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January 22 2010
I have been reading your books since I was 22. I'm now 26 and married. We just got married in July 2009. Financial hardships have come our way in the past year and a half along with the rest of the country. My husband and I traveled to see his parents 4 hours away over Christmas.
I like to read when we're in the car, but he would rather me talk to him. I decided to read Automatic Millionaire to him :) We began to think the worst of this recession was behind us and we could start making the right decisions.
We opened a rainy day savings account, we both have a Roth IRA, I have my 401K, and we have a long term savings account for the farm we want to buy eventually. We truly have made the 1st steps to making our dreams come true! All it took was for him to hear your book! Now we are on the same page financially and we couldn't be happier. I just received "Start Over Finish Rich" in the mail today and I am reading right now.
Thank you for being our coach! It's very easy to fight about money and that's one thing we never wanted to do. I feel with your plan in action we will not have to fight about money, because we will be financially secure. Thank you again from the bottom of our hearts.
- Keri Kelly, White Sulphur Springs, WV
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January 22 2010
First of all, I would like to thank my Dad (he's with me in my picture) who was the main person in my life who inspired me to take care of my financial future, and he's also the one who gave me 'Smart Women Finish Rich' for Christmas this year (2009). Second I'd like to thank David Bach for writing this book. I am now fully confident in my financial future.
I am 21 years old in the US Air Force (as I write this I am deployed in Iraq). My father sent me David Bach's book and I just finished reading it. Due to the economical downturn I was worried I'd have to do my 20 years in the military simply because I wouldn't be able to afford a civilian lifestyle without it. Now, after reading this book, I will have paid over $2100 on my credit card (and there by paying it off) in a 3 month timeframe, be paying extra on the principle on my car (and end up paying it off 2 years early); and be able to get out of the military, have established my own business, and built my own house in less than 10 years.
Not only did this book inspire me about my financial future, it jump started my personal drive. Somewhere deep down I was procrastinating because "I'm young, and have all the time in the world." Now, I am starting two college classes in March (to finish working towards my bachelors in Business Admin/Small Business Management), getting my dog training certification (that's what I want to do for a business), increasing my retirement contribution to 12% of my salary, and starting the plans and processes for designing and building my own house (which I believe I can get built and completed by 2012).
I have the 'can-do' attitude again and am more inspired than ever to become a strong, independent women who accomplished her dreams (and become a civilian again) before she's 30. Thank you so much for this book Mr. Bach...any chance on a book for the military people? (We have different financial opportunities as well as complications...I know many people who could use the advice). Thanks Again! And thanks to all of you who support the troops! It means more than you could ever imagine!
- Kristina Eilts, Elmendorf AFB, AK
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January 22 2010
I bought 11 copies of AUTOMATIC MILLIONAIRE for each of my friends for Christmas this year! It made such a huge change in my life that I knew I had to share it with my friends. And honestly, I was sick of listening to all their really stupid money mistakes. I shouldn't say stupid, but I wasn't paying myself first 4 years ago. Though my husband does make a good point, had I not bought 11 copies, I could've made a $150 payment to our student loans :)
I read your book 4 years ago. And while we are still pounding away at our Student Loan debt, we have bought a house and are putting away a handsome amount each month in our RRSP's and our daughters RESP.
Thanks for your advice!
- Kyla Cornish
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January 22 2010
Happy New Year, David!
In 2008, I was watching The Millionaire Mindset when you encouraged an audience member (and viewers), who was struggling to save for retirement, to save 1/12 of his income.
The person, like me, was self-employed and needed a way to consistently save for retirement even though our income fluctuates.
In 2009, I committed myself to your suggestion, and I am delighted to report that it worked for me -- I was able to max out IRA by earmarking 1/12 of my income. It was so easy to do; I wish I'd been doing it sooner.
I've been sharing this strategy with all my friends, and I plan to continue with it for 2010.
Thanks for sharing a money-strategy that works!
- Kimberly Stansell
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January 22 2010
I love your book "Smart Couples Finish Rich" I shared it with my husband and we have been bit by bit putting the advice to work.
As a result we have 8 months of rainy day funds saved, we are debt free (aside from our mortgage) and we have our legal affairs in order for our two kids. As a result we realized our big goal of my husband joining me in my business and we have been working together for 18 months! We are even half way to saving for our dream vacation. Hooray! I recommend the book to all of my friends.
- Lisa Chow
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January 22 2010
David;
I want to thank you for the life-changing impact you have made. I waited a year before writing, just to be sure I was not going to back-slide.
Last January, I picked up your book "Start Late, Finish Rich," and began reading it. I was 59 years old, and had less than 1,000 saved for retirement. No matter how hard I tried, I could not save any money. As soon as I started reading your book, I began to pare away at my latte factor, which included coffee in the morning, snacks, lunches, frivolous spending, and gadgets.
I started putting only 25.00 a week into my IRA and increased as quickly as I could. Then I contacted my place of employment and found out that they would match the first 5% of my salary for a 403(b) plan. So I immediately signed up for that, and then added a couple more percentage deductions a few weeks later. My wife also joined in, and after only one year, we are pleased to tell you that we have saved over 10,000 in our retirement account. I can\'t thank you enough for your inspiration and wisdom. We have no credit card debt and have been paying ahead on our mortgage in addition to our savings account.
Sincerely,
John and Judi Cavicchio
South Seaville, NJ
- John Cavicchio
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November 27 2009
As I was reading about the Latte Factor, I already knew what my "latte" was. I travel a lot and get bored on airplanes so I buy magazines...about 4 per week. At $3.99 and $4.99, that adds up. What I didn't realize was all the other little incidentals I pick up in airports. Gum $1.99, bottled water $1.99, playing cards $4.99 and I even spent $40 on wine at an airport last week! In fact, in one day, I spent over $90 of my own money on a company expensed trip.
I wasn't even paying for my own food or gas! And I complain that my debt is too high and I never have enough to pay bills, much less save, but after seeing this I think I can find free ways to entertain myself and carry a refillable water bottle and SAVE $90! Thanks David for opening my eyes.
- Joy S., TX
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November 27 2009
I purchased "Fight for Your Money" a couple of months ago. What was it -- maybe $24.00? Anyway, I read it through and then I read it again. One thing jumped out at me! It was the chapter that talked about Social Security death benefits. My husband passed away two years ago and I did receive the $250 death benefit. They did not tell me and I had no idea until I read David\'s book that I am also eligible for a portion of my husband's Social Security benefits starting at age 60. That's just a couple of years away and I will receive $15,000+ per year until I elect to start my own Social Security Benefits. That's $15,000 a year for an investment of $24 for the book! Amazing. I am so grateful.
Thanks David!
- Kathy Richards, Los Angeles, CA
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November 27 2009
Dear David,
First of all, THANK YOU SO MUCH!! A little over two years ago, I was browsing the local bookstore. I wasn't even in the market for a finance book but when I passed by the finance section your book Smart Women Finish Rich seemed to call out to me. I picked it up and after rifling through the pages I promptly bought it. I have never regretted this decision.
Thankfully, my parents are of the mindset that college is a must and so they footed the bill for all of my college education and my younger brother's. So with no student loans to pay back I thought I was doing pretty good. The only problem was I was still living paycheck to paycheck. The minute I opened your book I couldn\'t put it down. When I went to work the next morning, I immediately signed up for the 401k my company offered and set my automatic deduction to 12%. I also opened up a HIMMA account with my local bank and started putting automatic payments into it and my savings account, one for emergencies and the other for my dreams.
I cannot even begin to tell you how grateful I am to your books! Two years later I have over $13,000 in my 401k, over $1000 in my emergency fund and over $3500 in my dream fund and have NO credit card debt! Next year I will be going on a European cruise with my family! You have taught me how to live my life to the fullest and still plan for the future. I am 24 and I have no doubts that I will indeed Finish Rich! Thank you from the bottom of my heart and please keep doing what you do!
- Jenn Depner, MS
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November 27 2009
"It Is What It Is"
For years, I have been on the credit card rollercoaster... balances paid off in full followed by balances recharged up. Same story as many, just a different name and face. However, it is odd, because in all other areas of financial management I have been committed and successful. Two houses, no mortgage. Mountain lot, no mortgage. Decent amounts in 401K... etc. However, the credit cards would not let go! Or better yet, I would not let go of the cards!
I have read your books The Automatic Millionaire as well as The Finish Rich Workbook. All ideas, concepts and actions have been very useful.
Well, tonight, I have committed to eliminating credit card debt once and for all. I just picked up the phone, got the balances on the four cards, and have followed your examples to develop my plan.
My fear was to actually actually call, get the balance on each card and add up the total. Well tonight, I realized "it is what it is" plain and simple.
Once again your books and advise have made a difference!
- Richard Hoyt, Charleston, SC
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November 27 2009
David,
I just wanted to thank you so very much for your book, The Automatic Millionaire. It took me a very long time to become disciplined in my finances however you have made it even easier by making things AUTOMATIC. I wish I had enforced this principle on myself a long time ago. I am now on my way to developing a strong portfolio, Roth IRA and continuing to grow my ING account AUTOMATICALLY. Thank you so much!
- Alden S., MI
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November 27 2009
My name is Annette and I'm 44 years old. In March of this year, the TD Bank informed me of the tax free savings account. I agreed to open an account and they transfer $50/week into that account from my chequeing automatically. After borrowing your book Start Late, Finish Rich, from the library (one point for me for borrowing the book and not buying it, since buying books is our Latte Factor) I wanted to follow the $10/day savings advice and have recently increased my automatic transfer from $50 to $70/week. I currently have saved $1000 which may not seem like much to you, but it's a huge success for me!
Also, the TD bank offers another savings plan that I accepted that I wanted to pass on to you so that you can let others know... Everytime I used my debit card, I can select how much automatically goes into "a" savings account. I was at $0.50/debit card use. After reading your book, I've increased it to $1.00/transaction. It's slow, but it'll add up. I believe you can maximize the transfer up to $5/per transaction. Just a quick and easy and way to save a bit here and there without noticing at all!
Just wanted to tell you how thankful I am to have discovered your book at the library. It's an easy read with practical and doable advice! I too wish that I would have learned about all these different ideas of putting money aside years ago! I would be so much further ahead by now...shouda, coulda, woulda, but didn't.
I look forward to writing you in 10 years with a real success story!
- Annette I., Alberta, Canada
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November 27 2009
David,
I make it a habit to buy a new read at the airport, every time I take a flight. "The Automatic Millionaire" had my attention from the time I boarded the flight until it landed. That book has forever changed the way I think and the way that I handle my money. I am 54 years old but I look a lot younger. After, reading "The Automatic Millionaire" I realized how bad my habits were and that time was not on my side. I am self employed and I would like to retire in 5 years.
With no plan of action to retire, in my heart I knew I would end up working for the rest of my life. So I immediately started putting my automatic plan of action together - to win big. I quickly found out my latte factor was eating out 2 and 3 times a day. I have fix that by eating out once a week, just to discipline myself.
I have an AUTOMATIC Emergency fund with HSBC, an AUTOMATIC retirement fund with Charles Schwab, an AUTOMATIC investment fund with Sharebuilder, and AUTOMATIC goal fund with HSBC, and an AUTOMATIC ROTH IRA account with Charles Schwab.
I learned from you that it is never to late to get it right. The key is AUTOMATIC. David you are truly an inspiration and in April 2010, I would like for you to invite me to speak at one of your seminars. I will bring the documentation of how I did exactly what you instructed in "THE AUTOMATIC MILLIONAIRE" and how your book has changed my life in 12 months.
- Michelle, Decatur, GA
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November 27 2009
Ok, this isn't exactly a success story, but I'm on my way!
I came across David Bach's book 'Start Late, Finish Rich' and it caught my eye. I am only 24 but I thought, might as well start taking that advice at an early age and become even more successful.
I'm only making $16/hour but I managed to set up an automatic transfer of $500 each month to an RRSP. I still had extra savings after that somehow, must be the latte factor. I also started doing direct sales for a company with an amazing compensation plan and not to mention, amazing values as well. I guess next on the list will be to buy some property!
I found the book extremely helpful and easy to read, as I had no prior knowledge in what to do with my money to let it build. Thanks!
- Jocelyn Haas
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November 27 2009
I definitely deserve a mug!! Here is why:
I enrolled in your coaching program with Prosper three weeks ago. Here is what I have accomplished in that timeframe:
- I finally have a good understanding of my financial situation. With the cash flow statement I know exactly where my money is coming from and going. Which in turn made me realize the amount of money I was spending in completely unnecessary things.
- In parallel I started working on identifying my "Latte Factors"...which I thought I had none until I started tracking any and all expenditures.
- A long list of actions have been taken to bring those lattes under control, reduce unnecessary spending and find additional money that could then be used to control debt and for investment purposes. For example, I now bring my lunch to work, saving over $1700 annually. I realized reduced my tax withholdings significantly, increasing my monthly cash flow. I increased by employer 401K contribution to max it out annually. I also worked with utility companies enrolling in their budget payment plans, hence making my cash flow as predictable and boring as possible.
We're about to start working on debt reduction. I have a 15 year fixed rate mortgage. I owe approximately $245,000, scheduled to be paid in 12 years. My coach tells me that we're going to pay it in approximately six years!! Can you imagine the kind of savings I'm going to be able to do once the mortgage is paid in full? Sounds like a dream.
Now then: do I deserve a mug or what??
With a lot of gratitude,
- Morella Urbina, MI
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November 27 2009
I realized from reading the books just how stupid I was being with my money. I had a line of credit and a Visa bill. Neither were significant, and I was paying more than the minimum. However, they were taking a little longer to pay off than I really wanted. I'm also paying off a mortgage. I based my payments on $10 per day on top of the minimum payment, and was able to pay my Visa and line of credit off in 6 months. All that money has now gone into building up my savings significantly. I've also been able to increase my mortgage payments and will have my house paid off 3 years early.
I've even been able to reduce my monthly bank fees by $40.00!!!
Thank you for all your straight talk David....it has made a huge difference to my quality of life!!
Michelle
Toronto, ON
- Michelle Spear
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November 27 2009
Hi David,
I have been considering writing to you for quite some time now and I really hope that this letter gets to you. I was introduced to you through my employer, Wells Fargo, with the Automatic Millionaire. I was never a big reader until I read that book. I was in awe. It was like I finally saw the light! I have read your entire series now several times. Everytime I read one of your books, I feel like I am reading it for the first time and I always learn something new.
I have tried other authors, but no one compares to you. Not only do you teach us the skills and ideas in simple terms, but you are the only author who actually tells us how to do it!
I think you are brilliant. After reading your books, my life has completely changed. Although I am disgusted by my previous spending habits, I try to focus on the bigger picture. I can actually visualize what financial freedom means to me and I know that with the skills I have learned from you, that one day I will achieve it.
Your Latte Factor is where I first started. I slowly increased my automatic payments to myself and I can't believe how much money I have saved already. I have not been following your advice for long, but I want you to know that I have never been so inspired before in my life.
I want you to know that you have truly SAVED MY LIFE! Thank you! Please...keep writing more books and keep helping me! Thank you for everything!
- Jennifer Wood, NV
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November 27 2009
Luckily I purchased Smart Women Finish Rich when I was 17 years old! Because I was able to apply key principles from the book,such as the power of the latte factor, and jump starting a savings account at a young age to get the max benefit from comound interest, I was started contributing to a Roth IRA at age 17, graduate from college debt free, have a large nest egg for my family, and own the home of my dreams!
Today, 9 years later, I have been able to realize all of my dreams: financial, personal and professional because I have respect for money and discipline to pay myself first. My husband and I were able to buy our first home worth $575,000,with a nice down payment to put down, and have been contributing to Roth and Traditional IRA's, 401k, and an emergency account.
Because David Bach was able to clearly define a simple and easy plan for me to figure out at such a young age, I am now ahead of my peers and on my way to finish rich by the age of 55 (my goal retirement age.)
- Emily Sams, MN
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November 27 2009
I'm turning 36 in May and unfortunately do not have much stored away for savings (okay, none) I read both Start Late, Finish Rich, and then Automatic Millionaire and decided to take control of my financial life and start automating my savings. I don't have too much debt (only $3000 in credit cards) which I'm paying off at least $500 a month. But in a twist on the Latte Factor, that credit card is a Starbucks card. So keeping all my necessary payments (phone bills, groceries, etc.) I can get credit towards Starbucks. So I can have my latte and drink it too by paying off the credit card bills immediately.
- Gaby A., Toronto
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November 27 2009
David,
The Automatic Millionaire is so inspiring. I have read this book several years ago, but always keep going back for a shot of inspiration. I Also read Start Late, Finish Rich and The Automatic Millionaire Homeowner. All of your books are so inspirational. I'm 44 years old and have been maxing out my 401K, have 2 more years left on my mortgage. I am going to be 11 years early on the payoff and just paid off my car in full. I carry no credit card debt and I am starting to build up my emergency fund. I now put my head on the pillow at night and feel a sense of peace when it comes to my financial future. Thank you for your work, it is inspiration that everyone needs today.
- Stephen Geraci, NY
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November 27 2009
David,
I just wanted to say Thank you! I found your book at a second hand shop and although I am very nervous it has encouraged me to open my own business, the goal is September 09 and I will be back in touch to tell you how it goes!!! Thanks for the motivation, your words have inspired, just wish I got the book before I was almost 40!!!
Lisa
- Lisa Pezzaross, MA
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November 27 2009
We listened to your CD\'s in the car while driving on a day out. WOW! it is so good to be able to relate and I look forward to the day this is taught in schools worldwide.
Not sure what my Latte factor is though at the moment it seems to be collecting inspiration and educational books and games like yours.
- Vanessa McBain, Australia
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November 27 2009
I was in deep trouble when I first read your book a couple of weeks ago. I have an IVA and was struggling to make ends meet....until I read your book. It inspired me so much! Immediately after reading it I logged into my ISA and found £50 sat there I did not know about, however the rate had dropped to 0.5% so I have opened an new one at 3% to make my money work harder. I am also commiting to put away 3% of my wage every month into it, and more when my IVA finishes in 2 years time. I also opened a pension account and am going to put away £40 per month for my future. I also found my old share dealing account and have restarted that up monthly. I decided that I would pay at least an extra £20 off my loan each month aswell, this makes it finish 8 months earlier! And I decided that I would put any extra money I made towards this debt to DOLP it down to zero! I also have written to my creditors to ask them to freeze interest on my accounts, cant hurt to ask! Also, I realised I was spending money on silly things like gambling and magazines that I could put into my savings, almost £50 extra a month! Thank you so much for helping me to take control of my money and helping me secure my future. Before your book I felt hopeless and poor, now I feel rich and inspired!
Louise , UK
- Louise
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November 27 2009
I\'ve just started on my success story, having read \"The Automatic Millionaire\" this week. I am in credit card debt, and behind on my mortgage and car payments. Having retired June 1 of this year, on advice of a financial planner, I cashed in my 401(k) to pay off some other responsibilities. BUT, I am so encouraged now....on my own, I had started buying Series EE savings bonds and was so happy to see that David recommends this as an alternative to a 401(k). I will continue to pay myself first, and thanks to him, I now know how to start paying down my credit card debt and saving at the same time. I am going to fill in my DOLP tomorrow and get planning. I am living on Soc. Sec. and occasional income from my freelance publishing support services business, and I now have HOPE! Looking for a part-time job to help out. Good news to come, I guarantee it!!! Thank you.
- Kay Brimeyer
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September 27 2009
Dear David,
I didn't want to read your book. I thought it was just ANOTHER book about how to save myself, from myself. Blah blah blah. In fact, it sat on my nightstand for about a year. Because I didn't pick it up and read it when my sister first gave it to me, I stayed poor for one more year. That's one year I accumulated nothing. One more year that I wasn't a millionaire!
Although I have gone to college (I have a bachelors) and am rich in education, I was poor financially. I was a 29 year paramedic, still living at home, with credit card debit, and not a dime in savings. I was drowning, and I couldn\'t see the shore. I thought I was doomed to live with my parents forever.
I started reading Automatic Millionaire in my spare time at work, between calls. A few pages in, the lightbulb went off, and I was already thinking about how to start the process. That day in my ambulance, I made a list of all the things I was going to change about my financial life. The next day, I rolled over my 401k from my previous job (that I neglected to do for two and a half years), to my current job, and started with a contribution of 10%. I changed my Roth IRA (that I had not touched or even looked at in about 8 years) to receive automatic contributions from my checking account. I also changed my payroll deposit to automatically split between my checking and savings so I would not be tempted to over spend, and would have a emergency fund.
Today I can see the light (and its not an oncoming train). My credit card debit is shrinking fast, my Roth IRA is finally seeing some action, my 401k is growing like a weed on the side of a freeway, and my emergency fund will have m safely covered if something were to ever happen to my job. Because of your book I have a KNOW I can attitude. I am currently in the process of looking for a house, and leaving my parents to live their own lives.
I also bought 3 copies of your book to give to my closest friends and family since my copy is just that, mine. Its dog-eared, highlighted, and has notes scribbled in the margins. Its no longer just my book, but my reference guide that I keep going back to. Being a paramedic doesn't make me much money. That's not why I do it, but I will retire a RICH paramedic. That I'm sure of.
Thank you,
Kristan K
Michigan
- Kristan K
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