Get Motivated By Success!
Check out this amazing success story I received from Julian Smith who decided
to take action and apply the strategies in Debt
Free For Life to change his life forever. It’s stories like this that
keep me doing what I do and I hope inspire you to better your own financial
life.
“Two years ago while flying from California to Charleston, S. C. I purchased David’s book
Debt
free for Life. This book ended up an epiphany for me. I had been
sick with thyroid cancer for years undiagnosed and done a flip house and had
charged up to $75,000 in debt. Spending thousand of dollars trying to find a
cure for my illness and charging all this debt on a flip house in a bad economy.
I was lost on how to get out of debt. After finding out what was wrong with me
and getting the proper medical attention I was back on the track. Finding
David’s book truly helped me get back in financial order.
I gathered all my credit cards and did a spread sheet and began paying off my debt using your DOLP system. This strategy paid off! Now two year’s have passed and all my credit card debt is paid off ($75,000!!). This was a very difficult time in my life and I did not want my family to know the situation with my debt. The stress of all that debt is gone.
My next goal is to pay off all my mortgage debt. I plan on using David’s strategies on paying down the debt and get free of all that debt and enjoy the rest of my life. I would recommend that all college students read this book or anyone having financial problems. It is truly life changing. Last week I read the book for a third time and went to the chapter on web-sites and free money. Well! I found an old insurance policy that was not returned to me and found money for 14 friends and family members. I have told many friends and business associates about the book. I look forward to meeting David in person one day to personally thank him for his help!
Thank you!
Julian Smith”
Share YOUR success story with me and help motivate others to Live and Finish Rich by CLICKING HERE
Live Rich,
David Bach
“Two years ago while flying from California to Charleston, S. C. I purchased David’s book
Debt
free for Life. This book ended up an epiphany for me. I had been
sick with thyroid cancer for years undiagnosed and done a flip house and had
charged up to $75,000 in debt. Spending thousand of dollars trying to find a
cure for my illness and charging all this debt on a flip house in a bad economy.
I was lost on how to get out of debt. After finding out what was wrong with me
and getting the proper medical attention I was back on the track. Finding
David’s book truly helped me get back in financial order. I gathered all my credit cards and did a spread sheet and began paying off my debt using your DOLP system. This strategy paid off! Now two year’s have passed and all my credit card debt is paid off ($75,000!!). This was a very difficult time in my life and I did not want my family to know the situation with my debt. The stress of all that debt is gone.
My next goal is to pay off all my mortgage debt. I plan on using David’s strategies on paying down the debt and get free of all that debt and enjoy the rest of my life. I would recommend that all college students read this book or anyone having financial problems. It is truly life changing. Last week I read the book for a third time and went to the chapter on web-sites and free money. Well! I found an old insurance policy that was not returned to me and found money for 14 friends and family members. I have told many friends and business associates about the book. I look forward to meeting David in person one day to personally thank him for his help!
Thank you!
Julian Smith”
Share YOUR success story with me and help motivate others to Live and Finish Rich by CLICKING HERE
Live Rich,
David Bach
Advice for Holiday Shoppers 2012
It’s time to Shop Smart during the holidays. Watch this short video http://bit.ly/QsblUw where I share my thoughts on the economy, this retail season and how to “not go over budget” when spending for the holidays.
I did this video as a part of the tour I just did for Kmart and Sears on the benefits of Layaway. Check out Kmart layaway here http://kmrt.us/QeTVsT and Sears layaway here http://bit.ly/SYxhZt
Enjoy the video. Let me know…will you spend more than last year or less?
Live Rich,
David Bach
5 Areas for wealth and business growth
Check out this awesome video my good friend and #1 NYT Bestselling Author,
Brendon Burchard just shot.
In the video Brendon says, “Most people aren’t in the ‘wrong business,’ they’re in their business wrong.” This is so true, and NOW is the time to fix it.
What does a high performance business look like? What should you be focused on to generate more personal wealth and business revenue?
Watch Brendon’s video: 5 areas for wealth and business growth:
Developing excellence in these areas is the fastest path to real wealth. And Brendon and I are so excited to teach you how to 10X your business and personal wealth at our BRAND NEW event 10xWealth+Business. It’s going to be incredible.
You guys have been asking me about a live event for the past year and here it is: 10xWealth+Business, November 1-4, 2012. I’ll be speaking there and training on my latest personal wealth strategies — these are must-knows for this economy. I cannot wait to be with you and teach you LIVE, but you must take action NOW because there are less than 100 tickets available!
CLICK HERE to see Brendon talk about the event and register!
PS: special bonus—when you register you get to bring a friend for free!!
Live Rich,
David Bach
In the video Brendon says, “Most people aren’t in the ‘wrong business,’ they’re in their business wrong.” This is so true, and NOW is the time to fix it.
What does a high performance business look like? What should you be focused on to generate more personal wealth and business revenue?
Watch Brendon’s video: 5 areas for wealth and business growth:
Developing excellence in these areas is the fastest path to real wealth. And Brendon and I are so excited to teach you how to 10X your business and personal wealth at our BRAND NEW event 10xWealth+Business. It’s going to be incredible.
You guys have been asking me about a live event for the past year and here it is: 10xWealth+Business, November 1-4, 2012. I’ll be speaking there and training on my latest personal wealth strategies — these are must-knows for this economy. I cannot wait to be with you and teach you LIVE, but you must take action NOW because there are less than 100 tickets available!
CLICK HERE to see Brendon talk about the event and register!
PS: special bonus—when you register you get to bring a friend for free!!
Live Rich,
David Bach
Learn How To Take Control Over Your OWN Economy
Watch the nine minute interview I just did after the PA
Conference for Women with Arthur Kade. You can also check out the video on his
website here: http://bit.ly/TBzzzmEnjoy!
Live Rich,
David Bach
Start Smart, Finish Rich
I just had a New York Times bestselling author in my house. We did a
quick interview for you. I think you’re going to really like it. Its about your
personal wealth and business revenue.
If you haven’t heard, I’m doing an event called 10xWealth+Business. Its incredible! Details are in the VIDEO.
Live Rich!
David Bach
If you haven’t heard, I’m doing an event called 10xWealth+Business. Its incredible! Details are in the VIDEO.
Live Rich!
David Bach
NBC’S TODAY SHOW – MONEY 911 – OCTOBER 3, 2012
If you missed me this morning on NBC’s TODAY show Money 911 segment- be sure to check it out now! Today on the panel we answered viewer questions about dealing with credit card debt. Enjoy!
Live Rich,
David Bach
3 BASKET APPROACH TO FINANCIAL SECURITY
My grandmother used to say that you should never put all your eggs in one
basket. She was right. As I see it there are three baskets into which you should
put your eggs. I call them the security basket, the retirement
basket, and the dream basket. The security basket
protects you and your family against the unexpected (such as a medical
emergency, the death of a loved one, or the loss of a job), the retirement
basket safeguards your future, and the dream basket enables you to fulfill those
deeply held desires that make life worthwhile.
This three-basket approach may sound simple, but don’t let that fool you. If you fill the baskets properly, you can create for yourself a financial life filled with abundance and, most important, security. In today’s blog post I’m going to give you a breakdown of the 3 baskets- how much you should be putting aside, where the money should be going and how to make it automatic!
SECURITY BASKET:The goal with your security basket here is to put away “rainy-day money” to cover expenses in case you lose your income. Exactly how much money you need to put away
depends on what you spend each month. I generally
recommend to my students and clients that they put away somewhere between 3 and
24 months’ worth of expense money.
Now this 3- to 24-month range covers a lot of ground. What’s right for you depends in large part on your particular emotional makeup. Some of my students simply do not feel safe if they have anything less than two years’ worth of cash sitting in a money-market account. I happen to think that’s a bit excessive, but if that’s what it takes to make you feel comfortable, then by all means make it your goal.
Whatever amount you decide it’s important to put this money an FDIC-insured bank account (not your regular checking account but a separate one set up specially for this purpose). Until this emergency account is fully funded, you should have at least 5% of your paycheck directly deposited into it. If your employer doesn’t offer payroll deduction, arrange to have your bank automatically transfer the money from your checking account the day after your paycheck clears. To learn more check out my appearance on NBC’s Today show where I share my 6 tips for setting up an emergency account.
DREAM BASKET:What’s a dream account? This is where you save the money that is going to pay for your home, car, wedding, trip to Hawaii, new boat, guitar, ski lessons, cooking school—whatever your dream happens to be. Most dreams require CASH, and because most people don’t have the cash, they either borrow to pay for their dream (whether by putting it
on their credit cards or taking out an actual loan), or
they never make the dream a reality. In some ways, your dream account is the
most important account you will have because living your dreams is where the
excitement of life really is. The best way to start filling this basket is to
decide upon a fixed percentage of your income that you will automatically
contribute every month. I usually recommend people start by investing 3%-5% of
their after-tax income. As with your emergency fund, use either payroll
deduction or your bank’s online bill-pay service to have a percentage of your
paycheck automatically transferred into an FDIC-insured account set up just for
this purpose. If your dream is at least three years away from fulfillment, start
investing the money more aggressively once your dream savings total $10,000.
RETIREMENT BASKET:In my earlier blog post I explained the critical importance of paying yourself first—having at least 10% of what you earn deducted from your paycheck and deposited directly into a 401k, IRA, or similar qualified retirement account before the government takes its bite of withholding tax. Ideally, this deduction should total 12.5% of your income (the equivalent of one hour’s worth of work each day). But whatever you can manage, you must make the process automatic. The good news is that payroll deduction is a standard feature of most 401k plans, so as long as you’re signed up, your contributions will be automatically deducted from your paycheck.
If you’re not eligible for a 401k or similar plan and as a result use an IRA for your retirement saving, you’ll have to create your own automatic “pay yourself first” program. Tell the bank or brokerage where you have your IRA that you want to set up a systematic investment
plan. This is a plan under which money is
automatically transferred on a regular basis into your IRA from some other
source (such as a payroll deduction). Most banks and brokerage firms will handle
all the arrangements for you, contacting your employer’s payroll department on
your behalf and dealing with all the paperwork. (If your employer doesn’t offer
payroll deduction, you can have your retirement-plan contribution automatically
moved from your checking account to your IRA—ideally, the day after your
paycheck clears. Most banks have free online bill-paying services that allow you
to schedule regular automatic payments of specified amounts to anyone you
want).
I hope this blog post helped you gain a better understanding of the 3 basket approach to financial security and has motivated you to start funding all 3 – AUTOMATICALLY! Please leave a comment below or on my facebook page. I love hearing from all of you!
Live Rich!
David Bach
This three-basket approach may sound simple, but don’t let that fool you. If you fill the baskets properly, you can create for yourself a financial life filled with abundance and, most important, security. In today’s blog post I’m going to give you a breakdown of the 3 baskets- how much you should be putting aside, where the money should be going and how to make it automatic!
SECURITY BASKET:The goal with your security basket here is to put away “rainy-day money” to cover expenses in case you lose your income. Exactly how much money you need to put away
depends on what you spend each month. I generally
recommend to my students and clients that they put away somewhere between 3 and
24 months’ worth of expense money.Now this 3- to 24-month range covers a lot of ground. What’s right for you depends in large part on your particular emotional makeup. Some of my students simply do not feel safe if they have anything less than two years’ worth of cash sitting in a money-market account. I happen to think that’s a bit excessive, but if that’s what it takes to make you feel comfortable, then by all means make it your goal.
Whatever amount you decide it’s important to put this money an FDIC-insured bank account (not your regular checking account but a separate one set up specially for this purpose). Until this emergency account is fully funded, you should have at least 5% of your paycheck directly deposited into it. If your employer doesn’t offer payroll deduction, arrange to have your bank automatically transfer the money from your checking account the day after your paycheck clears. To learn more check out my appearance on NBC’s Today show where I share my 6 tips for setting up an emergency account.
DREAM BASKET:What’s a dream account? This is where you save the money that is going to pay for your home, car, wedding, trip to Hawaii, new boat, guitar, ski lessons, cooking school—whatever your dream happens to be. Most dreams require CASH, and because most people don’t have the cash, they either borrow to pay for their dream (whether by putting it
on their credit cards or taking out an actual loan), or
they never make the dream a reality. In some ways, your dream account is the
most important account you will have because living your dreams is where the
excitement of life really is. The best way to start filling this basket is to
decide upon a fixed percentage of your income that you will automatically
contribute every month. I usually recommend people start by investing 3%-5% of
their after-tax income. As with your emergency fund, use either payroll
deduction or your bank’s online bill-pay service to have a percentage of your
paycheck automatically transferred into an FDIC-insured account set up just for
this purpose. If your dream is at least three years away from fulfillment, start
investing the money more aggressively once your dream savings total $10,000.RETIREMENT BASKET:In my earlier blog post I explained the critical importance of paying yourself first—having at least 10% of what you earn deducted from your paycheck and deposited directly into a 401k, IRA, or similar qualified retirement account before the government takes its bite of withholding tax. Ideally, this deduction should total 12.5% of your income (the equivalent of one hour’s worth of work each day). But whatever you can manage, you must make the process automatic. The good news is that payroll deduction is a standard feature of most 401k plans, so as long as you’re signed up, your contributions will be automatically deducted from your paycheck.
If you’re not eligible for a 401k or similar plan and as a result use an IRA for your retirement saving, you’ll have to create your own automatic “pay yourself first” program. Tell the bank or brokerage where you have your IRA that you want to set up a systematic investment
plan. This is a plan under which money is
automatically transferred on a regular basis into your IRA from some other
source (such as a payroll deduction). Most banks and brokerage firms will handle
all the arrangements for you, contacting your employer’s payroll department on
your behalf and dealing with all the paperwork. (If your employer doesn’t offer
payroll deduction, you can have your retirement-plan contribution automatically
moved from your checking account to your IRA—ideally, the day after your
paycheck clears. Most banks have free online bill-paying services that allow you
to schedule regular automatic payments of specified amounts to anyone you
want).I hope this blog post helped you gain a better understanding of the 3 basket approach to financial security and has motivated you to start funding all 3 – AUTOMATICALLY! Please leave a comment below or on my facebook page. I love hearing from all of you!
Live Rich!
David Bach
NBC’S TODAY SHOW – MONEY 911 – SEPTEMBER 19, 2012
If you missed me this morning on NBC’s TODAY show Money 911 segment- be sure to check it out now! Today on the panel we answered viewer questions about dealing with a low home appraisal and how to stop the process on a short sale. Enjoy!
Live Rich,
David Bach
DAVID BACH INTERVIEW WITH AUTHOR AND ENTREPRENEUR BRANDON STEINER
Hey everyone. Happy September!
I just did an amazing interview with remarkable man
and entrepreneur named Brandon Steiner.
Brandon, has a new book coming out called You
Gotta Have Balls: How a Kid from Brooklyn Started From Scratch, Bought Yankee
Stadium, and Created a Sports Empire
The book is fantastic. I read it cover to cover in about three hours and
loved it. While the title sounds funny, it’s not what you may be thinking.
It’s actually about how to pursue your dreams, recover from adversity—and raise
children with strong values that will benefit them for life! It really moved me
as a parent.
Brandon, owns a company called Steiner Sports Marketing & Memorabilia, Inc., one of the largest sports memorabilia companies in the world.
Last year, he made my dream come true—when he took my son Jack on a tour of Yankee Stadium, and had “second base” hand delivered to his seat at the seventh inning of the game! This was Jack’s first time at Yankee Stadium, needless to say—not your normal first experience at a baseball game. He’s one lucky kid, and I am one lucky daddy!
This interview is one of the best I think I have done in a year—and it’s my gift to you for being a member of the FinishRich Community! Enjoy and please share your comments on how you liked it.
Oh…and if you haven’t “liked” me yet on Facebook—come join me (we just went over 25,000 “likes”—would love to see you there)!
Live Rich!
David Bach
How To Save For Your Future While Paying Down Your Debt
In my earlier post, The
Foundation To Building Wealth, I explained how the kind of wealth you build
is determined by the way cash flows through your life. With that in mind, I
suggested that you set a goal of Paying Yourself First at least 10%-12.5% (or 1
hour a day) of your pretax income. I received tons of great comments and some
awesome questions, one of which I would like to highlight and answer in today’s
blog post….
“Should I still open a retirement account and save money if I have credit card debt?”
This is a question I get all the time and my answer is:
Yes, you should absolutely open a retirement account and start saving even if you are in debt!
After more than two decades of experience teaching people about money, I have come to believe with all my heart that it’s a big mistake to put off saving money until you are debt free. If you do, you may never get started saving. And you’ll miss out on the matching contribution many employers offer on 401(k) plans.
But if you’re in credit card debt, you need a different plan. Here it is: whatever amount you decide to Pay Yourself First, split it in half. Put 50% in your retirement account and use 50% to pay off your debt. Once the debt is paid, you can revert to Paying Yourself First with the full 100%.
If you make $50,000 a year, Paying Yourself First 10% would mean setting aside $5,000 a year or $416 a month. But if you have credit card debt you’d split that in half, putting aside $208 a month and using the other $208 to pay off credit cards. This system allows lets you feel like you’re working for the future while erasing the mistakes of the past.
This is bound to motivate you and get you excited about the future. In my experience, money is as much an emotional issue as a numerical one. This approach helps you handle both at once.
I call this my “Bury the Past, Jump to the Future” system. Try it. It really works.
Why to Use It: It’s a fast, easy way to know exactly how much you’ll have every month to pay off your credit cards.
The Bottom Line: Dividing your money this way makes sense, because it lets you keep building for a bright future while steadily getting rid of that killer consumer debt.
When You’ve Finished the Exercise: Now start making those payments and watching your balances fall! If you have more than one card and you’re not sure which to pay first, then CLICK HERE for my easy and effective system to prioritizing your debt.
If this post helped you, please leave a comment below!
Live Rich!
David Bach
“Should I still open a retirement account and save money if I have credit card debt?”
This is a question I get all the time and my answer is:
Yes, you should absolutely open a retirement account and start saving even if you are in debt!
After more than two decades of experience teaching people about money, I have come to believe with all my heart that it’s a big mistake to put off saving money until you are debt free. If you do, you may never get started saving. And you’ll miss out on the matching contribution many employers offer on 401(k) plans.
But if you’re in credit card debt, you need a different plan. Here it is: whatever amount you decide to Pay Yourself First, split it in half. Put 50% in your retirement account and use 50% to pay off your debt. Once the debt is paid, you can revert to Paying Yourself First with the full 100%.
If you make $50,000 a year, Paying Yourself First 10% would mean setting aside $5,000 a year or $416 a month. But if you have credit card debt you’d split that in half, putting aside $208 a month and using the other $208 to pay off credit cards. This system allows lets you feel like you’re working for the future while erasing the mistakes of the past.
This is bound to motivate you and get you excited about the future. In my experience, money is as much an emotional issue as a numerical one. This approach helps you handle both at once.
I call this my “Bury the Past, Jump to the Future” system. Try it. It really works.
Exercise: The Pay Yourself First 50% Debt Paydown
How to Use It: Print out this blog post and fill in the blanks below to figure out how much money every month you can put toward your debt while still Paying Yourself First. (you can also just write this on a piece of paper if you don’t have access to a printer).Why to Use It: It’s a fast, easy way to know exactly how much you’ll have every month to pay off your credit cards.
The Bottom Line: Dividing your money this way makes sense, because it lets you keep building for a bright future while steadily getting rid of that killer consumer debt.
When You’ve Finished the Exercise: Now start making those payments and watching your balances fall! If you have more than one card and you’re not sure which to pay first, then CLICK HERE for my easy and effective system to prioritizing your debt.
If this post helped you, please leave a comment below!
Live Rich!
David Bach
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