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September 28 2006
not really a success story but just a thank you....I just began a real estate salesperson career and was given "Automatic Millionaire Homeowner" by the in-house broker. I shelved it for the meantime....then, I saw today's featured article on the Yahoo homepage "One Loss Shouldn't Lead to Another." That article spoke to me because I am a year into being divorced then I realized it is from the same author who's book is on my shelf! Of course that prompts me to "un-shelf" it and read it! But about the article...thank you so much for acknowledging what I was feeling, confused and scared about finances. I put my home on the market immediately and spent money foolishly. I was in no state to be making such decisions and am still a year later, traumatized and apprehensive. Thank you for speaking to me (and countless others.) This also got your book off my shelf and great recommendations will follow to my clients!
- Denise Josue
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September 28 2006
Dear David,
A couple of years ago after one year of marriage I noticed that my husband and I had very different thoughts and values about finances. I got your smart couples finish rich book. My values were for a happy marriage, financial security and peace of mind. I started saving 10% in my 401k and got a raise at work. I also went back to school. I really curbed my latte factor as well. My husbands only goal was to buy a kayak on my credit card and continue to buy 3 extra large coffees and a $7 luch everyday. We are now divorced, I got your smart women finish rich book and I'm going to see a finacial planner this week. It helped to open my eyes to what a destructive relationship we really had, I am so much happier now. I am greatful to people like yourself who care enough to help other succeed.
-AnnMarie Lally
- AnnMarie Lally
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September 28 2006
Hi David, I am new to your series and just picked up "The Automatic Millionaire Homeowner". I started with "Smart Women Finish Rich" and loved it. I felt compeled to share how my husband and I were able to buy our first house (and before we even knew about the Latte Factor!). When we first started dating I was renting a one bedroom apartment in Fremont. We determined it wasn't enough room so we found a house to rent on the other side of town. We signed a two year lease which locked us into a "fixed" payment. Once the lease was up the landlord decided we had to renew every year with of course an increase in rent. Speaking with family and friends, who were home owners, we realized our rent was that of most mortgages ($1850 a month at the time). Three years of living in the house we had gotten married. I was determined to buy after calculating what we had given in rent so we took on a roommate. We had already been making the rent payment so I made their payment our automatic savings. I deposited it into my credit union account that had great interest rates and two years later we were able to buy our first house in Brentwood (No Cal). And our mortgage payment was lower than our rent! This was five years ago. Taking on a roommate was the hardest two years of our relationship mainly over the lack of privacy but looking back, it was worth it. We are now looking to purchase our second property and have turned to your books for guidence. I am so thankful for finding your series. I didn't realize I was doing the right thing. It is becoming so clear now. I can't read them fast enough. Keep them coming!
- Rebecca Wheatley
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September 8 2006
Dave,
We're a moderate success story thus far. We have been AUTOMATIC since January 2006 and we have reached our savings goals "effortlessly" without much thought. We're now reading the "Automatic Millionaire Homeowner" edition. We're excited to buy another property soon! Although we feel we're starting a little late, your advice has inspired us to get started. Ironically, our parents have created wealth just like you described. So we know what you describe is on the $$$$. We attached a picture of our newborn Son because he is our inspiration to become Automatic Millionaires. This time next year, we will own our investment proprerty! Thanks for your advice.
- Fred Johnson
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September 8 2006
Daivd, I was one of those women who were considered smart, but in reality I wasn't very smart at all.. I was a stay-at-home Mom and was married 11 years to a younger man whom I totally depended on to manage our finances, and in the end I was left with a business/personal bankruptcy in my name only, and 2 little kids to take care of... So at age 40 I was starting all over again... Once I got over the self loathing & pity stage, I vowed to myself that I would learn from this, and that I would never make this mistake again. Instead, I would educate myself financially as my ex did with his MBA... So I started with your book, "Smart Women Finish Rich". From there I took community college courses in Simply Accounting & Basic Bookkeeping as you suggested. To this day I still dislike paper work, but I do it because I know that to let anyone else manage my money 100% is a recipe for disaster... In 3 short years, I got through my bankruptcy, and started to build my own credit back. I bought an older house with a second mortgage of $60K @ 16.9% which I paid off in my first year of working again. And since then, I've bought two more properties for additional revenue. Without your book, I don't know where I would be today? Probably renting, with no plan or dream for the future… Thank you so much for your wisdom and guidance... It's changed my life... Carrie (The picture is of me in front of my brand new 1/2 duplex that I had just bought all on my own with my own credit!)
- Carrie K
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September 2 2006
David,
I just don’t know where to start. I read your books “Start Late, Finish Rich” and “ The Automatic Millionaire Homeowner” and they both really opened my eyes. Although we don’t follow your teachings to a tee, we take what we feel will work best for us and use it to its fullest. After reading your book, I set up a bi-weekly payment for our mortgage. It would have been just as easy to make one extra payment a year, but this way we make it automatic. We paid off my wife’s car, and we reinvested the money into a mutual fund. We wanted to “pay ourselves first”. Our hope is to be able to buy a nice used car for cash in a few years and never have a car payment again. Instead of borrowing from a bank, we will “borrow” from ourselves. We have been living a debt free life for the past 3 yrs now. If we could not pay cash for it, then we did not buy it (except real estate). We took your advice and got pre-approved for our dream house; we then took the first step and purchased some land out in the Hill Country. Everywhere we looked they wanted us to purchase and build right away. It was my wife’s idea to look at a place that would let us buy and build on our own timeline. We won’t be building our dream house for another 18-24 months. Since we are debt free, we hope to be able to save a majority of our income to put toward our new house. Our hope is to be able to save enough on our own and have enough equity in our current house to be able to put a big enough down payment so our new house does not cost us too much more then our current mortgage. Something else that we do is using an envelope system. Every week we get paid we put a certain amount in different envelopes (vacation, clothing, etc). By doing this we have been able to pay for our last 2 vacations for cash. One was to Jamaica and the other was on a 7-day cruise to St. Thomas, Puerto Rico and the Bahamas. This picture is from that cruise. Becoming rich is not hard, but it does require some discipline and being able to say no when the kids in us want to say yes.
Alex & Monique Pugh
- Alex Pugh
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September 2 2006
I am a 28 year old Canadian and I picked up "Smart Women Finsh Rich" at the library. When I read that women should be saving 12% of what they make, I thought that's impossible! No way can I save that much and have enough left over to live on! I started contributing to my company's group RRSP when I was 22. I didn't really know what an RRSP was, but when I found out that my company would match the amount I put in, I knew I had to take part. How could I pass up free money? Last year, my company switched over to a Pension program. My company puts in 5% of my salary and it comes out of their pocket! Free Money! I am still contributing to my RRSP and topping up my Pension too. I also take part in my employee stock purchase program. I knew I was saving automatically each month, but I didn't know how much. I took a good look at my pay stub and worked out the numbers. I am totally shocked. I am saving 11.9% of what I make and I didn't even notice! The best part is, my employer contributes towards my Pension and Stock plan too, so with what they are putting in, I am saving 18.5% of what I make. I am going to be a Millionaire and I didn't even know it.
I just bought "Start Late, Finish Rich" and I am going to give it to my mom. She is 52 and doesn't have any money saved for retirement, but it is never too late to start!.
Erin Knighton
Canada
- Erin Knighton
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July 17 2006
David, Thank you.
You book has change my life. I was on a recent trip to Florida and on the way back while waiting for my flight I stopped at the book store in the terminal to get something to read during my flight. I bought you book and WOW!. I could not stop reading it. Your advice and instructions work, they really work.
Since I have finished your book I have increased my 401K contributions, started paying the more on the credit card with the highest interest rate. Now I can see a reduction in the balances. I have estimated that I will pay these off in 3 years and 9 months. Also, I no longer buy my lunch, I bag it. The only problem- I was not able to get a lower interest rate from any of the credit card companies, however I will keep trying.
I can’t say thank you enough for the inspiration this book has given us.
- Surrendra Gowcaran
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July 17 2006
Aloha David,
My name is Kaipo. I'm from Hawaii and I have to tell you thank you for doing what you do. I finally got to see part of your show on Oprah. I have to tell you that your book is the only book that I have read fully from the first to the last page and I am determined to read it again with a notepad to help guide me to financial freedom! Since I have read your book it has lead me to start looking ahead to my future. I started to "Make It Automatic" with my savings and I started my 401k. I am only 21 years old and I am already thinking of purchasing a house in the near future. I would also like to thank my aunt Cherise for advising me to read your book. Everywhere I go I hear talk about saving money and money problems, but now I will help spread the word and advise other people to read your book. Maybe, hopefully, I can get a chance to speak with you someday and share with you what keeps running through my head. Thank You again David and continue doing a great job.
Mahalos
Kaipo
- Kaipo Cabral
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July 17 2006
Dear David,
While I don't spend my money at Starbucks, my "latte factor" is going out to eat w/friends, plus my phone and cable bill. I have cut down on my cable service, and I will save $156.00 a year, and I changed my phone package to a simpler plan, I will save $432 a year on that, and I only go out on special occasions, so when I don't eat out, I put that money that I would have spent on eating in an "envelope marked as 'eating out' money; so when I do want to eat out, I'll have it. Another thing, I never valued quarters so much as I do now that I have to do my laundry in the building where I live; so I spend around $7.00 in laundry money around every two weeks, because when I can wash by hand I do, and I drop those quarters in a can. It adds up.
Thanks,
- Mary Alice Medina
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July 17 2006
David,
Thanks for helping us to see a light at the end of the tunnel. Although we are still working to pay off our debt, so we started paying ourselves first, and that has really helped. We've been able to put away around $5000 in savings bonds, CDs and savings since 2003. I also started contributing to my retirement account at work in 2004 and last year doubled the amount I contribute. I also had my husband up his percentage. We refinanced our house to get a better fixed interest rate. We are making bi-weekly payments and rounding up to the nearest dollar amount, so our 20 year mortgage will be paid in about 15 years. We've started eating in more, and when we do eat out, we've started ordering water instead of soda. That saves an average of $5-$6 per meal after tax and tip are figured in.
We still have a long way to go to pay off everything, but thanks to you, we are finally starting to see the light at the end of the tunnel-and we're feeling much less stressed as we journey toward that light!
Thanks,
- Dawn Hershberger
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July 17 2006
I was browsing in Borders about a month ago and came across your book "The Automatic Millionaire". Believe it or not, I had never heard of David Bach before that day! The book looked interesting so I bought it. As soon as I got home, I started reading and was amazed at the practical advice and common sense approach to saving! The Latte Factor was the most enlightening concept which fired me into taking action.
I immediately got on the Internet, moved my 401K deduction from 6% to 10%, opened a savings account that pays 5% interest and setup an automatic transfer which will deposit 5% of my salary every two weeks. Also, I've decided to contribute at least 10% to my church. Thank you for an awesome book and I look forward to becoming an automatic millionaire!
- T Williams
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July 12 2006
Our latte factor was saving around $400 per month by not buying soft drinks and snacks three times a day. Instead we brought our own soft drinks and snacks to work and pocketed the extra money! Works great and has helped our savings go up! Plus, my husband and I have been applying your information and have started buying and selling residence and rentals.
I read your book in less than 3 days! Thanks for the advice.
- Jody Lautenbach
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July 12 2006
David,
Using the simple principles you laid out so clearly in The Automatic Millionaire Homeowner, Start Late Finish Rich and Smart Couples Finish Rich, my fiancee and I are turning our financial lives around. We're nearly debt free, we've increased our automatic deposits into our retirement plans and we're looking to invest in a second property. Thank you for shining a light on the dangers of credit cards and chronic consumerism, and for explaining the basics of sound financial wellness. This essential knowledge should be taught in every high school in America, In fact, we hope your next book is directed toward teens, who will be spared a lot of life's painful financial lessons if they embrace your simple truths early-on. In fact, if you publish a book for teens, we'll work to put one in the hands of every high school senior in Rochester, Minn. the year it's published. Who knows, maybe it will start a grassroots movement! Thanks again David for giving people the tools to change their lives for the better.
Regards,
- Dave Kolbert
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July 12 2006
June 19, 2006 I entered into a contract for my FIRST home. I have never been so psyched and excited and thrilled as I am right now. What a feeling, I wish I would have been this smart 40 years ago.
My sister (my coach) started me last year by making me apply for credit. I raised my scores to 688 from about 630 in February 2006 when I was approved for a mortgage. I owe nothing but I also have nothing. I do have a superior pension from Unisys for my retirement. Debt: Three cards are active for a total debt of $1,600. (not like on Oprah hey?) I was in Barnes and Noble yesterday and read your Automatic Millionaire Homeowner in a couple hours. (latte factor-don't buy books.) But I went back to purchase the book. You are worth it.
I have been renting since I was 18 and never considered a home, I thought it was too constraining. So sad, because now I want to buy a few properties because it isn't as frightening as people think.
- Norma Blanco
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July 12 2006
Hello David:
Your book "The Automatic Millionaire" really opened my eyes.
Just wanted to say how important it is to pay more than the minimum amount on your credit card balance. I knew I had to do something about this, as I owed $1000, plus I also had MasterCard payments as well. I then concentrated on paying the department store card as it had the highest interest rate. Three months later I was successful at paying the card off, and then I just cancelled my account so I could never use it again. It makes a difference now that the only payment I make per month is on my other credit card- average $100/mo.
Thank you for the valuable information that urged me to get ahead and start transforming my debt into wealth.
- Lory Beyer
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July 12 2006
David,
I saw an article about you and your book "Automatic Millionaire Homeowner" online and decided to buy the book. I was one of your textbook cases who thought I would never be able to buy a home. I knew I had good credit so, the next day, I thought, "what the hell, I'm going to see how much of a pre-approval for a mortgage I can get." I filled out some applications online and within the hour I was receiving phone calls from mortgage bankers. I told them what I wanted for a monthly payment and received pre-approvals for 100% (80/20) financing that same day. I had a real estate agent by Wednesday who sent me to about 150 listings to review. I picked out 13 properties that I was interested in and we went to look immediately. That evening I decided on a Condo in a development that was being completely rehabbed, and went back on Sunday and signed a contract on a unit. All this happened within one week. The best part is my monthly payments will be less than I had thought. I'll be closing on my new condo at the end of August once construction is finished. I never dreamed it would be so easy. I definitely now have the bug to get into real estate investing.
Thank you for your book. It was written in an easy to read and understandable way. Like so many people before me have said, you've changed my life and my attitude toward owning real estate.
Best regards,
- Kenneth Wolff
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July 11 2006
Hi David,
I just finished your book and I am truly inspired. After each chapter I did what you advised- changed the percentage on the 401(k) up to 6%- (it was at 3%) with a plan to increase every other month until it is up to 12%. The light bulb went on when you discussed the Latte Factor which really was a no brainier but to pack a lunch takes some planning which I have set a goal of 4 days a week to start with. My spouse and I have a 30 yr mortgage, so I will be looking into setting up bi- weekly payments soon.
I just wanted to tell you that before I picked this book up I dreamed of winning the lottery- it was my only hope to stop living pay check to pay check. If we had only started sooner! I can't change what I did yesterday but I sure am changing what I can do tomorrow.
Thanks again for writing this book- for me.
- Diana Simms
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July 11 2006
Hey David,
I just don't know where to began. I watched you on Oprah, when she was doing her show on the Debt Diet. Since then I have put myself on a "life plan diet" I went to the library (didn't want to spend the money on my latte factor (ha), so I checked out three of your books. Smart Women Finish Rich, Automatic Millionaire, and Smart Couples Finish Rich. Okay so I read, and I stopped, wrote things down, and continued until I thought I was going to run of of sticky notes!!!! That was Feb. of 06.
I have since:
Opened an IRA at my Bank and have been able to deduct the amount from the 2005 income tax(every deduction helps), and I have opened an orange account (in fact when I called the 800 # I was just going on and on with the rep as to "Where did I hear about this company?" So of course I said "David Bach) So that is now automatic savings. I am also in the process of starting my 401 k with my company I started. Plus, I am looking into investing some money into stocks.
I am sure I can go on and on but for now this is enough. I will continue to let you know the progress.
Thanks so much!!!
- Cynthia Thurman
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July 11 2006
I am a 24 year old graduate student who has been inspired by both the Automatic Millionaire and Smart Couples Finish Rich. I have analyzed my financial situation over and over again, cutting out all of my "Latte Factor" items. I have no credit card debt whatsoever. Unfortunately, I cannot implement most of your strategies yet; however, I am prepared to do so as soon as I graduate and start working. I plan to max out my 401K right away. I won't miss the money if I put it away automatically from the start! Something that you haven't touched on in any of your books is the burden of student loans. My education for the past 7 years has my total over $106,000. This is not uncommon among my classmates. With interest rates from ranging from 5 - 11.5%, I have to decided to use your debt repayment chart to pay off my student loans starting with the highest interest rates first. The banks sure understand the concept of compound interest because it's working in their favor most of the time. It's payback time! I'm sharing these ideas with my classmates and encouraging them to read your books. In fact, they make a great holiday gift.
Thank you so much David for empowering me with the knowledge to take care of my financial future. I have a plan and I am definitely going to follow through with it!
- Tara Dromgoole
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July 11 2006
I have been truly inspired by the testimonies I have been reading this morning and finally found the courage to write myself. I started out with Smart Women Finish Rich, and I must admit I had only planned to buy the one book and ended up with 3 of your books along with the workbook. The reading was so easy. I left the mall and was home reading the book by 9;15 p.m. I finished reading the book by late afternoon Monday. I could hardly put your book down. I had an ING account but had depleted my funds, but just this year I started putting $ 50.00 per pay period in along with $ 25.00 in an account for my daughter. I am happy to say that I now have $ 400.00 and I plan to increase that amount really soon but at least I did start. I also started a deferred comp at work. I do have a 401K and I have been doing quite well as far as my investments.
- Robin Walker
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July 11 2006
David,
Here is how I put the latte factor into play in my life. First I needed to get a car as well as establish some credit of my own. I killed two birds with the same stone. Using the “latte factor”, every time I considered purchasing something, I asked myself, “Which do I want more, this ‘latte’ or the car?” Naturally the car was more important, so I put the purchase price of whatever I had thought I wanted, plus the sales tax amount, into a savings account. I was amazed to find that I saved $2,000 in two months!
Six months after that, I was given yet another 60 day notice to leave a rented home. Tired of the endless pursuit to find a landlord that would accept a large family, I opted to talk to an older real estate agent in Napa, California about the possibility of purchasing a home. I was amazed at the options that he was aware of. He set me up to meet with a loan broker and we were able to work closely together. Finally we found one that was affordable, and, as he said, “not too rough”. Within the sixty days that I had to leave my rental, I had become a home owner! My mortgage broker added the remaining portion of my car loan into my mortgage and advised me to send my car payment in with my mortgage payment. For the next three years, I made a payment that included my mortgage amount and car payment amount as well as what I had accumulated in “latte factor” money savings account.
As my children grew, so did the need for a bigger car. I talked again with the broker and she recommended a refinance to pay off some of my medical bills and then purchase the bigger car. In the refinance, I was able to pay off all accrued debt and the purchase price of a small van. Further more, I received the benefits of an even lower interest rate. I continue to send in the car payment with my mortgage payment. My current mortgage amount is less than the former monthly payment, even with the car payment amount figured in. Now, I have been in my house for six years. I originally purchased the home for $163,000, my balance on my loan is around $130,000 and the house is valued at over $400,000. My goal now is to pay off my loan by the time my youngest daughter graduates from high school. I am also thinking of purchasing a second home and renting it out.
- Gwen Davidson
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July 11 2006
David,
On the advice of a friend, I borrowed your book, "Start Late, Finish Rich" from the library. I will be 42 in July. I am attending a local University to complete a Master Degree in English. I work part-time and make approximately $23,000 a year. I have two children, ages 6 and 5. Everything I read in the book was things my father had talked about when I was growing up, but never implemented. I decided to actually set up my own children and myself for a better future. I have no credit card debt, but I have $90,000 in student loans. Budgeting does not work (you're right) because it feels as if there's no extra money to budget, but I can redirect some of my money. With the help of several local housing agencies, I will close next week on my first home. The sale price is $71,000 and I now know I can shave 6 years off the mortgage and save almost $25,000 in interest by making an extra payment each year. I have opened mutual funds with $1000 for each of my boys. I will add to them when and if I can, but, if nothing else, the funds are established and, hopefully, will grow, and I can begin to develop habits of saving and investing in my sons. Furthermore, I had opened a Roth IRA years ago, but had stopped funding it. It has about $5,000 in it. I have reestablished automatic payments of $50/month.
I know none of this is spectacular, but I have made a start and for the first time in years I feel like I have a plan and that it is possible for me to set a good example for my boys. Being rich would be great, but the feeling of moving forward is priceless.
Thank you.
- Tammi Cvetnic
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July 10 2006
Reading the Automatic Millionaire changed my life. I only wish I had read it sooner. I was just out of college, drowning in debt, and earning a very average salary. However after figuring out my latte factor, I realized that I was spending well over $1000 a year simply on coffee! Simply by cutting out coffee, and limiting the amount of times I eat out, I have been able to pay off all of my credit cards and start saving. I've already set up my automatic savings fund so that I can save up for a down payment on a home.
Your books have been absolutely wonderful, and I make sure to pass your messages on to everyone I know.
- Nathan Alanis
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July 10 2006
Hi David,
I am a single guy living by myself. I make enough money to live a comfortable life. However, I had been having a hard time saving money and was wondering where I spent all the money I make. I tried to use a budget plan, but that did not work. Finally a friend of mine suggested I read your book “The Automatic Millionaire”. I quickly found out that I have lots of latte factors. I was spending about 20 dollars a day eating out. Now I have started cooking at home and take my lunch to work. Twenty dollars on groceries is now lasting me for a week. Right after I read your book, I started contributing 10% of my gross income into my retirement 401k plan. I also opened a money market account. The bank automatically withdraws 100 dollars every pay day and invests it in my money market account before I even see it in my bank account. Now I am thinking about buying a house. Your way is very easy and simple. I don’t have to worry about how much money I spent on small things.
Thanks for your book, now I am in control of my financial problems.
Thanks David.
- Dawwi Testa
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