Greatest Thing I’ve Learned From … David Bach

Welcome to the latest series here at JosephSangl.com – Greatest Thing I’ve Learned From …   In this series, I am going to be sharing the greatest things I’ve learned from financial and leadership experts.   I hope you enjoy the series and will join in the conversation to share your favorite learnings from these leaders!

Greatest Thing I’ve Learned From … DAVID BACH

There are two things I have learned from author, investor, and speaker David Bach:

1.   Latte Factor

This is the one thing in each person’s life that they could give up and save $5 – $10/day on.   For some it is StarFourbucks lattes.   For others it is lunch at restaurants.   For others, it is the home phone.

Consider your spending habits.   Is there something you can give up that would save you money nearly every day?

2.   Make it automatic

His books and speaking have reinforced to me the importance of making every important financial goal automatic.   My retirement savings is important.   So is my son and daughter’s 529 college savings plan. (so cool to say “son” and “daughter”!!!).   I’ve made each of them automatic draft.   What do you need to make automatic?

David has authored several books, but one of my favorites is The Automatic Millionaire

By the way, David Bach is another JosephSangl.com Financial Hero – HERE.

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2 Responses to “Greatest Thing I’ve Learned From … David Bach”

  1. Kris June 10, 2010 at 5:52 am #

    One effective way of saving is to split up your payck automatically by your employer. I have mine split three ways actually and it works! The “Out of sight – out of mind” concept applies perfectly to this scenario.

    In addition, every employee that has a 401K as a benefit through their employer, should take advantage of the tax savings and employer contributions – it’s “free money” and an instant gain. The key to understand is that whatever gross percentage is deducted from your salary, does not equal the net amount that you take home.

    Every little bit helps… (my motto!)

  2. Travis June 11, 2010 at 4:09 am #

    The book of his that I read was .. Smart Couples Finish Rich… And my fav takeaway was.

    So you can’t afford to START out investing 15%… but you prob won’t even miss 3% and in a few months -or as you have preformace reviews- increase your ret contributions by the same % increase. In three years or so you will be saving a legit amount.

    This is from me…. If/when you leave that job, don’t cash out that 401k. Some 80% (or so) of peaple leaving their job do!

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