Welcome Friends
As I write this, I'm on a plane flying back from Dayton, Ohio having just ended the Start Late Finish Rich Tour. I had the privilege of sharing the stage with Lou Dobbs and Donald Trump at an all-day wealth conference that more than 5,000 people attended. Speaking to people of all ages (literally, from teens to 80-year-olds) and from diverse backgrounds was the perfect way to end the tour. Five years ago, you would have been hard-pressed to find anyone under the age of 50 attending a wealth conference, and today, more than 1/3 of the people in the room were under 30. Today's 20- and 30-somethings are saying to themselves, "I want to plan ahead. I want to save." They're ready to do what it takes to live and finish rich.
It's Never Too Late to Live Your Dream
I've traveled to 27 cities in the last 90 days, and I see a renewed sense of optimism across the United States and Canada that it's never too late to start saving and investing. I've also met more and more people in their 60s and 70s whose "retirement" is including life-style entrepreneurship, part-time work on projects they love, or consulting jobs that relate to their hobbies. It may be their third, fourth or fifth "career" by now -- but they're enjoying it because they're finally getting the chance to do what they want. Of course, retirement can be about golfing, playing bridge or going fishing if that's what you want, but it can also be an amazing opportunity to pursue the passions you put on hold while you were raising a family or advancing your career. It is truly inspiring to see so many of you who felt you were starting late, but are now making the decision to take action and begin to live your dreams.
Ask Me Your Most Important Question About How To Generate Automatic Wealth
As a result of the all the inspiring stories I heard on my travels, I've decided to conduct a little experiment. I'm hoping you'll participate! If you had one chance to ask me ANY question to help you finish rich, even if you've started building your wealth late in life, what would your question be?
I'm really curious, so I want you to ASK ME!
Turn up your computer speakers (if you don't have speakers don't worry) and click this link to ask me what's on your mind:
(LINK EXPIRED)
Click that link (above) and ask away, OK?
Happy Mother's Day!
With Mother's Day approaching, I want to tell my mom, Bobbi, I love you. She has always been one of my biggest supporters and cheerleaders. She raised me to believe that I could do anything in the world I wanted to do if I wanted it bad enough. Thanks to her love, support and the confidence she instilled in me, I've been able to pursue my dreams and passions to help others. And in many ways, Mom, I know I owe it all to you.
This is also a time of year for remembering loved ones who we've lost. As I've written and spoken about many times before, I'm very grateful to my beloved grandmother Rose Bach, who taught me the importance of living life to its fullest. She has been an inspiration to me throughout my life and I'll always keep her in my thoughts and prayers.
Help Your Mom Live and Finish Rich with These Important Tips
Many of you likely owe much of your success to your mom and grandmothers too. And now's the perfect time to give back. So, in honor of Mother's Day, I have put together 10 valuable things you can easily do to help your mom (or grandmother, aunt, spouse, or loved one) live and finish rich.
1) Say "I love you" -- and then tell her why.
Mother's Day is the perfect opportunity to do more than send a card or make a quick call to your mom. Why don't you take the time to share with her the reasons you love her so much? So often, we wait until loved ones -- especially our parents -- are sick or on their deathbed before we take the time to think in our hearts and share out loud how much they mean to us. Use this as a chance to let your mom know how much she means to you.
2) Listen to your mother's most precious life lessons.
One of the greatest gifts moms can give us as we get older is to share the life lessons they've learned. And one of the best gifts we can share with our moms is to ask and listen! Ask her to share a life lesson with you -- and you might also use this as an opportunity to admit that you realize she knew a thing or two when she was raising you. You may not have listened to her when she told you to clean your room or clear the table, but in retrospect, you realize that she was often right! Let her know that now you're all ears because you value what she has to say. If she could only share one life lesson with you, what would she want to pass on? Asking her this question will not only give her the chance to open up to you and feel appreciated, but chances are good you'll walk away with invaluable advice. It's a gift for both of you.
3) Ask her about her values.
One of the things I've taught over the years is that smart women and smart couples look at their values first -- and then they look at their money. Have a meaningful conversation with your mom about what her core five values are. You may only talk for 10 minutes about it, but you'll be thinking about what she has to say for the rest of your life. How have her values changed over her lifetime? And how have her values shaped the decisions that she's made? You may even want to ask her how her values have impacted the way she raised you.
Click here to download a free Value Circle™ worksheet you can share with your mom. (Note: This is a PDF document)
4) Learn about mom's five biggest decisions.
One of the most important lessons I've learned came from my grandmother, Rose Bach. She had a stroke and was on her deathbed when she shared with me the five biggest decisions of her life. She called them "coming to a fork in the road." The lessons I learned were not so much in the decisions that she made as in how she made them. When she came to a fork in the road, she said there were two choices every time: a safe route and a riskier one. When she was making big decisions, she would hear two voices inside of her -- the big Rose, who was more grown up, and the little Rose, who was carefree and adventurous. At all five forks that she came to, the big Rose won out, and she chose to take the safer path. The regrets she had were not the choices she did make, but the opportunities she turned down. At 86 years old she told me: "I'll never know what could have been had I taken more risks when I came to the fork in the road. When you come to the fork in the road, let your little boy come out and play more often." Use Mother's Day as a chance to find out about what forks in the road your mother has come to, and which path she's taken. Make time to find out what she would do differently if she could do it all over again.
5) Get your mom a coach.
When I wrote my first book, Smart Women Finish Rich, my goal was to help 1 million women live and finish rich. I've gotten a little more ambitious, and have now made it my mission to inspire 100 million people! One way I'm doing this is by offering a new coaching program to share the knowledge and secrets I have learned over the years about how to achieve financial success.
My 2005 coaching program is almost full, but I think that it is important to get as many mothers and families in this program as possible, so I've created a special Mother's Day offer. If you register for the Finish Rich Coaching Program today, I will reserve an extra space FOR FREE for you to share with your mother (or grandmother or daughter). Click here to sign up now. It's the perfect opportunity for your family to get motivated and work together to live and finish rich. I promise you that it will have a lasting impact on your family, and I offer a 100 percent satisfaction guarantee.
Please note: There are only a few more spaces available so register today if you are interested.
6) Help mom find the money.
My first book, Smart Women Finish Rich, tells you that you have to know where all the your assets are. Whether you're married, single or divorced, you need to have a handle on what you're making and where you're spending it. The easiest exercises you can share with your mom are located in the FinishRich Worksheets in the Free Resources section. Click here for access to the simple tools that can help your mom get all her financial documents in one place, help her figure out her financial net worth and find out where her money is going.
7) Help your mom check on her social security benefits.
Even if your mom didn't have a full working career, she is entitled to social security benefits, and she needs to know what they are. Is she familiar with what she'll be getting, or what she should already have? One of you can visit www.ssa.gov to find out more and to get a benefits earning statement.
8) Help your mom pay herself first.
The single most important lesson I've shared in all my books is that you've got to pay yourself first. Does your mom have a retirement account through work? If not, share with her that she can open a pre-tax IRA account. The goal should be for her to save one hour a day of her income automatically, by having the money deposited directly into the account every time she's paid -- and before she even sees it. If her employer can't set that up, a bank or brokerage firm can help with process of transferring money automatically from a checking account into her retirement account.
9) Help your mom pay her bills automatically.
With all the online security issues taking place lately, I've been asked a lot about whether I think it makes sense to pay bills online. The answer is yes. If your mom is busy, and I'm sure she is, show her how easy it is to pay bills online. It literally takes all the hassle and nightmare of paying your bills each month and turns it into a task that takes as little as 15 minutes (and no postage).
Here are some sites you can recommend to her, and you might walk her through the process if changing her ways is intimidating,
http://www.checkfree.com
http://www.paytrust.com
http://www.directbills.com
http://www.quicken.com/banking_and_credit/billpay
http://www.mvelopes.com/mvelopes/bill_pay.php
10) Help your mom find her Latte Factor.
A fun and easy way to get your mom to think about how she's spending money is to teach her about the Latte Factor. Ask your mom to take "The Latte Factor Challenge," and for one day, have her track where she spends her money. After she's tracked where her money is going, send your mom to our Web site where she can use the Latte Factor Calculator to see numbers that will amaze her. Show her how $5 or $10 a day can turn into thousands of dollars over the years. Let her see with her own eyes what her money would be worth if she started to pay herself AUTOMATICALLY.
Be sure to share these motivational latte factor success stories with your mom. They really help you see how just a little bit each day can add up to a whole lot over the long-term:
Dear David,
After reading The Automatic Millionaire, I decided to step up to the challenge and find my own Latte Factor. Ever since I was a little girl, I've been finding ways to save and was stingy with my money. But why had I been in college for four years with a part-time job and minimal expenses -- and I'd only saved $2,000???
Starting a new job with Bank of America, I still can't seem to save as much as I thought I would with a job paying more than 50K a year at 22 years old. I don't drink lattes, I hardly eat out, I don't buy expensive clothes -- so what the heck am I spending all my money on? One day, I was looking down at my feet and admiring hot pink stilettos that I'd bought and thought, I should have picked up the black ones too. I realized: THAT's what it is! My Latte Factor isn't a daily expenditure, it's my monthly expense of shoes!!!! I spend enough on shoes to put a down payment on a new car every year!
What a relief to finally figure out where my money was going. I mean, out of my 48 pairs of shoes, I only wear 12 of them -- at most -- within an entire given year. Why do I keep buying them???
I have found my Latte Factor and am currently working on my silly expense. With an expenditure of $60-$100 a month, no wonder I'm not saving as much as I'd like to. I am currently working on my shoe shopping and will update you on my progress! Thanks David!!!
-Madeha
~$$$~
Thanks David,
You book has made a wonderful difference. I was spending a lot of money on magazines and had a latte factor of about $12 a day. My company matches our 401K contribution dollar for dollar. By taking a Latte Factor approach, I realized that by not being in the 401K, I was missing out on over $5000 in free money. My wife and I are now contributing to the 401K and have automatic deposits into investment accounts for retirement and for our kids' college -- all just by starting to get rid of our Latte Factors! We are on our way!
Thanks,
Gil & Leslie Nelson
~$$$~
Hi David Bach,
I'm 26 and doing my last year in university in Montreal and working part time. I got this book from my boyfriend because he told me I REALLY NEED IT. I'm a horrible spender -- or more like a horrible saver. For me it's hard because I'm always running back and forth to school and work. I used this as an excuse for why my Latte Factor is so high. I drink a lot of coffee so I spend at least $5/day on that. Sometimes I don't bring lunch, so I spend at least $ 7/day on food. And I smoke a pack every two days, so that's $4.25/day. That alone gives me a total of $16.25. As you see, my boyfriend was right, I did need this book. I've quit smoking, bring my lunch and wake up earlier to drink coffee at home. I reduced my spending from $ 16.25 to $2 a day and paid my Visa bill. Isn't that amazing?! My next step is the automatic payment plan. In about a month it'll be 3% and when I graduate it will be at least 10%. So that's my story. It was a great book, easy to read, concrete, logical and relatable.
Sincerely,
Shany Levy
Browse through hundreds of other Success Stories like these!
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Make this Mother's Day special for your mother. Share with her these tips and you will all be on your way to living and finishing rich...
As for me, I plan on spending Mother's Day with my beautiful wife Michelle and our amazing son Jack. These are the days I cherish most - and I am so blessed to be able to share them with my family. Thank you (Michelle and Jack) for being so supportive on this tour. I couldn't have done it without you both.
Now that the Start Late, Finish Rich Tour has officially ended, I'll say it one last time: Thank you all so much for making it a huge success.
Live rich,
David Bach
Founder, FinishRich Media
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