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April 16 2009
Hi there, Just a quick story -- I'm usually on the skeptical side of the spectrum so I approached The Automatic Millionaire with an air of caution and hesitation. I considered myself to be fairly knowledgeable on matters financial and thought that spending too much time and energy focusing on these topics would make me materialistic and steer me away from the passions that I spent four years at Stanford cultivating. I found by the end of the few hours I spent perusing the book that instead, by automating my life's financial strack, I would have the time and peace of mind to focus on my life passions. I read the book last year. In that time, I have bought two houses in one of the country's most expensive housing markets, the San Francisco Bay Area Peninsula, and rented one out, grew my IRA significantly, consolidated all credit and debts and found an innovative and 'automatic' way to fund my upcoming wedding. Thank you for ensuring that I don't compromise my life's dreams for fear of financial unresolve and for giving me the chance to become well-established monetarily as a side effect!
- Lily Sarafan
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March 11 2009
Hello,
Just wanted to share with you a couple of thoughts:
I am just starting the coaching program (finishrich coaching) next week. Our orientation call is on Monday and I just finished reading FFYM.
I just hung up with my cable and phone providers and because of your book:
--I am now saving $25 per month on home phone,
--changed plans on cellular and saved at least $30 per month just on the monthly portion, also got unlimited texting in the plan which I was paying about $20 a month for text over usage.
--The cable company cut my rate by 50% at $49 a month for six months then $20 a month cheaper after that without cutting service at all. We do like our HBO.
Total yearly savings are at least $1320
While I am very glad to be saving I feel like an idiot for allowing it to go own in the past. THe good with the bad you know.
The book also helped me update our wills, verify social security earnings, spend all of our gift cards, roll over an old employer\'s 401k to my fidelity account, and validated my buying my car that is two years old, lease trade in for 50% off the new car price (Cadillac DTS for $27,000) (this was a few years ago and I have preaching the practice to everyone)
All from reading your book the last couple of days. I would read it and then go to the computer, read some then to the computer. My wife thought I was nuts until I showed her the work I was doing. She still thinks it but not due to this behavior.
This really explains people dislike \"the system\". Banks, credit cards and just big business in general are all inherently bad and need to be regulated. As a small business owner I was more of the less regulation the better in the past but....
I really look forward to the coaching sessions and just wanted to thank you for helping us and many others.
Thanks,
Tom and Wanda Kennedy
- Tom Kennedy
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February 19 2009
Three years ago my husband and I listened to The Automatic Millionaire for the first time. We were in our mid 20s and each lead a lifestyle of excessive consuption. Our credit card debt totaled over 17k, we each had student loans, and were making two car payments. At this time, we hadn't even considered funding our retirement.
Fortunately, that all changed. Though it took us about six months to go from recognizing we had to make a change in our spending habits to actually carrying out the actions required, we finally did it. Since June of 2006, we haven't used ANY credit cards -in fact- we have paid off all of our 17k in credit card debt! We own one car and plan to own the second by the end of the year. We contribute 15% of our income to Roth IRAs and we recently bought a house. Right now we are on track to have it payed off in 16 years by making an extra payment to the principle each month.
It is absolutely amazing what a simple shift in your mindset can jump start. The best part is that the journey has not been all that difficult-by making a little progress each month, we have come leaps and bounds from where we started!
Thanks for all your insight David!
Sarah Garst
- Sarah Garst
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February 19 2009
Dave,
I employed your methods on getting a raise from "Start Late Finsih Rich". The normal raise that people in my company get is about 2% to 2.5% because my boss tells us that if we want to make more money go and sell more, (bonus). I decided to look at the other people in my company and I decided that I was in the top 20%. I went to my boss in November and laid out all of my reasons for a 4.2% raise. Toward the end of the year I got my review and my raise and it was exactly what I asked for and I got the highest rating I had ever recieved before. Thank you very much for showing me the way to ask and recieve. I am also placing all of my raise into my 401K as well.
Sincerely,
Don Rice
- Don Rice
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February 19 2009
Hi David,
It's your friendly tapas-waitress, just writing in to share my story and say Thank You! At the start of last year I made a financial goal to get out of credit card debt and start saving for my future. I am your typical actor/waiter in NYC and had accumulated about 15,000 in debt over the course of 10 years or so. Every time I left town for a job--touring, or regional theatre--I would spend way more than I was taking in--and thus, I dug myself into a deep, deep, hole. Not to mention the extreme amount of money I seemed to spend living in NY and funding my career (pictures, classes, coaching, etc.) Well, I had no idea how to get out of debt. No financial education or smarts at all. Even my family always seemed to live outside of their means, so I suppose my habits were inherited.
I started working like crazy, gave up on acting, and just threw money at my debt, when a friend suggested I read "Smart Women Finish Rich". Your book was encouraging in ways I never expected. The idea of using your own personal goals to amend your financial behavior was refreshing! After doing the "goals" section of your book, I looked for part time artistic work that I could do to bring in extra money. I wound up in a kid\'s show here in the city on the weekends, then picked up teaching artist work through the same company and now I do part time casting!!! All fun and fulfilling for me and extra money to pay off that nasty debt. Also, I've been away twice this year for shows and I saved before I went, and budgeted, so I wouldn't spend what I didn\'t have!
The outcome: On December 31st, 2008 I mailed in my last Credit Card payment!!! What a great New Year present. AND I have contributed monthly to an IRA which I started at the beginning of 2008! I have never felt so in control of my personal finances, and I am relieved that I didn\'t have to sacrifice my own crazy artistic goals to make it happen.
It was an extra surprise to get to meet you at my restaurant! A little reminder that I was definitely headed in the right direction with my financial future. Thank you again for your guidance and your encouraging and inspiring book. Come in for tapas anytime!
Holly
New York, NY
- Holly Buczek
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February 19 2009
I just finised Start Late Finish Rich and I see it was published in 2006. Has your advice changed significantly since the current real estate and wall street disasters? I\'m wondering if you feel the plan presented in this book will work in these times or have recent events changed your thinking on any aspects of your approach?
- Rita williams
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February 19 2009
David,
I first started reading "Smart Women Finish Rich\ when I graduated from college in 2004. Then I read "Smart Couples Finish Rich" and right now, I am re-reading "The Automatic Millionaire Homeowner". Thank you so much for writing your books. Since I started reading, I have put $100 away each week and was able to make my dream of owning my own home a reality! I first started looking in 2005, but we just could not afford anything. Both my husband and I were patient and we had to make huge sacrifices, but on December 1, 2008, my husband and I closed on our house! Living in a very expensive area of the country where prices are still skyrocketing (Larkspur, CA), we decided to move a little further north and found a home we could afford. I am so grateful to you: because of your books, I was able to purchase my home at the age of 26, which is before most Californians! What a wonderful Christmas present!
Thank you and Happy Holidays!
- Abigail Black
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February 19 2009
Hello David,
I was introduced to your book, GO GREEN, LIVE RICH, at the "Women's Health and Environment" Conference in Pittsburgh this year. After immediately implementing some "Green" cost saving ideas from you book, and seeing the difference, we walked to the library (to save on gas) and picked up THE AUTOMATIC MILLIONAIRE. I do believe your book will change our lives! Soon after, we read START LATE, FINISH RICH. I am now reading SMART COUPLES FINISH RICH.
In just a few months we have made many positive changes. To name a few; we set up our mortgage payments to be "automatic", with extra being paid each month. We managed to pay off several high interest credit cards.
We have analyzed our "Latte Factor" and found many areas where we reduced our spending. With that savings, my husband plans to increase his 401K contribution from 4% to 10%, and I plan on opening a new IRA, with "automatic" contributions of course!
Thanks to your books, we have much less stress!
- Rebecca Kroll
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February 19 2009
Dear David,
It all started with my desire to become a millionaire so one day, I went to Borders to look for a book. I found the Automatic Millionaire and followed each and single step I found there. I started by availing of my company's 401k and tranferring my savings to a money market account. It was so addicting that I also got your other series and even recommended them to my colleagues. Then on my birthday last year, a friend gave me the real estate version of the automatic millionaire and I am now a homeowner! All these happened becasue of you and I can't thank you and Jesus enough!
- Maria Aurora Villamater
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February 19 2009
My success story is in its first few chapters, but I credit it all to The Automatic Millionaire. My wife and I are both 26 and have been married for 2 1/2 years. We had bought our first home with the help of her parents, but decided that we want to be able to upgrade and start a family together. After reading The Automatic Millionaire, i took away valuable advice and put it to work. We both have recently earned salary increases, but decided to live as if those increases never occurred. With that, we have been able to save, on average, $2,000 per month, plus socknig away our end of year bonuses and tax returns. In the last 1 1/2, we have saved almost $40,000!!! I would have never been able to do this without learning the simplicity of The Automatic Millionaire process. This may not be the most inspiring success story yet, but I guarantee it will evolve into one in the near future. I just wanted to share my story and thank you for the priceless advice. I even passed the book along to my 22 year old brother, who already has saved $15,000 since graduating in May 2008!!! Thanks again!!!
- Steve Scandura
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February 19 2009
David, Putting your \"latte factor\" theory to the test, I have managed to save thousands of dollars by getting my coffee free at work and also commuting to work by bus for the past (7) years. I contribute 15% (maximum allowed)to my 401k and set up automatic transfer of $200 every two weeks from checking to savings. Then, as soon as I reach $5,00.00 in savings, I put $1,000.00 into 12 month CD, using ladder method so I have varying maturity dates. I have saved $68,000.00 which is parked in laddered CDs. I use one credit card and pay it off every month. I have no car payment and have lowered my car insurance by driving less than 5,000 miles per year. I own a condominium with a mortgage payment of $360, so I am able to make several extra payments each year. All of this accomplished on a yearly salary of $40,000.00!
Please consider me for Latte Factor Mug.
Suzi
Mission Viejo, CA
- suzi handjaja
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August 4 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 $21month 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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August 4 2008
Hi David,
Although I am just reading your book now. I have been reading and studying your methods for the past 2 years and I just wanted to say that you book sums up many things that I have learned beautifully. It really is just a mind shift that will change your financial future.
It was only just a year and a half ago (18 months) when I was making a decent salary but had no RRSP or savings, in fact I was falling deeper in dept every month. With just a simple shift in my mindset I have been able to change my job, start 3 new businesses on the side (not quitting my job) and start my RRSP contributions. I am now happy to let the readers know that I have increased my income by just under 60% making just a simple change in my mind. I have also contributed in the last 18 months more then $14k to my RRSP plan.
I am sure that your techniques are going to double those numbers in the next 12 months.
I hope that your readers take your information seriously and apply the information to their life and maybe more importantly teach it to their children.
I love the quote by Jean-Luc Picard - "Things are only impossible until they're not.
Cheers,
Chris
- Chris O\'Neill
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August 4 2008
Dear David,
Thank you for your book, The Automatic Millionaire. As a student and young single adult who is still trying to complete my degree at the University of Utah, money is tight. from reading your book I have found that there are many unnecessary "lattes" in my own life. I was quickly able to recognize the small amounts of money being spent here and there. My latte was shopping! I know, very typical for a female right. So instead of working just to spend all my money, I decided to put a portion of my money in a savings account each month. I was committed, so every pay check I put aside the amount I decided was fair to live without. After I graduated I found that I paid most of my tuition off, leaving me with little amounts of debt, which I am almost done paying off. I also decided to make myself a clothing budget. this way I could spend a small amount without feeling completely deprived. Every month i took out, in cash, the amount that I was allowed to spend. this left me with a win, win situation. I was allowed to spend a little and save a lot. After the cash was gone, I knew that was it for the month! I wasn't even tempted to spend anymore. thank you again for you simple easy knowledge that makes our lives better.
Sincerely Laura Lee
- Laura Lee
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August 4 2008
Dear David:
I just finished listening to your audiobook "Start late and finish rich". An excellent, straight forward and inspiring book! I am a doctor-in-training, age 32 years, with one more year of fellowship left. I am "starting late" relatively, as I've been in school most of my life, with very little savings to my name. I feel very hopeful and full of ideas on what I will do with my new income as I start my first job. Thank you so much for writing such an excellent book. All the best to you and your family :)
ania
- Ania Kujawska
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August 4 2008
This past weekend I began reading "Start Late, Finish Rich". My husband and I are in our mid-fifties so we are definitely 'starting late'. Although I had heard the idea of calling the credit card companies to lower the interest rates, we were like everyone else - Really? sure, me dealing with a big corporation? Well, yesterday I decided to try it for myself. Here is what I emailed my husband after talking with the first credit card company.
Guess what!
I called the credit card company about lowering our interest rate.(This card has been at the outrageous rate of 24.98% since forever.)
The first personI spoke with immediately said she could lower it to 13.9% from 24.98. I thought to myself wow, that is awesome but courageously went on.
I asked if I could talk with someone about lowering to below 10%
Matt the next guy asked what I was paying elsewhere and I told him another card was at 9.75%. Without a pause, he said he could go one better to 8.96% starting August 19th. Amazing! In just five minutes time the interest rate went down 16%! I was excited and armed with that courage I called another card company. I had an Aerogold Visa which collected the Aeroplan Miles had an annual fee of $120 and an interest rate of 19.5%
In one short call this was switched to a Visa Select card which has an annual fee of $29 , no aeroplan miles and an interest rate of 11.5%
Originally I had planned on only calling the first credit card company that day. But having experienced so much success, I forged on to the last card. This card's interest rate was at 18.50% The first person I talked with tried to find a lower rate 2 times with various departments but apparently nothing was available at that time.I questioned why another card company was able to give something immediately but here I would have to wait for some promotional letters or calls from the company. Again she put me on hold and I ws put through to another supervisor. James.
He was able to lower the rate to 12.99% starting Sept 2/08
This is exciting all these will save so much in interest! Following those calls I put together an aggressive repayment plan with the help of a debt repayment calculator. We are looking forward to being credit card debt free in a little over a year PLUS saving literally thousands in interest!
Thank you! Now we are looking at the Latte Factor - somewhat hesitantly on my part - what will I have to give up? Seriously, I am excited to Finish Rich - even starting this late. Where was this teaching when we were in school?
Bev Rempel
Canada
- Bev Rempel
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July 16 2008
Dear David:
I got a call from one of your counselors. I have since automated my life insurance and my Ameritrade Account, and I also increased it,and it is on "AUTOMATIc". I ordered my Benefit Estimate Statement and also my Credit Score. I am on my way to the FINISH LINE. I paid off one half of a bill,purchased my file folders,sent two books to my son and one to his girlfriend,and one to my sister- her daughter is devouring it. I first saw you on Oprah. I let the word AUTOMATIC THROW me, and I delayed taking action. I appreciate the way Grandma Bach guided you. I have tried to read other financial publications,and it was like reading Greek. Thank you for putting it in language we can understand and using the examples. It hits home and a lot of lightbulbs go off. THANK YOU THANK YOU.I am starting LATE, but I have every confidence that I will FINISH RICH.
- Hattie Tai
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July 9 2008
Dear Mr. Bach,
I first began reading your book, The Automatic Millionaire, before my final year in university. I didn't get far in as I was reading it casually (it was a gift to my brother from my mom for his 24th birthday), but I did get as far as the basic concepts of the first few chapters: put money aside, start as young as possible. I started with just 20 dollars a week, which was what I could afford while I was paying my tuition.
I have been out of school for a year now, finished reading the book and since then had decided to meet with a friend who has recently been licensed as a financial consultant. We discussed my goals, namely retiring when I'm 65 and owning my own house when I'm 50, and more specifically what I've been doing to reach these goals.
She was blown away about the knowledge I had about my future and impressed that I was smart enough to take the initiative while still young. I'm 24 now and most of my friends are living paycheck to paycheck, my money is going towards my future.
I'd like to thank you for giving me the initial knowledge it took to make me consider my future, and I look forward to my timely retirement in 41 short years.
-Mike Yaskovitch-
- Mike Yaskovitch
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July 3 2008
After reading Smart Women Finish Rich I pretty much jump started my financial future being a single 35 year old woman. I had a alot to do and this book gave me the knowledge and security to get started. I now understand more about the stock market and how to retire the "right" way. I tell every woman- single and married to read this book and start your financial future rather than waiting for a man to do it or not doing it at all. IT'S A MUST READ and I will be giving it to all my neices for their 18th birthdays!!
- robanne olson
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June 30 2008
Mr.Bach
Hello, my name is Ta'les. I will be a high school junior in the fall and I'm taking AP Economics. The Automatic Millionaire was required as summer reading. I thought it was going to be boring, but I was far from right. I've always been the person who saves money. Unlike most people,I'm very disciplined. I can put 100 dollars away and not touch it, until its needed. After reading this book,this has made me want to save even more. I'm glad that I came across it at such a young age,(I'm 15), because now I have more time to become an automatic millionaire and possibly an automatic billionaire! In two months when I turn 16 I am going to get my first job and I plan on folowing all the steps and more to finish rich. With this information gained so early I hope to finish rich quicker. I just want to say thank you for sharing your knowledge with the world. You are an inspiration!
-Ta'les
- Ta'Les Love
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June 26 2008
David,
While reading the second chapter of the Start late, Finish Rich book, I was a bit worried as I thought I did not have any latte's. However, as I began to think hard, I realized that not only did I have a latte but I most likely had a double latte with two pumps of dummy in it! The thing is I felt these latte's were necessities because I had been doing them for so long. My list included an omelet breakfast 3 times a week at $10.00, manicure/pedicure once a week at $50.00, waxing every 6 weeks at $125 and dry cleaning once a month at $125.00 and that is just half of my latte list! I can definitely get a mani/pedi every other week, eat breakfast at home, dry clean every 6 weeks, and get a wax machine that will only cost me $20.00. Since I am an aesthetician I will just invite my friends who get waxed and charge them while I am at it!
Thank you so much for all the advice!
Sincerely,
Melitza Perez
- Melitza Perez
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June 25 2008
My name is Ana Calderon and I am a 20 year old mom to be. I know I am very young, but I have always worried about money issues. I come from a very low income family. I have struggled to get myself through Jr college and recently graduated with my associates degree. At my young age I have many responsabilities. I have to pay bills, which include store credit cards, visa credit card, house bills, and all the bills you can probably think of. I have been married for awhile now, and I am now expecting a child, which is soon to be born. I thought everything was so easy until now that I have to face the real world. I can get real stressed out making ends meet. I recently read your book 'Smart Women Finish Rich', and let me congratulate you for the enormous confidence you have given me. I can honestly tell you that it has change my life in many ways. I now see that I was never really in a really bad situation. I was only managing my money all the wrong ways. Your words have encourage me to continue with my education and achieve for more. It might be hard since I am a mother, but it is not impossible. I sincerely thank you for the hope that just maybe by the age of 30 I will be doing better than I imagine.
- Ana Calderon
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June 18 2008
David I would have to say at 24 you have taught me alot! My dad bought me my first Finish Rich Book 3 Easters ago and ever since I have bought two work books and three of the Millinare books. I feel to day I'm a success from your books. I have financed my home in to a 15 year fixed 5% mortgage elimanated wasting my money on lattes and have been saving in a 401k, savings and several bonds. I'm looking forward to buying more homes and maybe doing some exchanges. I wanted to tell you thank you and I will continue to learn from you.
Stephen Piazza II
Fairview, OR
- Stephen Piazza II
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June 18 2008
David,
your books are great! Most of the concepts aren't new to me, having read Kiyosaki, Tracy, etc. Thanks most of all for publishing Start Late, Finish Rich, as this is closest to the situation I've put myself in.
Anyway, here's the success story part: Less than 2 years ago I was struggling to keep from falling further behind in rent (I've never owned real estate yet), was regularly late on loan payments, and worked ridiculous hours at a job that was failing to live up to its promise. As soon as I quit this job (which was 1099'd as for income) I was amazed at how much I was spending just to work 80+ hours per week so I couldn't even squeek by. Before long I got 2 jobs & started tracking (and therefore controlling) my spending. I didn't "budget" per se, just got in the habit of looking what I was spending my income on & asking "why do I need this?" I was able to move into my own apartment, and started taking steps to return to a career that I actually enjoy. Since I've been out of it for so long and the job market is way down now, it's still tough. However, I've controlled my Latte Factor so well that I'm able to survive on a net income of only $1250 per month. This includes transportation and food. I'm actually able to pay $150 per month on my (negotiated down to) 4% credit card and $92 per month on my student loan from the last century. The card balance is down to ~$6k and the student loan to maybe $12k.
At this point, I've realized that if I find work that GROSSES $40k per year I would actually be able to INCREASE my standard of living as well as have saved as much as $20000 in ONE YEAR, which would be a down payment on real estate.
I'd like to close with a question: I'm 44, never owned real estate, no kids, no wife, have a stale Bachelors' Degree, and my FICO is only 596. I may have put myself in an unusually bad situation for a man my age, but what would you suggest as a next move? What should I be doing differently than I'm doing now?
Many thanks & keep cranking out the good info!
Mark Stachyra,
Mesa, Arizona.
- Mark Stachyra
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June 5 2008
My name is Bryce and my story is not to long seeing as how I just read my first Finish Rich book a year or two ago during my last years of high school. You see I am 19 years old and was handed my first book to do a book report on. At first i thought "why me?", but as I read I thought I'll put this to the test. I took about 3 to 4 months of my year and tried the "Latte Factor." I tried another way of saving money and I found the "latte factor" really worked. Just recently I was able to go out buy my self a new car, take a cruise and still come back and have enough money to not worry about anything. I wanted to thank all of you at Finish Rich for introducing me to the "Latte Factor" and other techniques. I will continue sharing this with everyone I meet.
Thank You all again
Bryce.
- Bryce Meznarich
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