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April 24 2008
I don\'t have a big success story yet, but I have started. I\'ve been listening to Start Late, Finish Rich on audio -- borrowed it from the library. Today I talked to our mortgage company about a biweekly mortgage. I also canceled $21/month of cell phone services we weren\'t even using, and have started the process of canceling $38/month worth of cable we can live without. That\'s over half of the extra monthly cost of the biweekly mortgage, right there.
Now to brave the credit card companies.
Thanks.
- Dana Carpender
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April 24 2008
David,
I read the Automatic Millionaire years ago and still apply its principals today. I paid off my car note three years ago but have kept my car which is now 10 years old. I read the stories posted here often to come up with ideas to move forward with savings and debt payments. I managed to eliminate most of my credit card debt by paying a set portion weekly automatically. Now I am saving for a Lexus. I intend to buy the car CASH so I continue to fund my ING every week automatically. I try to save a car payment each month.
Your Pay Yourself Principal is the most amazing concept. If we all do this one step what we can achieve is astounding. Thanks again for all I have learned.
- Loretta Arthur
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April 24 2008
David, in August 2005 I moved with no family or friends from Rome (Italy) to Los Angeles. My first year was tough. I shortly ruined my credit, I was missing payments on several credit cards and I was living paycheck by paycheck. I always been a planner and a dreamer, but I completely lacked any education or role model on personal finance. In Italy my family, once millionaire, arrived at the edge of bankruptcy and I was probably going to face the same destiny if my friend Amy did not lend me your book in October 2006. It was truly God-sent. Everything started when I asked Amy to go out for a latte, she refused with a smile and explained me your theory! In a few minutes I was on board. I sounded so simple! Your books (I read them all) save my life and are still helping me to achieve my dreams. When David and I got engaged we had no idea on how we could possibly afford to pay for our wedding. Eight months after reading the Automatic Millionaire we set a plan and wrote down a specific date for our marriage: June 10, 2007. We worked as a team, automated our life, packed lunches, rent movies from a public library, got rid of a car and saved enough to get married in Rome. We married among my family and friends in a church that has a very profound meaning to me. The party was celebrated in a gorgeous villa in ancient Trastevere. We did our honeymoon in Positano – one of the world’s most romantic places. Nobody could believe that with our modest salaries we could pay for our wedding and honeymoon with no financial help from our families. We used all monetary gifts that our generous friends gave us to buy furniture for our empty apartment. (Because of the conversion Euro/Dollar our gifts almost duplicates in one day with a simple automatic transaction!) That was only the beginning. When we came back to L.A. we decided to save 12% of our salaries in the company 401K plan, we kept the same lifestyle and automatically saved a large amount every month in high-interest saving account. At 28 I was a manager but a dropped off. I always dreamed to complete my education. Without quitting my job, I enrolled at an online completion degree offered at Boston University. I will be graduating in 2010. With this year’s salary increase we are paying the school tuition fees by ourselves without taking a loan. Our next dream is buying a house in North California. We are now expecting our first child and know we will need to readjust our dreams accordingly. We are not scared though as we know that together we can do it! I have no words to tell you how grateful I am you have entered our life. I talked about you to my family and my coworkers: now strangely they are all packing their lunches! Thank you David, you must have a good heart. “Each tree is recognized by its own fruit.”
May God keep blessing you abundantly!
Ella Heath - California
- Ella Heath
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April 24 2008
I read your book \"Smart Women Finish Rich\" on a flight from Virginia to Wichita, KS --- I\'m 53 years of age and wish that I had a grandmother like yours. I refuse to believe that it\'s too late for me. I got online and studied money market accounts and took the first step and started mine. I looked over my bank statements the last 3 months and the waste is pathetic. I use my ATM debit/credit card for all purchases. Nothing but waste. I love your book and will read it over and over and apply your principles. I cannot thank you enough for publishing this book and getting me on a positive track...
- Jeanie Carter
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March 28 2008
David, I am so grateful to you for writing this book \"Smart Women Finish Rich.\" It was a prophecy that I received that push me searching for this \"treasure Map\" that you have being inspired to write. I have just finish reading the book and have put in place several advice given. I have just came into a family inheritance and is my constant prayers for divine direction and how to use this money wisely that led be to be determined not to make any mistake with this opportunity. I am 57 years and it is reading this book I realized that I have not establish anything for my retirement which should already in place long ago. Thank God I was guided to this \"Road Map\"in time for it is still not too late for me I just have to double up. I have since purchase your Automatic Millionaire and Smart Couple finish Rich. I am about to open an outreach center in my community for battered and abusive women and young women and these books are going to be \"Treasure gifts\" use in counseling. Again you are treasurer that is not selfish but determined to be a modern day Saviour for many. Keep up the good work, I am going to use your books in my classes so the book sales in Jamaica is definitely going to skyrocket. Thanks, I will be in touch.
Olga
Kingston Jamaica
- Olga Cummings
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March 18 2008
I picked up the automatic millionaire at the bookstore and spent the next 2 hours reading it in their chair. I finished it and then bought it and brought it home. The next day I went out and bought all the rest of your books and spent the last 2 months reading them.
I was profoundly affected. I, a coffee drinker my whole life and that would be a 3 starbucks a day person, completely gave up coffee. My family was in shock but that\'s where I began. We are in a weird situation, I came to find out by reading your book.We had plenty of money for retirement we just had no concept 0f what we did with our money.First I began to read statements and know where we stood. I realized we were saving so much, 20% for retirement, and were always broke and near the point where we would almost have to sell our home. The 20% is not negotiable as my husband is a government employee and has that taken out whether he likes it or not. But we are always cash broke. When we retire we will be doing excellent, so your book affected the \"now\" how we are responsible with all the little Latte factors that were so out of control. In the last 2 months I have put my family on a budget, in 20 years we have never been on a budget or known what we spend. I know all our assets, accounts, interest rates. Just another example we had 50k in a noninterest earning account for 20 years. I moved it to a money market. I shaved off 1000 dollars a month in wasteful spending and we are going to be able to keep our home. We make well over 200k a year and were going in the negative 1000 dollars a month. This last week I got to put 600.00 dollars into our savings account. My husband was shocked. Your book has changed my life. This year my income has been about 1/3 of it\'s usual. I have my own Real Estate business. I am so grateful for your frankness and simplicity. I am certain that if my income had been much higher like previous years I would have squandered it and felt broke and had NO idea where our money was or what it was doing. Now that you have given me the tools I am confident that when the good times are back I will be prudent and live well below my means. Every singe day each member of my family has to write in the log what they spent for the day. That has transformed our spending. I am committed to doing that for the rest of my life. I think you are such a blessing because you encourage and give step by step ways to manage your life. Just today I called to see if we had the best rate on our term life insurance. I used the chapter from smart couples finish rich and called one of the numbers you recommended. It was awesome, easy. I am not exagerating when I say my husband and I 2 months ago had NO IDEA where our money was. One more example: I reviewed our checking account statement for the first time in 20 years and realized we had 200 dollars of overdraft charges on there. We had the money in savings to transfer to our checking but we never thought about it because we knew we had overdraft so we didn\'t worry about it. Imagine, one year of 200 dollars per month. I wonder how many thousands of dollars we spent on that without realizing. You can be certain there will be no more charges like that. You have saved my family thousands and thousands of dollars in the future. You have made me realize that God calls us to be good stewarts of what he gives us. I was being so lazy and irresponsible. I hated accounting and math. I now know it doesn\'t matter if you like it, it must be done. I can never thank you enough. I hope God continues to rain down blessing upon you.
Kimbery Newton
- Kimberly Newton
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March 18 2008
Hello I live in Guayaquil Ecuador, and I really learned to save money and to think about my future. I started taking care of my latte factor and I closed my credit cards. Now I have a fund that takes 20 percent from my salary and I\'m so happy because I\'m out of debt. In my country they don\'t have the 401(k) or the way of paying mortgages twice a month so I\'m a little concerned, but at least I know how to save and not to spend on meaningless things. Thank you.. regards
Reina
- Reina Cedeño
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February 26 2008
I have done it! I have just made the last payment on my line of credit! After 2 years I was able to pay off $20,000 in accumulated debt (credit card, home renovations, tuition, etc.). During that time I also paid myself first and made it automatic through monthly RRSP contributions. I have successfully driven my family crazy with David Bachism’s but now they have seen that your tips really do work. I am 28 years old and own two condo’s in the Vancouver area. This is a very fast growing real-estate market, and my investments have grown very quickly! I am a part-time university student who works full time and I have been able to avoid getting any student loans. I took advantage of low interest balance transfers and managed to consolidate my debts into one manageable account. Every pay increase and bonus I received (through work, tax refunds, etc.) went directly to paying down this debt and now I have a date with my investment banker to increase my RRSP to include the raise I just received. I am also saving for a six month European vacation as a graduation present to myself, and I know I will be able to have the trip of a lifetime without going into debt for it. With the tools that I have learned, I know that although I felt like I Started Late, I will Finish Rich and enjoy my life in the process.
Thank you for the words of advice and encouragement,
Allison Roersma
Vancouver, BC
- Allison Roersma
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February 26 2008
I have been reading David Bach for a long time now and it has really impacted me! I was flat broke and came from a family that didn't have much and at the age of 25 I have become financially independent and have a net worth of over a million dollars now. I'm a motivational speaker and real estate investor. I owe a lot of my success to David Bach and his team for helping me think the way I do!
Thanks!
Shane Powell
- Shane Powell
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February 20 2008
David, your book changed my life!
I am 16 now, and when I read your book for the first time I was 13, earning 100 dollars a week mowing lawns for my neighbors. Since the first time putting the Automatic Millionare in my hand, I have read it at least 5 times more. I ended up creating a ROTH IRA after reading your book, and started putting 50 dollars a week into it. Now I have a higher paying job and put half of the money I make into it. I feel extremely secure now that I have a nest egg, that is just growing without any money coming out, only going in. I would just like you to thank you for your help from the Automatic Millionare.
Thanks again,
Evan Wasser
- Evan Wasser
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February 13 2008
Hi David,
I found your book Automatic Millionaire by accident. Wow! I have now read three book, Automatic Millionaire, Automatic Millionaire Homeowner, and Start Late Finish Rich. I live in Hanoi, Vietnam and work for the US Embassy. After reading your books I have increased my retirement deductions, placed all my bills on automatic bi-weekly payments and increased my mortgage payment with the increase going towards the principal. As I read your books I thought this is to easy. You know what, it is! When I called my mortgage company the person was very helpful to explain options I had to speed up the payoff. With what I set up with her we will save $26000 and pay the house off four years earlier. The best part is the rent covers the mortgage so my renter is paying for my house. My other bills will be paid off within four years by going automatic. This is working so good I am talking to my real estate agent back home about buying another rental in 2008. Thanks David we are well on our way to retire as millionaires.
- Donald Tilley
Tacoma, WA
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February 13 2008
My fiancé, Kevin, and I borrowed your ‘Start Late, Finish Rich’ book from Kevin's mother and never took it back – for good reason!
I started out as a single mother at 18 years old. The one thing I had going for me was 2 years of college. I went on to finish my master degree with the help of student loans. When I met Kevin, we were just able to make ends meet and together we had $8,000 of credit card debt. Then we read your book. We ditched our 'double lattes', turbo charged our savings, and started getting familiar with real estate. We now have one rental property making positive monthly cash flow, we own our town home, we have zero credit card debt, and we have $75,000 in equity already.
Today, we made an offer on a loft downtown to rent out and we are looking to make an offer on our dream house next week. We never would have thought we could afford a house this quickly, but with some creative stimulation from your book, we realized we could buy a house with a detached mother-in-law apartment and have tenants help us pay our mortgage! Now that we have extra income each month we have also been able to plan my dream wedding for this July.
By the way, even though the book that introduced us was your ‘Start Late, Finish Rich’ version - I am 22 and my fiancé is 26.
- Emily Wall
Draper, UT
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February 7 2008
David, I have read your "Automatic Millionaire", and am in the process of reading "Start Late, Finish Rich" and "Smart Women Finish Rich". I have found a great deal of inspiration and common sense in your books.
I am 57 years old and am just now getting serious about my finances - better late than never. I do own my own home - so at least I am on track, there. But I have just got to share with you that today I started an automatic investment account, purchasing a few selected stocks and an ETF. I also purchased a few shares of a medical-oriented company that has just completed its IPO. Now I realize this is after-tax money, but my company\'s 401K is in flux, and as soon as we can get that under control (maybe 2 months) I will be investing in that as well through payroll deduction. If we can\'t get the 401K fixed (it is losing money for everyone in it right now, because of the lack of adequate funds available), I will fund an IRA.
David, I am so excited. I just had to say "Thank You"!!!
- Pam Williams
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February 7 2008
Two years ago I was 39 years old had no plan for retirement and I was FAT- 220 lbs. I decided I needed to change my life because I wanted to live a long healthy time in my retirement. I started a diet and it was going very well for the first year (lost 55 lbs) when I started thinking more about retirement. I got your book The Automatic Millionaire and as I was reading I started to cry. You see, at the end of that first year, I realized that I had more money that I normally did in my checking account - like $4000 more! Thanks to your book I know that it was my latte factor! I bought coffee and a muffin for breakfast every day at work ($5 and 500 calories), had a candy bar for a snack ($1 and 275 calories)etc, etc. After reading your book, I increased my 401k payments to 12%, and I have a 5% match. I also started a high interest savings account, and I just opened a Roth IRA. I'm 41 now, I've lost a total of 80 pounds, I'm healthy, and I'm set to retire at 62 with $1.5 million even if I never get another raise.
My lesson to myself- convenience foods will get you conveniently broke and FAT!
- Reilly Gallagher
Austin, TX
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February 7 2008
Thank you so very much for writing such an inspirational guide to managing finances! My husband and I have been together for over six years (married for two), and it wasn't until about about five months ago that we began having "financial conflict" and disagreements about our money management (or lackthereof). It is so refreshing to know that every piece of important mail has its own folder/file (and if it's not important, it's trash!). Furthermore, my husband and I had some of the ugliest arguments we've ever had in our six years together; but, we've worked through our issues and now feel resolve thanks to your financial guidance!!! My husband has always been "money-saavy"; but, it was really exciting for me to actually see where all of our money goes and to know that we actually do have money to invest and to pay off bills that have been lingering for far too long! In fact, we are only months away from paying off THREE major bills that will free up nearly $800 more a month to be put toward other bills. Additionally, since we are in the military, we have already begun to invest in the TSP and in a Roth IRA, money market and stock funds (and we began at age 23 -- we're now 26) -- Anyway, I can go on for a while about how your book has changed our life and the way we communicate with each other -- but, I'll end this with a final "Thank You"! You have saved our financial future! Sincerely,
- Erin and Adam Medina
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February 7 2008
David-I just finished listening to "start late, finish rich". I was impressed hear that you read your own email. While mentoring my 30 year daughter about the Latte factor-we discovered that she "BUYS" books for her book club-wasn't that why the library was invented? We calculated how much she could save in a year-and we were flabbergasted!!!! Thanks,
- peggy weldin
Millsboro, DE
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February 7 2008
Mr. Bach,
As a college student, a daily coffee fix seemed like something that was just part of the routine. My friends and I would go to Starbucks or the local coffee joints on an almost daily basis, and I confess that I would spend around four dollars each time for my favorite iced coffee concoction. However, after using the Latte Factor calculator, I realized just how much I was spending!
After finishing my undergraduate studies, I plan to attend medical school, which is by no means an inexpensive proposition. By investing the money I spend on coffee (according to the calculator), in five years I can have an extra $5855 to put towards my tuition. Once this fact was made apparent, I went to my local grocery and bought my OWN coffee and flavored syrup (which, by the way, costs about as much as two coffees at Starbucks, and makes many times more).
Now that I make my own coffee, I can't imagine paying for each cup anymore. Plus, I know that it will always be made PERFECTLY; that, plus the savings on gas and paper waste makes it the obvious choice for the money-minded student or consumer.
Thank you for saving me from some future student loan debt! Your article opened my eyes.
Best Regards,
- Alicia Fuhrman
Waco, TX
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January 22 2008
I use to buy fast food, eat out all the time, but since I have been on a diet I almost always bring my lunch, which consists of fat free yogurt, bananas, and some other fruit. For dinner I usually have a salad that I make at home which consists of healthy greens, veggies, any and all and I use 2 grams fat dressing by wishbone. This is been a total turn around for me as I said I really enjoyed eating out day and night, but I am proud of the changes I made not only in my diet but also in my spending. After reading about your "Latte Factor" I didn''t realize how much money I spend carelessly in a day. My credit cards are almost maxed out but I have decided to refinance and save money with a lower interest rate, pay off my credit cards, make home improvements that will increase the sale of my condo when I decide to sell and invest in an IRA or CD. I am also going to increase my 401k investments. I am 48 and will qualify for retirement at age 56. I need to start doing and stop wasting time as I will need all the help I can get. I almost always buy 1 cup of coffee daily which is 1.40, but I now plan on bringing one from home.
- alice chavez
Hayward, CA
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January 22 2008
I am so very grateful for the insightful information pertained in your "Start Late, Finish Rich" book. Before I started reading the book, I felt lost and hopeless. As a single woman with no dependents, living in an apartment, college loan debt and no assets to speak of, I felt that I wasn't living...just existing! During the time that I started reading your book, I began implementing some of your ideas, such as the "Latte Factor," and I even started participating in my company's 401K (now putting away 16% of my income monthly). Not believing that I had the credit to apply for a home loan, you inspired me to "take the plunge." At least I would be able to see what my current credit score was. Once again, to my surprise, I was approved by one of your recommended lenders (ELoan) ASAP!!! I have closed on my first home less than 60 days and now the sky's the limit!!! I can't stop there. I plan on purchasing my first income property in 6 months to a year. Look @ me!!!?! Who knew I had it in me? Thanks for redirecting the life that I knew that I could achieve. Watch my smoke!! I ain't done yet! Updates to follow. ;)
- Monica Ruffin
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January 22 2008
David,
The Automatic Millionaire and TAM Homeowner were the first of your books that I purchased and I must say it was one of the best decisions of my life. I was fortunate enough to come out of college debt free and instead of buying a nice new car or other young 20-something products your books motivated me to buy a house. After finding my first full time job I bought a condo in a college town just after turning 24!!
I can only imagine what becoming a homeowner so young will do for my future family and my grandchildren and others I will help throughout my life. One of the things I love most about all of your books is that you never forget to mention tithing and the amazing results it can have for the lives of others, and your own. The hole that you give through is most certainly the hole you receive through and I wish more people would take those words to heart.
So David thank you again, if it weren't for you I probably would have bought a sports car like most of my friends did after school but instead I made an incredible investment in a college town that I will be able to reap the benefits from for a long, long time.
I have to admit though I do love chocolate milk. It is my latte factor and I'm not quite ready to give it up just yet!
Thank you!!
- Jake Shellenberger
State College, PA
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January 22 2008
I sure wish I had a success story for you. I did purchase a couple of the books and even an audio series; but I have learned (THE HARD WAY) that I am the type of person that learns best by someone, right there with me; teaching me, showing me, even doing it for me until I get the hang of it. I am VERY sorry to say, I didn't get much out of (ESPECIALLY) the audio "The Automatic Millionaire", except that you might not want to actually SAY "AUTOMATIC MILLIONAIRE" 3,000 times.....we've already bought the book (audio book) it really felt like you were trying to sell me something, instead of TEACH me something????
It DOES sound REAL GOOD, though and I thought I'd let you know that.
Thanks,
- Denise Riedl
Orland Park, IL
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January 22 2008
Hi David,
Thank you so much for "Start Late, Finish Rich" The words at the beginning were so encouraging at a time that I had given up hope, hope that I could ever really live the life I want..the freedom you spoke of really hit home as recently I have realized that I walk around living from the truth that I am a victim of my circumstances! Really that there is NOTHING I can do to change where I am or the choices that I make daily! After I realized this I came across your book "Start Late, Finish Rich" and realized that I had already read The Automatic Millionaire and had done nothing! The definition of insanity right? So where am I today?
Well because of your program I now know where I am and you are RIGHT, no matter how much we (my husband and I) make we pretty much spend every penny and more! SO as I have learned recently I need to stop the bleeding. My goal is to make July a break even month!!! That is how far behind we are...we are working really hard everyday to pay for yesterday and last year and last Christmas!!! Yikes! But as I do this I am 100 percent committed to following EVERY step in your program.
So thanks again for the blueprint to freedom!!!
Regards and be well,
- Cheryl Bagangan
Plymouth, MA
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January 15 2008
Dear Mr. Bach,
This may be quite a stretch, but I’m hoping this letter makes it into your hands. With that said, I guess I’ll introduce myself, my name is Erin Barry I’m 21 years old. Having first picked up your book at the age of 17, with dollar signs in after seeing you on Oprah, I was determined to carry out the plan outlined in Automatic Millionaire. I’m happy to report that I’ve invested wisely and am in good shape for the future, although this hardly skims the surface of what your lessons have given me. With maturity those dollar signs have been replaced by a mission of philanthropy, which wouldn’t have been the case if I hadn’t learned how to apply the “pay yourself first” philosophy in all areas of my life. I was reminded of your lessons a couple of weeks ago I picked up a copy of your book “Start Late, Finish Rich” that I found lying around a friend’s parents’ house. I opened the book to page 297 and read something that sent chills up my spine. You wrote about the latte factor as it could apply to charity. Within that paragraph, a dream I had had just a couple nights before became a solidified plan of action. You know it too, I thought to myself. Everyone has a dollar to give; they just need to be reminded of the power of those dollars together.
In addition to finishing college and working part time in real estate (a passion you played a hand in molding) I volunteer at a homeless shelter once a week playing with children. It’s a wonderful program, and I’m truly honored that these little people allow me to share in the rare moments of joy they experience due to a life they had no say in creating. I’m fortunate that the program that I volunteer for, which places volunteers throughout Massachusetts homeless shelters for the sole purpose of playing and engaging these young minds, is able to supply books for the common play areas. I realize this is not the case on a nationwide scale, therefore after reading page 297, I realized that the dream I had a few nights prior was nothing less than irresponsible, without action to bring it into reality. I’ve decided to start a website where a two dollar purchase of space to write your name, link to website, or advertise for your company would raise enough funds to send a box of children’s books to over seven hundred homeless shelters throughout the US. My half million dollar goal would be enough to give 50,000 homeless children a possession, their first in most cases. The importance of books in a communal play room cannot be understated, but to give each child something to call their own, books in particular is my goal. The bond that is created when a child plops down in your lap eager to flip the pages wherever they see fit, regardless of the progress made on that particular page, is nothing short of magical. Those that I’ve told of my goal are weary, saying I’m asking for far too much to be done with far too little of a price tag. Thankfully, I tend to be relentless and put the website up two days ago. 250,000 painless latte factors is all it will take I hope to see this plan rise above the confines of demographics; to see a little given by a lot, instead of the reverse.
Yesterday I attended a women’s breakfast in Boston put on by the organization I volunteer for, Horizons for Homeless Children, there I had the opportunity of a lifetime to listen to Dr. Maya Angelou speak. She told the room of 1600 women, myself included, that her hope is for us to look in the mirror and see what we truly are, rainbows in the clouds of others. She went on to tell us how she stands before us the woman she is today, only as a product of the rainbows in her clouds. At the very least, I hope to get across that you are one of the rainbows in my clouds. A ray of hope that has inspired me to achieve what I know is achievable, reminding myself that you know it too.
Around the same time I first picked up the Automatic Millionaire, I lost my father. In doing so gained the strength and desire to deplete every ounce of potential I was blessed with; to leave this earth with my tank on empty, because what echoes my soul the most is knowing his was still full. I understand your mail may come in truckloads, and perhaps it’s even a cliché to note that, but I just wanted to say thank you. Thank you for not pleading ignorance to your purpose in life, because if you hadn’t been a rainbow in my clouds I may not have had the courage to act on mine.
In gratitude,
www.LittleSpongesDrive.org
"If one is lucky, a solitary fantasy can totally transform a million realities."
- Dr. Maya Angelou
- Erin Barry
Worcester, MA
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January 15 2008
My husband and I were up to our eyeballs in debt, making good money and really watching our latte factor, but still paying for mistakes from our past (run up credit card bills, car loans, student loans, a HUGE mortgage, and loans from friends and family), it was horrible! We were slowly making progress on our debt(REALLY slowly), but we listended to Davids advice and did whatever we could to dig ourselves out of our financial hole.
One thing David said was that becoming landlords is easy, and really helps to put you on the path to financial freedom. We didnt have the money to buy another house, but we did have a third bedroom in our house that we were just using as a junk room. We decided that we shouldnt wait to become landlords just because we couldnt afford to buy another house, so we put an ad in the paper and rented out the room to a university student for $500 a month not including groceries. After all the extra bills from having our tenant here are paid, we still have about $400 extra dollars a month to use to pay down our debt. In only 4 and a half months, we have seen such a huge difference in our financial situation, its really inspiring to see our debt being reduced so quickly. When you add together the money that we get from our renter and the money that we were already using to pay our debt down, we're paying almost $900 a month! Within a year we will be halfway there, and in two years when all the debt is gone, we are going to take the money that we were using to pay it down and save it as a down payment on an investment property.
Our best friends were in the same situation as we were, except they had two kids and lived in a 3 bedroom. They talked to their kids, explained the situation, and the kids agreed to move into the same room for a year so their parents could make a dent in their debt. Because they live in a ritzier part of town, they are able to charge $800 a month for their exta room, and they also are in a way better financial, and consequently, emotial state. Thanks David, your words of wisdom and encouragement really helped both our families
- Megan Wilson
Victoria
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January 2 2008
David.
First off, I am a Chiropractor with 2 kids under the age of 3. In 2005, I was saving some money, but was obviously wasting way too much before I read your book, The Automatic Millionaire. You see, although my wife Jackie and I own a home, we were simply just paying interest on it and had very little in our emergency fund. We also kept using my college loans as an excuse for not putting money into a ROTH or SEP Ira. Then, I was recommended your book and started watching you on t.v. and then saw you at the learning Annex. My wife and I the day we read your book started "The Automatic Millionaire". Since then in 1 1/2 yrs, we have maxed out both our Roth's, invested 15,000 into a real estate deal, put 500 a month into another online savings account at 4.2%, pay extra on our car payments each month, pay an extra 500 per month on our mortgage, and have eliminated all credit card debt. We dont know where this $40,000 or so came from but it is safe to assume our latte factor was a bit out of control, and we dont even drink coffee!! So, my advice is this "Money does not make you wealthy, it is what you save and do with your money to have it work for you that makes you wealthy." So, even a doctor needs advice and David, I want to thank you for making us FINANCIALLY HEALTHY.
- Dr. Darren Kreitman
Plantation, FL
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