David Bach on Becoming an Automatic Millionaire, Harnessing the Latte Factor, & How to Finish Rich
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- Опубликовано: 29 сен 2024
- Author and entrepreneur David Bach reveals the big mistake most of us make with our money and the fix that takes less than an hour. He discusses the habits he teaches in his popular book “The Automatic Millionaire” and his noteworthy theory of wealth, “The Latter Factor.”
David Bach has helped millions of people around the world take action to live and finish rich. He’s one of the most prolific financial authors of our time with 11 consecutive national bestsellers, nine consecutive New York Times bestsellers, with more than 7 million books in print in 18 languages. His most popular book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He’s a media favorite, having done thousands of appearances on television, radio, and print, being on the “Today Show” over 100 times, and Oprah six times. He’s also a motivational speaker and founder of Finish Rich Media. His programs have done over $100 million in sales, and he comes to the table of financial education with a lifetime of investment experience. What he’s most proud of, though, are his sons Jack and James. David is married and lives with his family in New York City.
Watch this interview to learn the most important place to start when setting financial goals and the concrete steps you need to take to achieve them.
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Ready to live rich? Use these quick links to catch the highlights:
2:33 - The best way to set financial goals - and achieve them.
9:43 - A 10-minute fix to the BIGGEST mistake people make with their money.
15:25 - Why you probably have more money than you think.
18:40 - The 7-day challenge that’ll transform your finances.
21:56 - How to talk to people you love about money.
25:45 - Starting to earn more? Avoid these common mistakes.
31:12 - How David was able to take a FULL YEAR off of work.
What’s next? Watch this playlist for more tips to increase your wealth: ruclips.net/p/PLAxUz0wM51b_jLzpOrK-WNHyOTzFF6MNK
I save 17% into my retirement this year and it has moved the dial so much more to my goals!
That's so inspiring & disciplined!!! Good job!
Very disciplined. Congratulations and keep it up as long as you can.
Can we all just acknowledge that Marie asks her guests all the right and most intelligent questions. They are both so present in the topic & the conversation, its simply amazing. Thank you Marie Forleo and kudos to your team.
Marie sure is one of a kind. She represents what woman should be. ty
Agreeee!!!
I never bought a latte ever and I don't have a retirement act. I do have debt and I'm paying it off. That's my goal right now. After that I want to build life ins
This was such an eye-opener. I'd love if he could write a book on how to financially prepare for a sabbatical.
I'm grateful for enjoying this superb video about how to reconnect with our inner spirit and finding the essence of what is important to us in this days of so much turmoil and stress with family and financial stress. Thank you Marie Forleo and David Bach for sharing such a great insight about finance and life realignment.
This video was great!! I am 17 years old, I live in Virginia Beach, VA and I LOVE money as well!! I am also an entrepreneur as the founder and ceo of Wild Goods which is my company that I themes around an ostrich named Wiley who makes candles and personal care products. I really did gain a lot from this video and I want to be financially stable in the future and like David said, I want to be a dad in the future and I want to be able to be around/raise my future kids. While this video gave me a lot of insight and I know i am ahead of most of my peers when it comes to this stuff, do you have anything like this video for teenagers. How do I lead my self down the path of a successful life. How can I just completely skip the struggle that many people face before they climb out of the whole and start living the way they want.
brilliant!!!! thanks!! doing my latte factor challenge :)
Great video! As today, I am almost like 3 payments behind on my credit card. My debit card is 800 negative; however, I know that tomorrow is going to be different.
She asked aboute samples of values and he answered somethinv else.
I literally paused this video and opened a new tab to start opening a Roth IRA for myself. Thanks for the kick in the pants - I needed it.
Oh my God, me and my wife just got the B-SCHOOL last night!!!! we are so exited, we thank you Marie for all your inspiration!!!!
Great interview! I like the idea that living Rich requires that you enjoy your family. Having a well balance life is important too! Finding the fragments of my spending and channeling them into savings is necessary for financial freedom.Thanks again for this video!
The value thing was new to me...reality check! I think the American 'hard work' value is lousy. Americans boast of how they work three jobs a day. This is not something to be proud of. Quality of life should be a key goal instead..
Only poor Americans have three jobs.
So true. I work less, earn about the same but was able to organize my time & money in a way to enjoy my life more. Identifying my values & just having faith were key.
So good to hear that we all need time off from this work your self sick culture. I literally felt sick from working full time jobs the last 9 years and finally made a point to leave my job after speaking with my husband. I informed him that I really need a month off to work on myself and decided where I want to go with my life and career. I told him now would be the best time for me to take 6 weeks off for myself to just gather my thoughts and really take a hard look at our finances and my life goals. This was hard because I would be walking away from a good paying job but I realized no job or amount of money is worth my sanity and my happiness. I want my husband and I to adopt this concept and life style of making sure we work towards giving ourselves a 6 week breaks every 3-4 years. So glad I am now able to practice this and just get real with myself, thanks for this awesome life hack!
I'm increasing my 401k to 10% now. Thank you both so much!
He said at the start that budgeting doesn’t work and then he goes on throughout the video encouraging us to track our expenses and save money. Nothing new I think?
I love the written quotes you included in this video. Makes it so much easier to follow and those wise words stay in mind very well! Keep up the great work... both of you :D
I like this vid.. It would have been nice to have discovered this 20years ago.
My latte factor is actually buying lunch every workday. I typically spend $10 a day on lunch. That's $50/week or $200 per month! $2400 a year on lunch! eek!! I will aim to cut that in half and that's $1,200 back in my pocket 👍
Sure, cutting back is important, but making more money is being more proactive towards financial independence and a better retirement.
perfect timing...thank you
ahh Marie is so good at interviewing. Everything flows so perfectly and smoothly and time flies by so quickly. Love it
Marie - I'm so glad I opened the email introducing this interview - LIFE CHANGING! I'm watching a 2nd time and I've even set up a time to share this with my husband. I am taking the 7 -Day money factor and am determining what my Latte Factor so I can begin saving $5-$10 a day, which I thought was almost impossible for me before today. I am writing down my values and will begin to align my spending habits TODAY and saving to more equally mirror each other. THANK YOU SO MUCH FOR THE INTERVIEW AND YOUR SHOW!
I'm also going to do the 7 day challenge. Instead of tracking forward can we not just got back 7 days and record what we've spent to analyse where it goes?
I don't have many fancy accounts yet, but paying myself first means putting money into my stock account. atl east 10% of my earnings
David has always been one of my favorites. Absolutely have loved his books!!!
Yak marrying a used leftover guy with baggage... A single woman should have some value for herself and not chew someone else's gum...
That’s not a nice thing to say
My latte factor was actually a freaking latte!!! 😆 ... I put that money towards my business!! I already contribute 16% to my 401K and increase every year by 2%. This was such a great interview!!!
Woohoo! That's so great!!
You're considering writing a book on how to take a sabbatical?? I retired in my 40's. I'm not going back to work. I don't want to wait until I'm old and unable to do a lot of things I can & want to do now. After 10-20 years, people should be able to live comfortably with passive income. My motto is: live modestly during the first 10 years of life, and live off your dividents for the remainder of your life.
my latte factor is a stupid latte!!!! Amazing video, so much important knowledge that David shared!
fantastic video! I love the latte factor! really opened my eyes, gonna start the 2 day challenge!
I bet David doesn't follow his own advice. He has enough money coming in from all his books that he doesn't need a latte factor. He probably drinks lattes all the time!
Money is an inanimate object. It can’t be either bad or good because it is not actually personified. It can’t intend either way.
Like guns, it’s a tool to do whatever the holder intends it to do, or like a shovel, or a plow.
You, the user, get to decide if you’re going to shoot it, producing food or producing evils you can plant with it, to grow investment fruits and veggies... or if you see it as a bucket, you might take it to the beach and build a sand castle with it.
Sounds weird, but this is what I say to folks who have strange beliefs about money be imbued with some kind of magical power.
Money is paper or metal at best. It can’t hurt you unless you mishandle your responsibility for it, ultimately, for yourself and your family.
My question for him is:
What do you tell folks who might come from a 7 generation pool of wealth and feel it incumbent on themselves to double that for the next 7 generations?
Especially during a time that the idea of private property might be coming into question?
How do you protect that, and build on it best? To save as many people as you can now, and to support as many as you can 7 generations from now into the future?
Loved this interview! I use to watch him on Oprah.
I agree with the time off. Everyone needs time to recharge. I think at the very least- 2 weeks off in the summer and 2 weeks off in the winter, in addition to vacation time. We work so much in this country. Money is important but it's not everything.
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Loved this one Marie!!! I am actually on a sabbatical right now, but building a new yoga business because I decided to leave my job and move on to my passion. The best thing you can do is take a leap of faith, know that work does not control you-so you can open up to bigger better things. Also loving the Latte factor!
The latte factor works for those who have little money and/or work for someone else who has retirement plans in place. Having a business is the first step towards financial independence.
Lift The Yoga Revolution How were you able to quit your job? I assume you must have had some savings and I'm curious how much in savings you had in order to feel comfortable leaving your job. I am starting to plan for starting my own business and leave my job and I'm thinking I'd need at least 6 months worth of expenses saved up before I can make the move.
My latte factor is takeout food
I think I'm very careful with my spending. But, I haven't taken care of my 401K yet. Thank you for motivating me to do it.
This is a great video! I found it because I'm currently reading Smart Couples Finish Rich, and have already benefitted so much from it. Also, Marie, you are a fantastic interviewer! Keep up the great work!
How old is Marie? She seems younger here than she was in her 2011 video.
I increased my 401K investment up to 11% from 10%. I will do the two day tracking starting today.
Amazing!!! "You DON'T have to be rich to live rich". VERY VALUABLE and MEANINGFUL!!
Really enjoyed this video! I am inspired. Thank you Marie!
I've comleted an annual audit on my finances for the past two years. It was shocking to see where allbthe money went. The 1st year was maddening, so I set the 2nd year to cut back and it has worked tremendously. My major output was groceries, fuel and medical. I slashed these in half and invested the cash.
Thank you! Absolutely love his book and this is a fantastic talk!
Incredible video!!! Enjoyed it so so much!!
I'm so glad that you having this conversation about time off and vacations. That's exactly what we need in the world, it makes you more productive, a million times happier and it is an infinitely more sustainable way of life.
Regarding the sabbatical topic, it re-inforced to me why people should really read the classics. What they are describing has been well documented in Stephen Covey's "7 Habits of Highly Effective People". The sabbatical habit is referred to by Covey as "Sharpen the Saw"". As great as these two people are, they are struggling with something that wise people before them has already covered! Read the classics!
what an amazing episode. Thank you so much. this felt deeply meaningful and authentic. you added so much value.
I just increased my 401(k) contribution from 13 to 14%. I already had a goal to get to 15% by the end of 2016, so this video was a great kick in the pants to increase it! Thanks.
Why not increase it to 20%? What's holding you back?
+taoist40 Thanks for the encouragement, but right now that's not my goal. I have other financial priorities, so this is what I feel comfortable with doing.
I am currently reading 'smart couples finish rich' its good but my husband is a tough one, he currently works and I'm a stay at home mom. I'm the money saver and he's the spender so having him hand me the money to be able to keep us on track is extremely hard feels like we'll never be on the same page with money. He kind of has the mentality of 'I work so this is MY money' Any suggestions on how to get him to let me have some control??
This is an amazing and inspirational interview! I love how honest you are with your values and that you share ways that you have been able to implement them while still building your business. Thank you so much for sharing this information for free, I believe you truly are making a difference in this world :-)
Amazing content in this video!! Thank you for sharing David & Marie ♡♡♡
everyone should read his books. I got it from library. very easy and pleasant to read.
I just watched this episode of Marie TV with David Bach - this IS a game changer episode.
I decided that next summer (2018), I AM taking a radical sabbatical of 6 weeks!!
I'm a single mom, entrepreneur and I do need to clean-up my financials, grow my business and structure it differently to take the sabbatical, but this episode gave me the 'why'
Why change my money habits
Why step-out of my comfort zone
Why take the big leap
I had lost my why, so I had lost my way...
Thank you so, so much to both of you for this episode. xox
I needed this so much!!! Thank you Marie and David.
Thank you for interviewing him Marie! That was great and extremely informative : )
RUclips did not want me to watch this video it shut it off and switched videos 6 times 😂 but with enough determination I am not missing one second. 🎉
YAY! We're so glad Jacquelynn! We're not sure why RUclips was doing that but LOVE that you were going to do everything possible to watch this episode. Hope you enjoy! - Monauar, Team Forleo
A wonderful interview! Thank you!!
ha ha I am broke
img i really need to take care of my finances! my only form of organization is paying everything with my debit card so i don't have to save the receipt lol
THIS WAS SO INFORMATIVE! THANK YOU SO MUCH! XX
This is fabulous and it’s incredible. I am on it...
I loved this interview. Thank you!!
She's loved him forever he's in her book make every man want you!
Thank you for putting up this interview!
thanks marie. good video. i gonna act on it. again thank you soo much. keep going.
I'm a DIY project kind of girl, but even those projects can become expensive overtime. Working on becoming more creative and economically savvy while still making some awesome things :)
Comleted an annual audit on my finances for the past two years. Shocking to see where all the money went. Year-1 was maddening. Year-2 slashed spending in half in my major output categories groceries, car maintenance, fuel and medical. The saved cash was invested.
Really eye opening! Thank you!
I shared this video with my co workers.
thanks for the whole thing, but especially the sabbatical idea and the background to it. I'm really burned out and hoping/planning to take a break in the coming year, probably as my life reorganizes anyway due to other factors. I can afford to do this, thank heavens, but the scary part is stopping without knowing exactly how things will gear back up and when. I've decided this is just the kind of fear I have to be present to, but not let dissuade me. I was so happy to hear about David's feeling of renewed energy and joy in life as a result of his sabbatical. If this happens to me... wow, that would be great.
This is soo informative and resonates with my gut feeling about how finances should be dealt with and also all the reasons our current system of dealing with finances is too stretched, hyped and complicated automatically leading to financial failure.
I am so happy to hear an expert confirm this because I've always felt like is it too lengthy n boring to research and prove my feeling true. And, as I am an Indian student with a very low fees and no job living with my parents I don't have to manage my own finances but I've asked them to do this 10% saving and never looking back and talked to several people generally that I don't believe in this lengthy accounting system with a budget and graph for every little thing.
Thank you Marie!
Great video. I love this topic. I agree with David about taking extended time off, a sabbatical if you will. I do think that people want to be able to do it but just CAN'T, due to finances.
Very good David and Marie
6:07 Alignment is so important. I'm working on this so I can get all the way over to the winning side of "life's not fair" because from what I have heard from teachings is that things work out when you're aligned and it's not fair and then you have to say to people don't hate the player, hate the game, I ❤💰💳💸!
Excellent video 😊😊😊👌
What if you have good news about money before sex lol! Jk I like the money day though lol
I really enjoyed how David Bach gives advice. He is very real and understandable on his POV and money advice.
I am going to start following these steps
loved this
I can’t love this video enough. It’s so practical and easy to follow. It just makes sense. Thank you!
Hi Marie. Do you have the link for the Finishers Files he said you would put on... thank you
I increased my 401K from 5% to 10% as David recommended as the minimum.
Thank you so much for this, Marie and David!
everyone better think big .set a goal to be rich ! if ur goal is just to get out of debt ,you barely will be rich .
to --much worry---is money-- you have in bank----------------------------------------------- ----------------------
My Hummus factor is wild!! What wonderful encouragement for persona finance.
The hummus factor!! haha!! so funny!
Thank you for this!
I have recently fallen in love with a man and we are creating goals and our vision of our best life together possible. I love that no matter where you are in life financially, you can always change your future one good choice at a time.
Fascinating conversation! I love the idea of David writing a book about sabbaticals. I think they are not talked about enough.
Wow I love hearing about the sabbatical. I am definitely going to aim for taking some time off like that
I started taking off 2 months in the summer 2 years ago and it was a game changer!
@@karitimmer2801 that sounds amazing, sounds like a great plan
If you watch the pennies the dollars will take care of themselves!
Not my favorite interview, he talks in circles a little bit.. But still love Marie!
Living in Europe I can tell you that taking 6 weeks off hasn't been a reality for some time. I work for a consulting firm with about 1000 employees and the only person I know who took a month vacation was a senior employee who got married, and I don't know a single person, aside from him, who has taken a vacation longer than a week.
Pay yourself first 💫💰💫✨💫💵💵💰✨✨✨💫✨ a part of all I earn is mine to keep ♥️❤️♥️🙏
I so appreciate this message about making sabbatical part of an organization.
I'm very interested in this radical sabbatical. please tell me more!
Awesome JUST AWESOME
... =_= they can live without working in NYC for 20 years and he never thought to just... enjoy life? Like, that's the whole point of getting rich... ...
Is it?
For me it is. Get rich to not work anymore and donate money to people who need it.
People who stop working / retire die sooner than people who continue working.
Trust me, if your goal is to get rich so you don't have to work anymore... money will be far away for you.
Not working is bad for any man or woman. Think and Grow Rich speaks about this.
Think and Grow Rich is all about making money without working. TF you mean? lol
***** No it's not. It's about working SMART, not HARD. Still takes work.
Read the book. There are plenty of places where it speaks about the necessity of a person to work. Every single person mentioned in the book worked. They worked smart, though. It's even said, numerous times, "There as no such thing as something for nothing"
In fact, the 4th step of the Statement of Desire says, "Create a definite plan for carrying out your desire, and begin at once, whether you are ready or not, to put this plan into action"
Why would anyone choose to associate and your with trump? Shows a lack of integrity.
I’m watching this video 5 years after it was posted, and I have enjoyed it so much!
Love from Germany!
Excellent interview! The Automatic Millionaire transformed my life. Easy read with tons of valuable "wisdom nuggets"!
Are you a millionaire yet?
I read it and am on my way. According to calculations will be in a few years.