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April 22 2005
In August of 2003, I switched jobs and moved from Sioux City, Iowa to Mission, South Dakota. Being a librarian in both school districts paid about $30,000. However, the costs of living dropped dramaticly when I moved to Mission. This was due to the fact that rent, which was nearly $600 in Sioux City dropped to below $200 a month in Mission, where the school district provided housing for teachers. Even so, the post-rent balance on one month's paycheck in Mission was only $100 less than the pre-rent balance in Sioux City. As a result, I suddenly had "all that money" coming in. The question was what to do with the $7000 raise that came from the severe drops in cost of living. Not knowing what to do or where to go in my first year here, I used the money to get rid of $6000 of the $9000 I had to repay in college loans. Then, In the summer of 2004, I was lucky enough to catch Mr. Bach talking about his new book on one of those morning talk shows. Well, I ordered it. Shortly thereafter, I was working with the school district's payroll officer to try and start some of the retirement accounts talked about in _The Automatic Millionaire_. Due to the fact that I was already used to life without that money, I decided to invest it in retirement. As a result, I have been able to set up both a 403b account with a $5040 contribution and a Roth IRA account with a $3996 contribution without feeling a pinch. Part of this also comes from the fact that I can not drive, and thus do not have car payments, car insurance of even gas prices to worry about. But as you suggested, making it automatic truly does make it much easier. As a result, I have recommended your book to numerous colleagues. Thanks a bunch! You truly put things in plain, simple English, which anyone could understand!
- Douglas Lee
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April 22 2005
Three years ago I was at the local library and ran across a copy of Smart Women Finish Rich. Being a single woman and a home owner I've used the library for a number of HOW TOO, FIX THIS and PERSONAL GROWTH books that I couldn't afford other wise. Thank goodness I found your book and can honestly say that it has changed MY LIFE! It has put ME in control over my finances which use to be in control over me.
What I have learned from your books has started me on a journey of self dicovery beyond any of my expectations. And here are some of my changes:
(Please keep in mind most of these figures are very small, but to me the rewards have been and are priceless)
1) 2 years ago I refinanced my 30 year home mortgage to a 15 year mortgage @ a 5% intrest rate appose to 6.25%. The intrest & time will save me around $40,000 and will shave off 10 years of the original loan. Which will mean my primary home will be paid off by the time I'm 50. YA! Also my home apprasial found that my house was worth $25,000 more than I orginally paid for it. This info inabled me to get out from underneath a whopping $63 dollars extra a month tacked onto my house payment for PMI. This $63 dollars helps pay the slight increase on my house payment. So my house payment only went up $42. This extra was easily found using the Latte Factor your book taught so successfully.
2) Over the last 3 years I've learned How to Pay My Self First through my 401K plan. 3 years ago I was only saving 6%. 2 years ago I increased it to 10% and 1 year ago I changed it to 17%. My goal is 25% we shall see!
3) I have 1 credit card and haven't paid one nickle of intrest in the last three years. By switching company's once a year with 0% intrest free offers and no blance transfer charges. I'm finally getting that monkey off my back and will be free of it once and for all come Jan 2006.
4) My Latte Factor was eating out lunch every day. I've cut that back to only once a week and now walk and bring my lunch. This has helped peel off about 10 lbs and has helped my monthly budget not go out the window.
5) I have learned how to truely SAVE and put off instant gradification for securing the kind of life style I want to have in the future.
6) GOALS I realize are a vessel to achieving what you want out of life. I'm so glad I understand how important they are. Visiting with them on a daily basis has empower me to accomplish much more than I ever thougt possible.
7) The last 2 years I've done my own taxes. Just ask any of my friends or family if they can belieive it. I still can't. This list could go on and on but I can't possible tell it all. So on that note.
RESPECT, of self is something money can't buy and in a world were everthing has a price on it I am so glad I found your little jewel in that library. PLEASE know I loved your book so much I went out and bought 2 copies 1 to keep and 1 to share. I believe in sharing PURE & USABLE knowledge and that is what your books have to offer...
PS... One of my best goals is to have a second home. BEACH or MOUNTAINS, oh my the possiblities are endless......
- Frances Butler
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April 22 2005
I'm a full-time mother of 2 and I'm 31 years of age. My parents taught me about money so I have a good understanding of how every penny counts. However,there is always more to learn, so my girlfriends and I went to your seminar in Calgary. I was so inspired to set up some saving baskets for my family's future I started on it as soon as I came home. You recomended real estate as an investment, we're already home owners, so I figured we would invest in ourselves and start paying our mortgage down faster. I decided to save 60 dollars a month and after 12 months I put our first lump sum payment of $720.00 on our mortgage. It doesn't sound like much...BUT IT IS! Our amortization went from 14 years 11 months to 12 years 3 months. That's almost 3 years off our mortgage! $720.00 goes a long way when it goes directly to your principal! We are hoping to have our mortgage paid off completely withing the next 9 years. Pretty impressive for a one-income family, to have our first home paid-off in less than 14 years. This will give us the option of purchasing another home for ourselves and using our current home as a rental property. Pay yourself first...we will finish rich!!
Thank you David for the Canadian editions of your books.
- Joyce Romane
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April 22 2005
David,
I would like to reiterate what everyone else has said. Your books and information are life changing. I purchased The Automatic Millionaire after watching you on the Oprah Show during the summer of 2004. It was a great read. I was already doing alot the things you mentioned. I am an economics teacher and am fortunate to have an education in finance. I love the way you present the information in easy to read and understand formats.
Also, I am an economics teacher in a high school and use your book. So many of our kids know nothing of saving, the how to's and strategies. I use Automatic Millionaire as a reading requirement for my class. The kids love finding out how they can become financially stable. Many of their parents write me letters or visit with me about how they read the book because they couldn't answer questions their kids were asking. I can't wait for your book on kids and saving to come out in the near future.
Sincerely,
- Alan Fontenot
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April 22 2005
Dear David,
I've just finished your audio book The Automatic Millionaire for the second time. Last year I read Smart Women Finish Rich. Several months ago, I saw you on the Oprah Show. I'm so impressed with your sincere compassion, teachings and knowledge.
I'm a 62 year old widow and wish I had this information (or someone like you to get my attention) 30 or 40 years ago. I am still working full time and practically living paycheck to paycheck. However, with your wisdom and guidance, I am slowing changing that every day. I'm passing your books and wisdom along to my 40 year old son - because I think he could be doing a lot better and if I'd had this knowledge before, I would have given it to him - I know it cannot be too late.
I am almost completely automated with my monthly bill payments. Today I signed on to ING DIRECT with a $100.00 a month automatic deduction into my new savings account there. I contribute about 5% per paycheck to my company's 401k. I'm about to tackle a $3800.00 credit card debt and never do that again. I have lived in an apartment for the past 10 years but am getting ready to step out and see if there is anything I can possible do to buy a condo.
This e-mail is just to say THANK YOU for you encouragement which fuels my confidence to know that I am on the right path. And even if I don't "finish rich," I will not die a complete failure!
Blessings and good wishes for your continued success.
- Dorothy Diane
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April 22 2005
A retired teacher from New England, I moved west for the sunshine, interesting people and lower cost of living. I have a nice house instead of a co-op apartment and enjoy the Southwest. My health insurance premiums are very high, though, and I have expensive dental care, so I wanted to improve my spending habits. The Double Latte factor gave me some encouragement.
An area I identified immediately: watching shop TV programs and ordering stuff I don't need. Even returning it is expensive, with UPS rates soaring. I'm especially hooked kitchen gadgets. Not only are most of them unnecessary, they actually amount to clutter.
Solution: instead of watching shop TV programs I now watch The Food Network. From Paula Deen and Rachael Ray, I'm learning a lot about cooking, and now I even use those kitchen gadgets!
Experimenting with new recipes has made me more outgoing and hospitable to friends and neighbors. After all, I can't eat all this food by myself!
This is just a little thing, but it is typical of the win/win approach that you suggest. You don't have to give up good things to save money, in fact you can have more fun than ever!
Thanks.
- Mary Bishop
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April 22 2005
Hi,
This isn't as much a success story but rather a successful tip!
I initially saw David on an Oprah show where he was giving advice to couples on how to improve their financial situations. I was flabbergasted to see how people could get so much into debt!
Immediately, I decided that I needed to pay far more careful attention to my spending habits (I'll never look at a latte the same way again! :-)). So, I bought David's book and am - ok I'll admit - struggling to put everything into practice.
My success tip that has helped me is to simply keep my purse zipped shut, be it at home or in the drawer at the office. This little gesture conveys the idea of keeping money in my purse rather than let it flow out!
One of the effects is that I have been much less tempted to buy snacks at work (bring 'em from home, now - it's healthier anyway).
It's a small physical gesture but carries a large psychological meaning!
All the best,
Liette
P.S.: I attended the presentation David gave in Montreal last fall and had invited my mother and boyfriend along - we all really enjoyed the presentation. And, by the way, "Latte Factor" is an expression we all use now!
- Liette L'Espérance
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April 22 2005
Hi David,
When I picked up "The Automatic Millionaire" I was looking for an investment strategy for retirement. Waht I found was a simple yet elegant method to secure my financial future. While I did not buy lattes or lunches at work, I did splurge an average of $125 on dinners out with friends once a month. I also spent another $100 on books/DVDs every month. That was $250 dollars that I could have used to build my finacial future. After reading your book, I opened a ROTH IRA account, I increased my 401(K) contribution to 15% of my pay (my employer matches 100% of the first 5%) and made it automatic. I didn't feel a too big difference in my take home pay but my 401(K) balance is very healthy and my ROTH is also doing well. I didn't give up going out with my friends but we toned things down. Our main purpose for these dinners was to spend time with each other so now we have game nights or we go out for a latte and a marathon talk session. My friendships are stronger and all of my friends are also well on their way to becoming automatic millionaires.
Thank you so much!! Here's to living rich!
- Vaishali Gor
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April 22 2005
Mr. Bach,
Thanks so much for writing "The Automatic Millionaire." It is a great game plan on how to automate everything. I'm 31 and so glad I found your book when I did. After finishing the book, I figured out my Latte Factor/one hour pay to be $20. I immediately set up a "rainy day account" through ING. I then called my best friend, who is a finacial advisor, and started working on my Roth IRA. I was already tithing, so that was done. My company currently pays for my apartment, so while I'm in a rental, I'm not paying the rent. This will allow me to set up another account at ING to start saving for a downpayment on my first home and pay off other debts.
I've already ordered all your other books and look forward to reading them and learning more about Finishing Rich.
Thanks again for your great work and keep it up!!!
- Shane Comeaux
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April 13 2005
David,
First I must emphasize how much I love your books. My brother used to tell me not to buy financial books because how am I saivng money if I'm just spending it on a book - and I felt guilty every time I strayed from that thought. But something about your book the "Automatic Millionaire" convinced me to splurge! Ever since, I have noticed a complete change in the way I approach money. You see, I am a full time graduate student. As you can imagine my loan debt is a mortgage and my credit card bill were astronomical. I was overwhelmed and didn't see how I could ever get out of debt. I'm now on internship and after reading the Automatic Millionaire and Smart Women Finish Rich, I decided to change my approach.
First, I took charge of my latte factor. I bought a coffee pod so that I could make my coffee in the morning instead of investing in Dunkin Donuts. Then I began paying for about 90% in cash. I also made a finance book to keep track of my bills and bank statements. I've never been able to balance my check book before I did this. It's amazing how much it helped. And lastly, I've been using my stipend to pay down my credit cards. I've got almost half paid off. I won't have them totally gone by the time I'm done my internship but the majority will be dead.
I can't thank you enough for helping me the way your books have. I'm a simple minded individual who when it comes to money, needs things spelled out for her, which thankfully your books do. I haven't been able to invest anything yet but by taking leftover change and any one dollar bill I get back in change from a paying for something, I was able to buy my first real piece of furniture - a couch. I was so proud of myself. I took the 24 hours to think over the big purchase like you recommended (no small feat for me). I feel as though I now have the tools to keep going forward adn to eventually start saving when I get a real job next year.
My only suggestion is that you write a book for us grad students teaching us how to get out of the black hole of loan debt (mine will be close to $200,000!)I would greatly appreciate that book.
Thanks again.
- Rebecca Buckman
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April 13 2005
David:
I have read all of your book and look forward each month to your newsletter. I am fortunate that my father placed the seed of saving for the future, dollar-cost averaging and wise spending years ago. Your books continue to motivate me to "do better". I purchased an older home 5 years ago and have made some improvements on the house that will hopefully pay off when I decide to sell. I am always watching house in my neighborhood up for sale and am amazed at offering price. And they get it! The market value on my house has double in 5 years! I'm tempted to sell, but love my house and the location.
Anyway, thanks again for the continue motivation to plan for the future. I recently increased my 401K contribution to 16% and I max-out my ROTH IRA contribution. Last year, my New Year's Resolution was to get my will, power of attorney, living will, etc in order. Its nice to cross these things off the list. I would love to find others in my community that share your ideas and found out things that they do save money, etc.
Thanks again and keep up the good work!
- Sharon Livingstone
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April 13 2005
I brought your book "Smart Couples Finish Rich" and it started me to thinking about my retirement. I immediately changed the amount I was putting in my 403b from 10% to 12%. I also opened an investment account with my bank. I already took my lunch I am a health nut and don't trust the cafe where I work. My one vice is a diet soda pop and 1 sugar free candy or baked lays( 1.12 for the pop and .78 for the candy or chips) I found a better pop at the grocery store and better chips and manage to save 3.00 a week. This money I have put in an educational account for my grandchildren, when my son desides to settle down.
When I brought "The Automatic Millionair" your advice has spured sweeping changes in my life. I have made arrangements to increase my deductions to my 403b systematicly over the next 2 years, so I don't feel the pinch. I have started the process with my mortage company to make payments every 2 weeks. The most wonderful change is with my husband who for years thought we would die in debt now is happy after years of depression. Life is good.
- Elizabeth Hicks
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April 13 2005
Dear David,
I'm writing all the way from Manila, Philippines. I'd like to share a success story of my father, Joaquin Sy, who is turning 61 on June 8 this year.
My dad is living proof that it's never too late for anyone to start late and yet still manage to finish rich. My dad never had a high-paying job, no luxury sports car, no property to speak of, no trips abroad.
Just a year ago, at age 60, he couldn't dream of retiring any time soon, not in the next 5 or 10 years. But all that changed last year, when he was 60 years old. It has been a good year for him selling condominiums. What's inspiring was his decision to place his commissions as downpayment for a new house - his first. He could've spent it on other stuff like a new entertainment system, a trip abroad, a new car, but he didn't. He honestly knew that he had to prepare for his retirement and that was the time to do it. As of the moment, he's paid off 50% of the property. While his other sales agents have unwisely spent their commissions on non-essentials, my dad has gifted himself, and us, his family, with something that lasts - property and the peace of mind that goes with it.
Thank you for the work that you do. You have gifted us with the ability to secure our future, through practical, solid financial advice.
Namaste,
- Jeffrey Sy
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April 13 2005
Hi David,
I wrote to you before about how your books helped me. Part of the reason I have been doing so well is because in July of 1993 I bought a Townhouse in Staten Island, New York for $134,900. This was a pre-construction price. I am still in this same townhome, but now it is worth over $400,000. My neighbor just sold hers for $400,000, but she dosen't have a pool and a finished deck in her yard, so I could probably get more. My principal balance is $83,000. I'm not that great with numbers, but even I know that - that is a great investment. I have been sending extra on my mortgage payments and am planning on paying it off in 7 years. After that I am thinking about buying another place and rent it out while I remain in my home. Hopefully the rent will pay for the mortgage of my new home. With my 401K maxed out and my primary residence paid in full I will be pretty stress free and debt free. And who knows maybe I will buy that house to rent out. Time will tell. Thanks David for all the great advice and more importantly your motivation.
Sincerely, (keeping my investments simple and spending more time with my family),
- Stephen Geraci
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April 13 2005
I don't have a success story yet. I am 51 divorced without any retirement fund who filed for bankruptcy in 1999. My daughter bought me your 1st book, and I just bought my first home FHA with a downpayment of only 10,000.00 at 6.25. I don't plan to retire until I am 70 which should give me 1700.00 a month in social security. I am now reading Start Late, Finish Rich and am hoping perhaps I will be able to possibly retire at age 65 following your rules. I will update you on my journey to wealth.
Thanks so much for giving me hope!
- Denise Callahan
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April 8 2005
Before reading your book, "Automatic Millionaire," my husband and I were very discouraged. We are recent college graduates and newlyweds. We live in a city were real estate is sky rocket in price and are just above the income level for assistance as a first time home-buyer, etc. We were certain that our college degrees had done nothing for our future. After reading your book, we realized how much we could save to go towards the purchase of a future home! It is amazing.
We have automated a $117 contribution for each time we get paid. Not including interest earnings, we will save over $5,000 toward a down payment on our home! Furthermore, I changed my 401(k) contributions to 10% of my income for our future. We are extremely excited about the possibilities that will come with just these two changes. Additionally, I went to close one of my credit card accounts (Discover) and found out that they offer 0% interest on balance transfers for the life of the balance! I am excited about the 8% interest I will be saving! Thank you for such a wonderful book!
- Alicia Allen
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April 8 2005
I always heard the phrase "pay yourself first" but never applied it. After reading your book "The Automatic Millionaire", you explained in detail the phrase "pay yourself first" by showing how many hours are you working for yourself. Its hurtful when you notice that you don't work any hours for yourself each week. Thanks for this advice David, I'm going to make sure I work at least 1 hr a day if not 2 for myself. I have also started in my companies 401K, opened an IRA and 5 other mutual funds plus some stocks. I have to thank you and Mr. Donald Trump for the money advice as I was a 30 yr old with nothing in the bank. I can't stop telling people about your books. Thanks again.
- Donald Harrison
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April 8 2005
David,
Something I have done for years is whenever I take money out of the ATM I automatically take 10% and set it aside. I place this money in a separate spot in my wallet and when I get home I place it in an envelope so that I don't spend it. I travel on my position and I normally take out $200 each week for misc. expenses which I can not put on the corporate charge card. I know $20 dollars a week does not sound like much, but over a years time this is $1040 dollars. I also take any money receive for birthdays and holidays and add it to this rainy day savings. I took me two years to save enough to take my wife on a Panama Canal Cruise last year. This year I was able to save enough to purchase weekend season tickets with my neighbor to the Chicago White Sox. Because the money was saved over time it was very painless and I friends who wonder how I can afford to do what I do.
I have to admit that this habit of saving 10% of my money goes back to my Grandmother teaching how much I can save by saving in little increment.
I would like to thank you for confirming what my Grandmother taught me. She also taught me that the best credit card was green and could be folded. She always told me that if you can't pay for it you don't need it.
Best Regards,
- Mark DeSantis
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April 8 2005
Hi David,
I have noticed most of your readers are from USA - and would love to hear from readers from Aussie Land!! I too saw your segment on Oprah who I might add it was fantastic (saw show on March 31st 2005 and I thought I must have this book. I am sure there a lot of readers from here that have no idea what they are doing in regards to saving on small expenses that we do everyday.
My Latte prob is magazines - I am hooked but when I worked out how much I spend a month I was shocked. I knew I had to stop but this was the trigger I needed. Your book will also help with weight loss I might add as people will probably go home and make a cuppa instead of grabbing their "latte" out which is about the same price here.
I have already set up my mortgage payment to come out weekly instead of fortnightly as you stated in your book as I use internet banking over here and we can set up our transfers online. I am not sure if you have that over there but that's a thought for your readers. Our automated service lines are very slow here and am so glad we have that option here as saves time and money!!!
I am also interested in your other books and they are available here as well.
I wish you all the best and many thanks for your brilliance and expertise!!!
Kind regards,
- Anne Mole
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April 8 2005
I just want to thank you David for all you have done for my life. I recently happened upon your book by accidently a few months ago and once I began reading it I couldn't put it down. Before I read your book, I was completely hopeless. I work in a job that granted probably doesn't pay as much as I should be making, but I still get paid very well. Yet I had absolutely no money saved, I was living paycheck to paycheck, I had some credit card debt (not a serious amount, just under $1000 worth, but I had been still carrying that debt for a quite a while, only paying the minimums each month), and I was constantly being charged late fees on all my bills from forgetting and paying things late. Thanks to you I have managed to finally start putting my life on track and in control.
Before I even finished reading your book, I contacted my boss about setting up a 401k plan through work (which I contribute 7% of my pay and will increase to 10% before the end of the year), I began saving my money using a money market account through Ing Direct, I'm about to open an IRA account as soon as I finish paying off my credit card debt (which will be within the next two months), and I set it up where I now pay everything automatically.
Not only have you helped me, but you've also helped my relationship with my fiance. We're already living together in a house that I rent and we have decided to take the plunge and buy a house instead of renting the apartment that we've had our eye on for a while. Probably the most remarkable thing about this is that I'm only 21 years old. You have helped me to totally reshape my life and to start preparing for my future. I cannot thank you enough David and encourage everyone to read your book so that they to can get their lives on the right path.
- Mandy M.
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April 8 2005
Dear David:
I'll start by repeating what I'm sure you have heard a million times...Thank you for changing my life! My story is a bit different from the others, for now.
I immigrated to the USA two years ago. Before then I had never heard of you and was one of those who never saved a dime. I'm 39 years old and my wife is 34. She has been supporting both of us for the last 2 years as I waited for permission to work in this country, I'm from Canada.
Anyway, I read your "Automatic Millionaire" and it got me to seriously thinking. I am now reading "Start Late, Finish Rich" and I'm dedicated to using your ideas to make our lives better. My wife has just started investing 10% into her 401(k) divided between 5% in a balanced fund, 3% in a equity value fund and 2% in an equity growth fund. Myself when I'm eligible to contribute to mine I will invest 25%, but as yet not sure exactly where I will put it. I am shooting high because we are both under her insurance plans so I need not worry about paying that. Also, we have very little debt and will be buying a house soon and instead of wasting our money on a new vehicle we will be getting a good used one. I am also hoping to have a direct deposit for my paycheck and right away have an additional 25% put into an R.E.I.T and possibly a simple savings acct.
God bless you and yours and thank you for helping us to help ourselves. I look forward to attending one of your seminars as soon as possible.
- Calvin Braun
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April 4 2005
Dear David,
Talk about “procrastination”…My friend Cindy and I had the pleasure of meeting you on October 26th, 2004 at the Mississauga Convention Centre.
You asked my girlfriend and I to send our “story” to you along with our picture, so that we may appear on the Oprah show with you the next time you’re on. (I might have added that last part, but hey – you can’t get what you don’t ask for?:)
Smart Women Finish Rich inspired a group that I formed with five other ladies that we now call our Smart Women Success Group. Our intention is to take control of our lives and destiny in a supportive environment while referring to your Quantum Leap System! Once a month, at a set time and place our meeting commences with the five of us sitting around a coffee or work table with our “SMART” goals written down. Every meeting we start off by sharing our specific goals and discussing what action steps we’re prepared to do pushing us that much closer to achieving them. Our goals aren’t specific to money, although that certainly is a category that we incorporated. Our goals reflect our values (thank you VALUE ladderJ) and what’s important about LIFE to us.
It’s almost been a year that we’ve been doing this and have now added a new member, of course if you’re a member one HAS to read either Smart Women or Smart Couples Finish Rich. The success that we have realized by taking this systematic approach to planning our lives has been AWESOME!
Starting with myself – Michelle (30 years old), I was laid off at the beginning of last year and not financially and emotionally prepared for it. Almost a year later, I have started my own business, I’ve been able to fund my Dream and Security Baskets (slowly, but surely) and have enhanced my personal relationships by aligning my goals with my values!
Cindy (31) – Started a new job that she loves and has prepared herself financially in the event that she gets let go unexpectedly ---again.
Rhonda (30) – Her biggest accomplishment since the start of our group is ‘taking action’! Now divorced, Rhonda has joined a sports club, taking singing and keyboard lessons. In the past she would have said she had no money or time to do these activities, but no more! She’s paid off her VISA and bought herself a beautiful new home – “Smart woman” or what?
June (36) – Has also experienced a layoff with high mortgage and car payments. She was the one that read your book first and highly suggested we do the same. June’s goal is to strive for freedom and is working to aggressively pay her home off within a six year period at the same time funding her security and retirement baskets!
Ingrid (30 somethingJ) – Is married and has a daughter of 2 years old. She brings a different perspective to our Smart Women Success Group by being a wife, a mother, and an entrepreneur. The book Smart Couples …has enabled her and her husband to reevaluate and speak openly about their own values! Ingrid is one of our newest members but brings a great deal of support and accomplishments that helps all of us to pummel forward.
Tamara (31) – We conference in our girlfriend Tamara as she now resides in New Jersey (instead of her hometown – Toronto). This group has been able to offer her support and guidance both financially and personally as we read and re-read your book and ask ourselves questions as it relates to our goals, values and desires.
Your book Smart Women Finish Rich helped us to initiate this group, taking your words and placing action to it! If this is something that we can help other women to start based on your practical theories, we would love to do so!!!
Thank you for sharing your story and making a difference in our lives above and beyond the financial aspect!
Sincerely from,
On behalf of The Smart Women Success Group,
- Michelle Lovelace
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April 1 2005
David,
Thank you for the free book. I have quit my job at age 50, rolled my 401K into a self directed IRA and used my home equity line of credit to buy and sell fixer-uppers which I call my retirement hobby. I also keep my credit card balance at zero and drive a 4 year old truck (part of my "latte factor"). I now have time to play and/or work with my father, wife and two boys any time I want. I'm starting to sound like my father which is a good thing.
We didn't go through the Great Depression or World War II and haven't learned the valuable lessons of frugality taught in those two schools of "Hard Knocks" and I darn sure didn't learn it in college. These lessons are now being passed on to the next generation through your book and through our example. Life is good again.
Thank you,
- Craig Huizenga
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April 1 2005
David,
I can't say thank you enough for the motivation and inspiration you have brought into our life. After receiving your book, we put it into action. We sold our money gobbling, 4 bedroom house and downsized to a beautiful little ranch in the mountains. We were able to eliminate 5 D.O.L.P.'s, increase our IRA contributions and have the peace of mind, knowing we're on our way to retirement debt free. We're not "latte" people, since we see it as a waste of our money for another's gain. Instead we used the latte factor, cutting back in other areas to enable us to purchase a used but new vehicle (in cash) for our extended drive to work. We have taken advantage of the library in our new area for movies, books on tape (for the drive to work) and many other resources. Your advice works, if you work it. It doesn't have to be hard or leave you with a feeling of scarcity. Just a sense of awareness that our time is money and our money at that!
Knowledge is power and your book has helped us to refocus our priorities, confirm goals and achieve a lifestyle that is a living dream! Thank you for your book that serves as a reminder that with a little determination and a lot of creative thinking, anyone can have it automatically if their willing to do some homework!
- Christine Ward
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April 1 2005
Hi David,
I remember the first time that I saw you on The Oprah Winfrey show almost two years ago. You were launching your new book The Automatic Millionaire for the first time. After the show aired I immediately ordered the book on Amazon. I made a very obtainable New Years resolution two years ago. I was going to learn all I could about money, how to save it wisely, invest it wisely, etc. I was 25 years old, had landed a very successful job here in New York City, so I knew it was time to start thinking wisely about my financial future.
I am proud to say since watching that show I have eliminated my credit card debt completely. I have opened a Roth IRA, and for the past two years I have funded it to the max. My current employer does not offer a 401K plan, so I needed to start thinking about my retirement. I also have saved over four month’s of savings in an ING Orange Savings account for my rainy day fund. On top of all of that, I have been able to save a very nice amount of change in a home fund. My partner and I have a goal by 2007 to put a down payment down on a nice condo here in NYC, which we all know is not easy to do. It’s ridiculous to continue to rent. With the amount of money we pay in rent, we could have an amazing condo.
Since watching you on Oprah, calling in to talk to you on your radio show, and reading your books, I can honestly say that money no longer scares me. I have become admired by many of my friends. It’s rather funny, for many of them have come to me over the past few months to become a financial advisor for them. Before I consult with them, the first text they must read is The Automatic Millionaire!
Thanks again for everything!
Sincerely,
- Scot Wisniewski
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