of work and me; well my company does not offer one. So like I said, things changed. We are now putting away $15,600.00 per year each. Yes, I said each, a total of $31,200.00 per year in a 457 plan, in addition to $4,000.00 per year in savings as well as 6.2% of my husband’s gross wages in his 401 account. I am not sure what we will end up with when we retire, but at least we will have something. I can’t wait to finish reading Start Late, Finish Rich--I am sure I will be doing more. What is also great is that instead of giving the money to IRS, we are investing. Thank you for sharing and explaining very well how to look at things.

- Lovelle Barnett

January 17 2005
Dear David,
I have read all of your books with the exception of Smart Couples Finish Rich. After reading The Automatic Millionaire, I found my latte factor(s) and uncovered $11,310 in savings in one year. I saved $396 on an insurance policy, $4,200 by paying off one credit card, $2,400 by paying off other cards, $100 by getting only the Sunday paper, $480 by coloring my hair myself, $720 in cell phone expenses and $1,300 in reduced college expenses for my son and $1,200 by paying off my IRS debt. After reading Start Late, Finish Rich, I went from saving $200 per pay to over $1,400 per month and I feel that I can do a lot better. Thanks for all of your great advice. I am no longer afraid of money or retirement. I am 52 years old. Thanks again

- Jocelyn Forsyth

January 17 2005
David,
I too saw you on Oprah and I ran to the library immediately and checked to see if they had any of your books. They had "Automatic Millionare", but all 3 copies were checked out! So I had my name added to the waiting list. They called me the next day and I started reading as soon as I got home. This was on Friday. It is now Sunday.

Over the weekend, I have talked to our brokerage company about sending me the forms so that we can automatically deposit $250 per month in each of our IRA's and $500 per month into our Money Market account. I have also talked to our morgage company about going to a bi-weekly payment plan.

I have also talked to my 15 year old daughter, who just started working 2 weeks ago about getting direct deposit with her paycheck and having 50% of her check directly deposited into a Money Market account.

Over all, we have been doing pretty well the last few years. We have almost 8 months salary in our Money Market account. We both have IRA's and my husband has a 401k with 6% going into it for now. I am going to talk to him about changing it to 10%.

David...in one weekend you have changed my life. I will recommend your books to anyone who will listen! What you say makes so much sense. Next on the reading list, Smart Couples Finish Rich! Thank you and God bless you!



(The picture is me with my 2 beautiful daughters Aimee (left) & Sara (right).

- Beth Wolf

January 17 2005
I switched to a bi-weekly mortgage automatic payment system that will save my interests. Fortunately I have no credit card debt. Thank you so much for your generous informative. Sharon

- Sharon Reese

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The views expressed herein are solely those of David Bach and FinishRich Media, LLC., and do not necessarily reflect the views of The Edelman Financial Group or any of its affiliates. Neither theinformation herein nor any opinion expressed herein constitutes or is intended to constitute investment advice or an offer to sell or solicit any person to purchase any security. FinishRich is a trademarked brand used by David Bach and FinishRich Media LLC. and none of David Bach, FinishRich Media LLC. [or The Edelman Financial Group or any of their affiliates] guarantee any financial results or a positive outcome to your personal situation.