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Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age
#1 NEW YORK TIMES BESTSELLER • Are you wondering if it is too late for you to be rich? David Bach has a plan to help you live and finish rich— no matter where you start
As a number-one bestseller in its hardcover edition, Start Late, Finish Rich has helped hundreds of thousands of people of all ages take control of their financial future. Now you, too, can ramp up the road to financial security with David Bach’s inspiring, proven, and easy-to-follow “catch up” plan, which tailors his “Finish Rich” wisdom to those who forgot to save, procrastinated, or got sidetracked by life’s unexpected challenges.
In a swift, motivating read, David Bach gives you step-by-step instructions, worksheets, phone numbers, and website addresses—everything you need to put your “Start Late” plan into place right away. You will learn that even if you’re buried in debt, there’s still hope. You can spend less, save more, and make more—and it doesn’t have to hurt. With America’s best-loved money coach at your side, it’s never too late to change your financial destiny.
As a number-one bestseller in its hardcover edition, Start Late, Finish Rich has helped hundreds of thousands of people of all ages take control of their financial future. Now you, too, can ramp up the road to financial security with David Bach’s inspiring, proven, and easy-to-follow “catch up” plan, which tailors his “Finish Rich” wisdom to those who forgot to save, procrastinated, or got sidetracked by life’s unexpected challenges.
In a swift, motivating read, David Bach gives you step-by-step instructions, worksheets, phone numbers, and website addresses—everything you need to put your “Start Late” plan into place right away. You will learn that even if you’re buried in debt, there’s still hope. You can spend less, save more, and make more—and it doesn’t have to hurt. With America’s best-loved money coach at your side, it’s never too late to change your financial destiny.
368 pages, Paperback
First published January 1, 2005
603 people are currently reading
2827 people want to read
About the author
David Bach
69 books350 followersDavid L. Bach is an American financial author, television personality, motivational speaker, entrepreneur and founder of FinishRich.com. Bach, is best known for his Finish Rich Book Series and Automatic Millionaire Series of motivational financial books under the Finish Rich Brand. He has written 12 books since 1998 with over seven million copies in print.
Eleven of Bach's books have been national bestsellers, including nine consecutive New York Times bestsellers, two of which were consecutive #1 New York Times bestsellers (The Automatic Millionaire and Start Late, Finish Rich). Bach has had four of his books Smart Women Finish Rich, Smart Couples Finish Rich, The Automatic Millionaire and The Finish Rich Workbook appear simultaneously on the Wall Street Journal, BusinessWeek, and USA Today bestseller lists. Eleven of Bach's books have been published from Random House (Broadway Books).
Bach's first book Smart Women Finish Rich was published in 1998, and appeared on the bestseller lists for a decade. His most recent book Debt Free For Life (2011) was published by Crown Business Books, and appeared simultaneously on the New York Times, Wall Street Journal and USA Today bestseller lists.
Bach has appeared regularly on television dispensing his financial advice since 1994. His first appearance on television took place in San Francisco, on local cable channel BayTV, where he was "The Money Doctor", and answered personal financial questions.
He was a regular contributor to The Today Show, appearing weekly on the Money 911 Segments. He also has contributed to CNN American Morning, CNBC, Fox Business, ABC Good Money, and The Oprah Winfrey Show. He has appeared on The Oprah Winfrey Show over six times, including the shows "How to become an Automatic Millionaire" (2004), "How to become an Automatic Millionaire Couple" (2004) and "Oprah's Debt Diet Series" (2006). Bach has appeared on CBS's The Early Show, NBC's Weekend Today, CNN's Larry King Live, ABC's Live with Regis and Kelly, and ABC's The View.
Bach has written, produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire, which aired nationally. Smart Women Finish Rich was produced by Connecticut Public Television (1998) and The Automatic Millionaire by Chicago Public Television (2006). He has hosted two radio shows, Finish Rich with David Bach (Sirius Satellite Radio) and The Finish Rich Minute (Westwood One).
Eleven of Bach's books have been national bestsellers, including nine consecutive New York Times bestsellers, two of which were consecutive #1 New York Times bestsellers (The Automatic Millionaire and Start Late, Finish Rich). Bach has had four of his books Smart Women Finish Rich, Smart Couples Finish Rich, The Automatic Millionaire and The Finish Rich Workbook appear simultaneously on the Wall Street Journal, BusinessWeek, and USA Today bestseller lists. Eleven of Bach's books have been published from Random House (Broadway Books).
Bach's first book Smart Women Finish Rich was published in 1998, and appeared on the bestseller lists for a decade. His most recent book Debt Free For Life (2011) was published by Crown Business Books, and appeared simultaneously on the New York Times, Wall Street Journal and USA Today bestseller lists.
Bach has appeared regularly on television dispensing his financial advice since 1994. His first appearance on television took place in San Francisco, on local cable channel BayTV, where he was "The Money Doctor", and answered personal financial questions.
He was a regular contributor to The Today Show, appearing weekly on the Money 911 Segments. He also has contributed to CNN American Morning, CNBC, Fox Business, ABC Good Money, and The Oprah Winfrey Show. He has appeared on The Oprah Winfrey Show over six times, including the shows "How to become an Automatic Millionaire" (2004), "How to become an Automatic Millionaire Couple" (2004) and "Oprah's Debt Diet Series" (2006). Bach has appeared on CBS's The Early Show, NBC's Weekend Today, CNN's Larry King Live, ABC's Live with Regis and Kelly, and ABC's The View.
Bach has written, produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire, which aired nationally. Smart Women Finish Rich was produced by Connecticut Public Television (1998) and The Automatic Millionaire by Chicago Public Television (2006). He has hosted two radio shows, Finish Rich with David Bach (Sirius Satellite Radio) and The Finish Rich Minute (Westwood One).
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Displaying 1 - 30 of 214 reviews
July 4, 2016
It is important when reading any financial "how-to" book to fully understand the author's intentions.... what is their goal? To help you or themselves. This book is a mixed bag in that regard. As other reviews have pointed out, David Bach's programs are not so much about making you money, but enriching his own fortune.
That being said, this book can be read judiciously and you can gleen some useful bits of information in his book, including his emphasis on saving now for retirement, even if you are getting a late start. This book is largely a repeat of his book "The Automatic Millionaire" (as are most of the other books he's written), only retooled for an older audience.
I was disappointed with his investment suggestions. He recommends ETF's (exchange traded funds) over mutual funds... the problem is that unless you are buying your ETF's in bulk/large purchases, this is likely to be a more costly approach. Vanguard offers some of the best low-cost index mutual funds with much lower transaction costs than ETF's.
His advice about paying off a home early is also suspect. If you locked in a mortgage in the 5 percent range, it does not make practical sense to pay it off early when you can make more on that money in CD's or even online savings accounts with ING or HSBC. I understand the "peace of mind" argument, but who ever said I don't plan on paying off my house before I retire right on schedule?
Overall, a decent book, but given it's misguided tendencies, I think there are many other better highly rated alternatives that are more worth your money (see the "Bogleheads' Guide to Investing", and the "Dummies Guide to Personal Finance" for example).
That being said, this book can be read judiciously and you can gleen some useful bits of information in his book, including his emphasis on saving now for retirement, even if you are getting a late start. This book is largely a repeat of his book "The Automatic Millionaire" (as are most of the other books he's written), only retooled for an older audience.
I was disappointed with his investment suggestions. He recommends ETF's (exchange traded funds) over mutual funds... the problem is that unless you are buying your ETF's in bulk/large purchases, this is likely to be a more costly approach. Vanguard offers some of the best low-cost index mutual funds with much lower transaction costs than ETF's.
His advice about paying off a home early is also suspect. If you locked in a mortgage in the 5 percent range, it does not make practical sense to pay it off early when you can make more on that money in CD's or even online savings accounts with ING or HSBC. I understand the "peace of mind" argument, but who ever said I don't plan on paying off my house before I retire right on schedule?
Overall, a decent book, but given it's misguided tendencies, I think there are many other better highly rated alternatives that are more worth your money (see the "Bogleheads' Guide to Investing", and the "Dummies Guide to Personal Finance" for example).
August 23, 2015
When I first graduated college, my grandfather handed me a stack of books on finance and investing. I read them all, but I was married at the time and it was difficult to get my wife on board with an idea like "Let's try not blowing all of our money." Years later I got divorced, which wiped my savings, and I had to start with a clean slate. Which brings me to the point at which I decided to pick up this book.
I was looking through the personal finance section of the bookstore, and the title caught my eye, because starting with no assets in my 30s, I thought that I really need to get a handle on my financial situation and start preparing for the future.
As someone who appreciates good literature, I wasn't terribly impressed with how this book is written. It feels more like an advertisement or a cheesy motivational speech. However, these qualities combined with the excellent information provided actually work for this. Besides, for me this was about learning something.
What I liked best about this book was that it is immediately applicable. At the end of each chapter is a list of steps to take. You don't even have to finish the book for it to start making a difference in your life by applying the steps. I have already gone from having nothing to starting regular contributions into a retirement account. I'm figuring out how I can buy real estate. I'm looking for ways to start my own business.
Another thing I really appreciated about this book is that it not only discusses how to build wealth, but it also talks about what to do with it: donate not just your money, but also your time to charitable organizations. Don't just be a busy old miser, but take the time to enjoy your life. And finally, teach your kids to be financially responsible so they don't get to the point that you did feeling like you need to "start late".
Overall this was a great read. The author has several other titles, and I imagine that they all present a variation on the same story here, so I'd recommend any of them based on what I read here. Just find a title that applies to your situation and go for it. This is full of sound financial theory.
I was looking through the personal finance section of the bookstore, and the title caught my eye, because starting with no assets in my 30s, I thought that I really need to get a handle on my financial situation and start preparing for the future.
As someone who appreciates good literature, I wasn't terribly impressed with how this book is written. It feels more like an advertisement or a cheesy motivational speech. However, these qualities combined with the excellent information provided actually work for this. Besides, for me this was about learning something.
What I liked best about this book was that it is immediately applicable. At the end of each chapter is a list of steps to take. You don't even have to finish the book for it to start making a difference in your life by applying the steps. I have already gone from having nothing to starting regular contributions into a retirement account. I'm figuring out how I can buy real estate. I'm looking for ways to start my own business.
Another thing I really appreciated about this book is that it not only discusses how to build wealth, but it also talks about what to do with it: donate not just your money, but also your time to charitable organizations. Don't just be a busy old miser, but take the time to enjoy your life. And finally, teach your kids to be financially responsible so they don't get to the point that you did feeling like you need to "start late".
Overall this was a great read. The author has several other titles, and I imagine that they all present a variation on the same story here, so I'd recommend any of them based on what I read here. Just find a title that applies to your situation and go for it. This is full of sound financial theory.
April 12, 2019
Until I read this book, I had the wrong understanding of "pay yourself first," which really means investing money in a non-taxable retirement plan, or any investments that won't be taxed until you pull money out of your investment savings. I'm not against taxes, but I do think that I and my wife have been paying too much, especially when many of the wealthy elite and corporations are not paying their share of taxes, because they use legal loopholes to avoid paying.
I know this book now is a little dated, but I still disagree with the author about not keeping a budget. In the digital debit and credit card age when all your transactions can be downloaded and tracked, you can actually manage your finances in less than one hour a week, and mostly on your smartphone. I use YouNeedABudget.com, and for a modest $50 a year, I budget every cent of the money I bring in. I buffer my expenses one month ahead, and I use the YNAB goal setting features to budget (save) money for future expenses throughout the year. Thus my checking account always has money to pay upcoming bills and to buy the things I need or want. There's no surprises. And since I keep a budget, I add more money to my Emergency fund than I used to.
I recommend that maintaining a budget is even better than the latte factor the author writes about. Budgeting is about setting financial priorities, not denying yourself of everything you want. Budgeting is about aging your money, which means not spending your income so fast. And budgeting is about tracking how you're spending your money so that you know where to reduce spending, and how to save more.
The advice the author gives a investments and other ways of growing your is good, but nothing really new.
I know this book now is a little dated, but I still disagree with the author about not keeping a budget. In the digital debit and credit card age when all your transactions can be downloaded and tracked, you can actually manage your finances in less than one hour a week, and mostly on your smartphone. I use YouNeedABudget.com, and for a modest $50 a year, I budget every cent of the money I bring in. I buffer my expenses one month ahead, and I use the YNAB goal setting features to budget (save) money for future expenses throughout the year. Thus my checking account always has money to pay upcoming bills and to buy the things I need or want. There's no surprises. And since I keep a budget, I add more money to my Emergency fund than I used to.
I recommend that maintaining a budget is even better than the latte factor the author writes about. Budgeting is about setting financial priorities, not denying yourself of everything you want. Budgeting is about aging your money, which means not spending your income so fast. And budgeting is about tracking how you're spending your money so that you know where to reduce spending, and how to save more.
The advice the author gives a investments and other ways of growing your is good, but nothing really new.
June 22, 2022
Finally buckled down and finished/skimmed this one. We are already doing most of what is in here, but there were a few ideas that got me thinking. Not sure if they're practical for us or not, but worth mulling and praying over.
I liked his emphasis on tithing and giving. Anyone focused on amassing wealth just to have gobs of money will end up like Scrooge. Sitting alone, counting his gold coins. But to use our resources to give back to the Lord and to others, that has eternal rewards.
I liked his emphasis on tithing and giving. Anyone focused on amassing wealth just to have gobs of money will end up like Scrooge. Sitting alone, counting his gold coins. But to use our resources to give back to the Lord and to others, that has eternal rewards.
May 18, 2023
About 1/3 of the book had good practical advice. The other 2/3 was wishy washy hopeful BS. I recommended this book to my sister because she believes in the self-help genre and maybe she will get something good out of it. As for myself, who has read many books of the same stripe, these ideas are nothing at all new to me and frankly I feel like they can be adequately summarized in a blog post without all the fluff.
July 19, 2013
I stumbled upon "Start Late, Finish Rich" by David Bach as I was searching for antiques in Gatlinburg, TN last week. As I flipped through shelves of books, it caught my eye. When it was presented to the clerk for purchase (which was three dollars), he remarked, "If this works for you, bring back and I will give you ten dollars for it."
David tackles many areas: control spending, credit card debt, renting instead of purchasing, investment and personal development. I was delighted at his thoroughness, knowledge and links to information and resources.
Get it, read it, and you will not be disappointed!
I am doing much of what his advises and will do MORE . . . .
David tackles many areas: control spending, credit card debt, renting instead of purchasing, investment and personal development. I was delighted at his thoroughness, knowledge and links to information and resources.
Get it, read it, and you will not be disappointed!
I am doing much of what his advises and will do MORE . . . .
November 6, 2009
A good, clear, no-nonsense approach to common-sense personal finance. Ahhh, it was nice to read. No complex schemes, no secretive stock analysis, just useful info for the beginner.
May 5, 2021
Finally, a finance book aimed at Canadians (the Canadian edition, that is). While a lot of the advice still didn't apply to me--I wish someone would address, just once, why retirement savings plans aren't suitable for everyone instead of acting like they're the be-all, end-all (they are tax-delayed accounts, for one thing, not truly tax-free accounts), it still had a lot of great advice and a few really worthwhile exercises.
I appreciated that Bach included tips on how to LIVE "rich" now, instead of waiting until retirement or some other magic number is reached. I've heard so many horror stories of people who put off living their lives until retirement, only to pass away soon after. And in the FIRE movement, it's easy to get impatient and obsessed and forget to still take joy in the journey.
His advice isn't all common sense, either, unless you're Warren Buffett. Some of his strategies sound risky, but are highly intriguing. This book definitely opens one's mind to the possibilities, and it was SO nice to see a book like this written for people over thirty.
I appreciated that Bach included tips on how to LIVE "rich" now, instead of waiting until retirement or some other magic number is reached. I've heard so many horror stories of people who put off living their lives until retirement, only to pass away soon after. And in the FIRE movement, it's easy to get impatient and obsessed and forget to still take joy in the journey.
His advice isn't all common sense, either, unless you're Warren Buffett. Some of his strategies sound risky, but are highly intriguing. This book definitely opens one's mind to the possibilities, and it was SO nice to see a book like this written for people over thirty.
October 11, 2014
Popular author & speaker. Several of his recommendations were great - cut out what he calls the "latte" factor - a lot of those non-essential expenditures that we can easily live without (and put into savings), and pay yourself first (pre-tax 401K plans). I also liked that he says we should stop beating ourselves up for where we are - just do something about it now. And he also highly recommends giving (financially and with out time), as well as living a life of joy-don't put off being happy now to do so later. All great sound advice, as is his suggestion to make more money on the side (give up TV time). I fast-forwarded through some of it, since it seemed a bit outdated (written in 2004) - and the crash of 2008, and the slow recovery and the real estate bubble bust seem a bit riskier now. Who knows - maybe not, maybe we'll eventually recover. Whatever, take action - don't be a lump, and your chances are better to finish rich.
April 27, 2014
This book has some interesting ideas about finances - most of which I totally agree with. The major sections of the book deal with spending less, saving more, making more and giving more - all worthy financial goals. My main problem with the book was that the edition I read came out 2004 and, in light of the Great Recession, that began in 2008, many of Back's invest ideas seem dated and even right down dangerous from a financial view point. This is especially true of information presented in the sections on real estate investing, which pretty much makes the assumption that real estate will always go up and up and up. Read this book for the good ideas, but also with a critical eye, because not all of the author's ideas are good ones.
May 5, 2018
A good read though it missed multiple key areas. Still, plenty of common sense, easy to do items for someone who has hit 50 or more and realizes they need some help.
Will re-enforce his key point, PAY YOURSELF FIRST. and pay yourself before you pay the govt. If you have a 401K but are not using it and let's say you are 50. 1st thing you do is ask for 2-3% to start. You will not miss it. 1 year from now add 1%, 2 years from now another 1%. Fast forward and by 60, you are putting away 12-15% of your income and you dont miss it.
Could not be easier.
Will re-enforce his key point, PAY YOURSELF FIRST. and pay yourself before you pay the govt. If you have a 401K but are not using it and let's say you are 50. 1st thing you do is ask for 2-3% to start. You will not miss it. 1 year from now add 1%, 2 years from now another 1%. Fast forward and by 60, you are putting away 12-15% of your income and you dont miss it.
Could not be easier.
September 20, 2018
Common sense.....
Read
February 1, 2021(Review written 7/11/07)
I ran across a reference to his book in the middle of a financial article I was reading online, and the local library had a copy, so I figured, what the heck?
Bach sounds like a cross between Carlton Sheets and Robert Schuller, alternately giving real life strategies for retiring wealthy, and spouting aphorisms and slogans guaranteed to get you pumped up about your future. This, I think, would be a fantastic book for someone who's just getting started out in the working world to read (as a matter of fact, I recommended it to my daughter), as the strategies apply equally well to those starting early and those starting late. I think the best piece of advice in here is along the lines of "don't beat yourself up over your past mistakes."
I find myself fairly often saying, "if only I'd have bought that stock I was going to" or "if only I'd have bought that piece of property just outside town" or "if only I'd have gone into business for myself without that bad partner." The point that Bach makes is that even if you've fouled up, financially, in the past, that doesn't preclude you from succeeding in the future, if you just get with the program once again. This also has applications for those who haven't necessarily messed up big time, but who may have gotten temporarily sidetracked by the vagaries of fortune - like being unemployed for two years ;-).
This book hasn't dropped any astounding revelations on me; I've been doing most of it for years. I guess I should find it reassuring that a guy who travels around the country doing financial planning seminars is telling me to do what I'm already doing, for the most part.
He talks a little bit about finding your "Latte Factor." This is a term for some area in your life that you can economize by eliminating that, e.g., daily latte, excessive dining out, unnecessary luxuries (aren't luxuries by definition unnecessary?), and then using the money you free up by quitting those habits to fund your retirement. There are a couple of problems with this approach for me.
First, I've already pretty much eliminated the lattes of life from my life. I don't go to Starbucks, I pack a sack lunch daily, only going out to lunch for special occasions, with friends. I don't even eat dinner out on a weekly basis, perhaps twice a month at most, unless I'm on the road and have no choice. I don't go out to see all the new movies at the theatres, just a couple of major blockbusters a year, the rest I rent at the video store, and if we average one movie a week, I'd be surprised. So there's not a lot of fat left in my life to trim is what I'm saying.
Second, the numbers he tosses around seem geared towards a really urban crowd. He talks about $17.50 for a martini, $7 for a pack of cigarettes, and so forth. Here in the rural West, $5 for a cocktail is considered exorbitant, and I don't think I've ever paid over $3 for a pack of smokes. So, it's a little tough to believe the resultant investment numbers, when the savings figures just aren't there.
However, for the vast majority of people out there, I think, this may be an eye-opener, to really take a look at how much money we all fritter away on entertainment, socializing, eating non-nutritious snack food, and so on. At the very least, one should always be aware of and question habitual expenses.
Once you've saved all this money, Bach suggests that the best place to invest it is in your employer-sponsored 401K plan. At the very least, of course, one should put enough money in the 401K at work to gain the employers matching funds - that's just FREE money. On top of that, you contribute to the plan with pre-tax dollars, so you have to work less hours to invest a given amount each month that you would if you used money Uncle Sam had already tapped. So, it ain't rocket science, but it's good solid practice. My wife and I have been doing this for years, and while there ain't millions in the accounts yet, it's surprising how much money one accumulates systematically, if you just leave it alone to grow. He doesn't say it, but I will, "NEVER EVER touch your 401K! until you're ready to retire." The IRS will get back at you, big time.
As far as what investments to pick within the umbrella of a tax-advantaged plan, he's got lots of options, but the big picture is diversification. One wants to have a little bit of everything in your portfolio. I'm not going to get into the strategies for doing that, just read the book. However, I was reassured to note that he strongly recommends being invested in one of the Asset Allocation mutual funds, which automatically balances and rebalances your money across a pre-selected range of sectors, and which in some cases can even be automatically adjusted towards a different mix the closer you get to retirement age. This just happens to be the type of funds my wife and I had recommended to us by both our financial planners a couple of years ago when we were rolling over money out of our 401K plans from previous employers to IRAs. In our 401Ks at our current employers, we like to play the market a bit, just for fun, and actually actively manage our funds, but the IRAs are on autopilot.
Which brings up something else he said that I thought was pretty cool. "Your investment strategy should be extremely boring." The exciting, flashy, type of investment that your buddy is going to tip you off to at a cocktail party isn't going to cut it for the long haul. You might pick up a good return in a short period, once, or twice, but over the long haul the best bet is to just steadily invest in a broad spectrum of stocks, bonds, etc. Dial it in and leave it alone, except to occasionally boost your contributions if you're not maxed out yet.
Where I'm not too sure if I agree with him here is in his percentages. For someone my age, he's saying I should be putting 25% of my pay in a retirement plan. I'm at around half of that right now, and I think that may be sufficient. Of course, I may have a slightly different set of priorities. I'd like to enjoy some of the fruits of success now, rather than later, and I'm more interested in putting some money in an investment account that I can tap on demand, without paying any tax penalties, at any time that I want. Trying to strike a balance between having a retirement somewhat dialed in, and having sufficient cash reserves on hand to take advantage of other investment opportunities or purchasing opportunities that arise without warning. For example, if you need to buy a new car anyway, you're better off paying cash for it than financing it, in my opinion (I think Bach would agree). And, if you have plenty of cash that's in a semi-liquid state, you can take advantage of truly good deals, someone else's desperation to sell, or whatever. If you don't have cash reserves, you pay RETAIL. But that's just my personal philosophy.
The one thing upon which he and I agree fully is that you should never carry credit card debt. Keep those cards paid off, or don't keep them at all. Credit cards can be handy tools, if used properly, and sometimes there are things you just can't do without them, like purchasing items online, booking an airline flight, or renting a car. They're also great for unexpected expenses or emergencies, giving you a bit of a grace period to free up assets that are perhaps not quite liquid.
He's got some good stuff in here, too, about generating additional income. The first way, of course, is to get a raise out of your employer, and he covers very briefly some strategies for doing just that. There's also a lot of information about starting your own business in your free time, either doing direct marketing, running an EBay store, buying a franchise, or getting into rental real estate.
Bach's got a pretty good section about buying real estate, which was interesting. The wife and I had a piece of rental property for a couple of years, and took advantage of the loophole that allows you to sell a house you've lived in for two of the last five years without paying any capital gains tax. Real estate seems to be the only place I've made any money with my investments over the years. The only thing is that I hate being in the landlord business. I might be able to get back into it if I could find a good property management company to look after things and who weren't too expensive, and who had a good track record for finding stable tenants quickly.
The final 1/3 of the book is a bit of a hodgepodge of philosophical things. One of the principals he gets into fairly deeply is the idea of being a giver, and the concept of a tithe. Now, I'm quite familiar with the concept of tithing, having been a fundamentalist type of christian for a number of years, and I fully believe that being a generous giver really unlocks the blessings that God has in store for believers.
That said, I'm not so sure that I see any scriptural basis for it to apply to unbelievers. Bach almost approaches this from the old "give to get" philosophy, and claims that it's some sort of immutable law of the universe, but I just can't justify it. Even for believers, sometimes the formula isn't all that straightforward, and we just continue to give when we don't feel all that blessed because we're commanded to do so. In my personal experience, it's always worked out well, and it even seems that the money in the budget stretches farther, the more I give back to God and his people.
In fact, I've had several conversations with my good friend Law and my wife and a few others about this subject. I get a little (the feeling is hard to describe, sort of irritated/amused/thinking "Well, duh!") bugged when people whine about being strapped for cash, and I see them throw a five dollar bill in the collection plate on Sunday, when I know their household income is probably close to six figures. I'm thinking to myself, "You'll always be strapped until you start giving freely and wholeheartedly." Oh, and "sacrificially." If it doesn't hurt a bit to give, you're not doing it right.
Anyway, Bach attempts to provide a bit of balance at the tag end of things by talking about how to live life fully and be happy and all that rainbow and unicorn stuff. That's the subject of a whole different type of book, in my opinion, but maybe he just doesn't want to be lumped in with greedy, money-grubbing, capitalist swine. As I heard from a multi-millionaire acquaintance one time, "You can be poor and happy, or rich and happy, and, having experienced both, it's far better to be rich." Probably not an original thought, but always relevant.
I ran across a reference to his book in the middle of a financial article I was reading online, and the local library had a copy, so I figured, what the heck?
Bach sounds like a cross between Carlton Sheets and Robert Schuller, alternately giving real life strategies for retiring wealthy, and spouting aphorisms and slogans guaranteed to get you pumped up about your future. This, I think, would be a fantastic book for someone who's just getting started out in the working world to read (as a matter of fact, I recommended it to my daughter), as the strategies apply equally well to those starting early and those starting late. I think the best piece of advice in here is along the lines of "don't beat yourself up over your past mistakes."
I find myself fairly often saying, "if only I'd have bought that stock I was going to" or "if only I'd have bought that piece of property just outside town" or "if only I'd have gone into business for myself without that bad partner." The point that Bach makes is that even if you've fouled up, financially, in the past, that doesn't preclude you from succeeding in the future, if you just get with the program once again. This also has applications for those who haven't necessarily messed up big time, but who may have gotten temporarily sidetracked by the vagaries of fortune - like being unemployed for two years ;-).
This book hasn't dropped any astounding revelations on me; I've been doing most of it for years. I guess I should find it reassuring that a guy who travels around the country doing financial planning seminars is telling me to do what I'm already doing, for the most part.
He talks a little bit about finding your "Latte Factor." This is a term for some area in your life that you can economize by eliminating that, e.g., daily latte, excessive dining out, unnecessary luxuries (aren't luxuries by definition unnecessary?), and then using the money you free up by quitting those habits to fund your retirement. There are a couple of problems with this approach for me.
First, I've already pretty much eliminated the lattes of life from my life. I don't go to Starbucks, I pack a sack lunch daily, only going out to lunch for special occasions, with friends. I don't even eat dinner out on a weekly basis, perhaps twice a month at most, unless I'm on the road and have no choice. I don't go out to see all the new movies at the theatres, just a couple of major blockbusters a year, the rest I rent at the video store, and if we average one movie a week, I'd be surprised. So there's not a lot of fat left in my life to trim is what I'm saying.
Second, the numbers he tosses around seem geared towards a really urban crowd. He talks about $17.50 for a martini, $7 for a pack of cigarettes, and so forth. Here in the rural West, $5 for a cocktail is considered exorbitant, and I don't think I've ever paid over $3 for a pack of smokes. So, it's a little tough to believe the resultant investment numbers, when the savings figures just aren't there.
However, for the vast majority of people out there, I think, this may be an eye-opener, to really take a look at how much money we all fritter away on entertainment, socializing, eating non-nutritious snack food, and so on. At the very least, one should always be aware of and question habitual expenses.
Once you've saved all this money, Bach suggests that the best place to invest it is in your employer-sponsored 401K plan. At the very least, of course, one should put enough money in the 401K at work to gain the employers matching funds - that's just FREE money. On top of that, you contribute to the plan with pre-tax dollars, so you have to work less hours to invest a given amount each month that you would if you used money Uncle Sam had already tapped. So, it ain't rocket science, but it's good solid practice. My wife and I have been doing this for years, and while there ain't millions in the accounts yet, it's surprising how much money one accumulates systematically, if you just leave it alone to grow. He doesn't say it, but I will, "NEVER EVER touch your 401K! until you're ready to retire." The IRS will get back at you, big time.
As far as what investments to pick within the umbrella of a tax-advantaged plan, he's got lots of options, but the big picture is diversification. One wants to have a little bit of everything in your portfolio. I'm not going to get into the strategies for doing that, just read the book. However, I was reassured to note that he strongly recommends being invested in one of the Asset Allocation mutual funds, which automatically balances and rebalances your money across a pre-selected range of sectors, and which in some cases can even be automatically adjusted towards a different mix the closer you get to retirement age. This just happens to be the type of funds my wife and I had recommended to us by both our financial planners a couple of years ago when we were rolling over money out of our 401K plans from previous employers to IRAs. In our 401Ks at our current employers, we like to play the market a bit, just for fun, and actually actively manage our funds, but the IRAs are on autopilot.
Which brings up something else he said that I thought was pretty cool. "Your investment strategy should be extremely boring." The exciting, flashy, type of investment that your buddy is going to tip you off to at a cocktail party isn't going to cut it for the long haul. You might pick up a good return in a short period, once, or twice, but over the long haul the best bet is to just steadily invest in a broad spectrum of stocks, bonds, etc. Dial it in and leave it alone, except to occasionally boost your contributions if you're not maxed out yet.
Where I'm not too sure if I agree with him here is in his percentages. For someone my age, he's saying I should be putting 25% of my pay in a retirement plan. I'm at around half of that right now, and I think that may be sufficient. Of course, I may have a slightly different set of priorities. I'd like to enjoy some of the fruits of success now, rather than later, and I'm more interested in putting some money in an investment account that I can tap on demand, without paying any tax penalties, at any time that I want. Trying to strike a balance between having a retirement somewhat dialed in, and having sufficient cash reserves on hand to take advantage of other investment opportunities or purchasing opportunities that arise without warning. For example, if you need to buy a new car anyway, you're better off paying cash for it than financing it, in my opinion (I think Bach would agree). And, if you have plenty of cash that's in a semi-liquid state, you can take advantage of truly good deals, someone else's desperation to sell, or whatever. If you don't have cash reserves, you pay RETAIL. But that's just my personal philosophy.
The one thing upon which he and I agree fully is that you should never carry credit card debt. Keep those cards paid off, or don't keep them at all. Credit cards can be handy tools, if used properly, and sometimes there are things you just can't do without them, like purchasing items online, booking an airline flight, or renting a car. They're also great for unexpected expenses or emergencies, giving you a bit of a grace period to free up assets that are perhaps not quite liquid.
He's got some good stuff in here, too, about generating additional income. The first way, of course, is to get a raise out of your employer, and he covers very briefly some strategies for doing just that. There's also a lot of information about starting your own business in your free time, either doing direct marketing, running an EBay store, buying a franchise, or getting into rental real estate.
Bach's got a pretty good section about buying real estate, which was interesting. The wife and I had a piece of rental property for a couple of years, and took advantage of the loophole that allows you to sell a house you've lived in for two of the last five years without paying any capital gains tax. Real estate seems to be the only place I've made any money with my investments over the years. The only thing is that I hate being in the landlord business. I might be able to get back into it if I could find a good property management company to look after things and who weren't too expensive, and who had a good track record for finding stable tenants quickly.
The final 1/3 of the book is a bit of a hodgepodge of philosophical things. One of the principals he gets into fairly deeply is the idea of being a giver, and the concept of a tithe. Now, I'm quite familiar with the concept of tithing, having been a fundamentalist type of christian for a number of years, and I fully believe that being a generous giver really unlocks the blessings that God has in store for believers.
That said, I'm not so sure that I see any scriptural basis for it to apply to unbelievers. Bach almost approaches this from the old "give to get" philosophy, and claims that it's some sort of immutable law of the universe, but I just can't justify it. Even for believers, sometimes the formula isn't all that straightforward, and we just continue to give when we don't feel all that blessed because we're commanded to do so. In my personal experience, it's always worked out well, and it even seems that the money in the budget stretches farther, the more I give back to God and his people.
In fact, I've had several conversations with my good friend Law and my wife and a few others about this subject. I get a little (the feeling is hard to describe, sort of irritated/amused/thinking "Well, duh!") bugged when people whine about being strapped for cash, and I see them throw a five dollar bill in the collection plate on Sunday, when I know their household income is probably close to six figures. I'm thinking to myself, "You'll always be strapped until you start giving freely and wholeheartedly." Oh, and "sacrificially." If it doesn't hurt a bit to give, you're not doing it right.
Anyway, Bach attempts to provide a bit of balance at the tag end of things by talking about how to live life fully and be happy and all that rainbow and unicorn stuff. That's the subject of a whole different type of book, in my opinion, but maybe he just doesn't want to be lumped in with greedy, money-grubbing, capitalist swine. As I heard from a multi-millionaire acquaintance one time, "You can be poor and happy, or rich and happy, and, having experienced both, it's far better to be rich." Probably not an original thought, but always relevant.
April 26, 2011
This book contains a lot of good information and advice--especially for those of us who are approaching retirement and realize that we didn't start nearly early enough. Much of the information Bach provides isn't exactly new, but if we were all doing it, then we wouldn't be buying his books, now would we?
Start Late, Finish Rich is an expanded version of The Automatic Millionaire geared toward us older folks. It isn't as quick a read because there is a lot more to it. I would say that at this point if you don't have Parts Two (Spend Less) and Three (Save More) down, you are probably going to have a tough time finishing comfortable, let alone rich. More interesting to me were Part Four (Make More) and Part Five (Give More, Live More).
The Make More section was probably the most interesting to me (I already tithe and give). Some of his examples of ways to make more money were a bit surprising to me -- especially multi-level marketing. I found ideas I felt I could immediately incorporate into my situation in Chapter Fourteen A Four-Week Action Plan to Get a Raise. And the chapters on Real Estate (19 & 20) have ideas I would like to try at some point in the future when I have a little more money (and better credit score!) to be able to invest in real estate. (Kicking myself because this is a buyer's market!)
All-in-all, I think this is a good read, although I'm left asking myself once again "why didn't anyone tell me this stuff when I was in my 20's?"
Start Late, Finish Rich is an expanded version of The Automatic Millionaire geared toward us older folks. It isn't as quick a read because there is a lot more to it. I would say that at this point if you don't have Parts Two (Spend Less) and Three (Save More) down, you are probably going to have a tough time finishing comfortable, let alone rich. More interesting to me were Part Four (Make More) and Part Five (Give More, Live More).
The Make More section was probably the most interesting to me (I already tithe and give). Some of his examples of ways to make more money were a bit surprising to me -- especially multi-level marketing. I found ideas I felt I could immediately incorporate into my situation in Chapter Fourteen A Four-Week Action Plan to Get a Raise. And the chapters on Real Estate (19 & 20) have ideas I would like to try at some point in the future when I have a little more money (and better credit score!) to be able to invest in real estate. (Kicking myself because this is a buyer's market!)
All-in-all, I think this is a good read, although I'm left asking myself once again "why didn't anyone tell me this stuff when I was in my 20's?"
October 3, 2011
The guy who read this... poor guy. He actually sighs in boredom and frustration when reading out the incredibly dull lists of numbers and financial organizations. Couldn't there have been a way to get this online? And just have the man say "for the lists of xyz#s go online to..." etc. Hearing him sigh was pretty hard to handle. I felt bad for the guy. And of course, no one actually caught his sighs because who would voluntary listen to the boring lists he was reading.
Okay, other than that there was a ton of good info in here, but quite a bit of it was out of date because of the housing crash and restrictions on loans and types of loans. It would really benefit everyone if he'd reissue this book with updates. For all I know maybe there is one and I just got an older version.
Okay, other than that there was a ton of good info in here, but quite a bit of it was out of date because of the housing crash and restrictions on loans and types of loans. It would really benefit everyone if he'd reissue this book with updates. For all I know maybe there is one and I just got an older version.
August 7, 2008
My Mom lent me this book and I really enjoyed reading it. I love reading financial books and ways to save money and his ideas were very helpful. Unfortunately I am good for about a month and then slip back into my money spending ways. So, maybe I need to buy and read a financial book every month, but then the whole buying thing would defeat the purpose....
My favorite part of this book (or at least the one I remember) is the "Double Latte Factor." His idea is that anyone can be a millionaire and that all it takes is cutting out the double latte's (the little stuff). Good read, I'd recommend it to anyone interested in saving money.
My favorite part of this book (or at least the one I remember) is the "Double Latte Factor." His idea is that anyone can be a millionaire and that all it takes is cutting out the double latte's (the little stuff). Good read, I'd recommend it to anyone interested in saving money.
November 25, 2011
I've liked all of David Bach's books, but really enjoyed this one. I'm probably too young to be the intended audiance for this book, but I figured if I'm young and read it, perhaps I'll get even richer! Very easy to read with lots of great ideas. I've already implemented some of them in my life!
August 16, 2013
The valuable part of this book that I haven't seen in other similar books is the argument for saving and paying down debt _simultaneously_, especially if you're "starting late." It will also make you feel better about starting late.
August 18, 2010
This was my favorite of David Bach's books that I've read. It covered all of his basic money principles plus he added more details on retirement and real estate. I really enjoyed this book.
February 17, 2011
I am going to read this book because at first glance it looks better than his others. Looks like there might be more topics for todays (2011) folks
July 30, 2011
Some good advice, on financial planning. Even starting in your later years, you can do allot. Instead of two cappuccinos a week, cut down to one, and save the rest for a rainy day!
Read
January 10, 2022A LITTLE PAINFUL TO READ PRE-TRUMP AS PRESIDENT, PRE-HOUSING CRASH INFO, BUT I JUST LET THE TABLES EXPLAINING 401K COMPOUND INTEREST WASH OVER ME LIKE A WARM BATH
August 3, 2023
If I were to ask AI to write a book about personal finance from the perspective of a middle-aged, white, Christian man, this is what it would create.
February 8, 2025
So very outdated. A boomer got rich from a booming economy and a runaway real estate market? Imagine! For those who have 25k to invest by age 20.
September 26, 2024
TARGET AUDIENCE
Unfortunately, I am the target demographic for this one. I say “unfortunately” because I fall into the category of a late starter in the financial planning arena. And of course my hope is to get rich, right? Well, at the very least, perhaps a more noble dream is to be able to adequately provide for my family in a couple decades. The author speaks compellingly to those who have started late by saying, “Stop asking yourself why you didn’t do what you should have done. The real question is: What are you going to do about it now?”
CONTENT QUALITY
Generally, I don’t enjoy reading books of this nature. I am not speaking about the content of this book per se—saving for the future; setting yourself up for financial security. That aspect is quality enough. I am speaking about this kind of self-help literature with the tone of a motivational speaker. I have no choice but to describe this kind of writing style as base. Still, the masses eat this kind of stuff up as is evident from its status as a New York Times bestseller. But it is rather off-putting to me. The author does provide quality content: “To put it positively, even though you’re starting late, you still can finish rich. But you’ve got to be serious about it. You’ve got to be willing to take a clear, hard look at the way you live and then make some changes.” Statements like these created a paradigm shift in me. To reiterate, the low rating is simply because of my general distaste for this kind of writing style. Not only that, there is a LOT of content in this book. The author covers nearly every topic that exists from starting a secondary business, making extra funds on the side, cutting your spending, saving more, and investing smart. Praiseworthy and, at times, helpful. But this style of book is just not my cup of tea.
MESSAGE CLARITY
To be fair, the author’s main message is crystal clear. He challenges the reader to stop procrastinating and begin today preparing financially for the future. “Most people wish for a better life,” he says. “Smart people learn, plan, and take action to get a better life.” In fact, statements like this propelled me to reconsider what I am doing to prepare financially for the future. Inspired by the author’s encouragement, I have already begun changing the way I do things and be more intentional about financial savings.
CREATIVE STYLE
The author points to some creative perspectives on saving for the future. The Latte Factor was a particularly inspirational consideration—cutting back on the daily expenses that drain away without us even noticing. “Whether we’re talking about lattes, cigarettes, bottled water, or any other unnecessary extravagance,” he says, “a few dollars a day really can add up to a fortune. It may not seem like much. Hey, it’s only a few dollars, right? Well, multiply a few dollars a day by 365 days a year. Before you know it, you’re talking about real money. And the truth is, we all do this. I mean, really stop for a second and be honest with yourself.” But beside these creative anecdotes, there was little “creative energy” in this book.
LANGUAGE SELECTION
As mentioned above, the tone and style is the most off-putting aspect of this book. What can I say? I am disinterested in literature that by its nature portrays such a colloquial flavor and motivational speaker style. There’s good content here, a challenge to get one’s financial standing in order. But for someone who appreciates high-quality literature and creative writing styles with an articulate flair, it can be frustrating to work through this book.
OVERALL IMPACT
The overall impact that I was left with after reading this book can be described both as inspirational and confusing. The author ends on the praiseworthy topic of tithing and giving out of one’s wealth to meaningful causes. As someone who runs his own non-profit organization, I appreciated this. But going back to my response of confusion, there was a sort of bewilderment about first steps to be taken. Everyone’s situation is unique, to be sure. But there were so many ideas in this book that one is left to wonder what the best way forward might be. Overall, I was challenged to make some financial changes and prepare for the future in a more intentional way. But a little bit of financial coaching might have been more beneficial to me than this book.
10 POINT RATING
I give Start Late, Finish Rich a 6/10.
Unfortunately, I am the target demographic for this one. I say “unfortunately” because I fall into the category of a late starter in the financial planning arena. And of course my hope is to get rich, right? Well, at the very least, perhaps a more noble dream is to be able to adequately provide for my family in a couple decades. The author speaks compellingly to those who have started late by saying, “Stop asking yourself why you didn’t do what you should have done. The real question is: What are you going to do about it now?”
CONTENT QUALITY
Generally, I don’t enjoy reading books of this nature. I am not speaking about the content of this book per se—saving for the future; setting yourself up for financial security. That aspect is quality enough. I am speaking about this kind of self-help literature with the tone of a motivational speaker. I have no choice but to describe this kind of writing style as base. Still, the masses eat this kind of stuff up as is evident from its status as a New York Times bestseller. But it is rather off-putting to me. The author does provide quality content: “To put it positively, even though you’re starting late, you still can finish rich. But you’ve got to be serious about it. You’ve got to be willing to take a clear, hard look at the way you live and then make some changes.” Statements like these created a paradigm shift in me. To reiterate, the low rating is simply because of my general distaste for this kind of writing style. Not only that, there is a LOT of content in this book. The author covers nearly every topic that exists from starting a secondary business, making extra funds on the side, cutting your spending, saving more, and investing smart. Praiseworthy and, at times, helpful. But this style of book is just not my cup of tea.
MESSAGE CLARITY
To be fair, the author’s main message is crystal clear. He challenges the reader to stop procrastinating and begin today preparing financially for the future. “Most people wish for a better life,” he says. “Smart people learn, plan, and take action to get a better life.” In fact, statements like this propelled me to reconsider what I am doing to prepare financially for the future. Inspired by the author’s encouragement, I have already begun changing the way I do things and be more intentional about financial savings.
CREATIVE STYLE
The author points to some creative perspectives on saving for the future. The Latte Factor was a particularly inspirational consideration—cutting back on the daily expenses that drain away without us even noticing. “Whether we’re talking about lattes, cigarettes, bottled water, or any other unnecessary extravagance,” he says, “a few dollars a day really can add up to a fortune. It may not seem like much. Hey, it’s only a few dollars, right? Well, multiply a few dollars a day by 365 days a year. Before you know it, you’re talking about real money. And the truth is, we all do this. I mean, really stop for a second and be honest with yourself.” But beside these creative anecdotes, there was little “creative energy” in this book.
LANGUAGE SELECTION
As mentioned above, the tone and style is the most off-putting aspect of this book. What can I say? I am disinterested in literature that by its nature portrays such a colloquial flavor and motivational speaker style. There’s good content here, a challenge to get one’s financial standing in order. But for someone who appreciates high-quality literature and creative writing styles with an articulate flair, it can be frustrating to work through this book.
OVERALL IMPACT
The overall impact that I was left with after reading this book can be described both as inspirational and confusing. The author ends on the praiseworthy topic of tithing and giving out of one’s wealth to meaningful causes. As someone who runs his own non-profit organization, I appreciated this. But going back to my response of confusion, there was a sort of bewilderment about first steps to be taken. Everyone’s situation is unique, to be sure. But there were so many ideas in this book that one is left to wonder what the best way forward might be. Overall, I was challenged to make some financial changes and prepare for the future in a more intentional way. But a little bit of financial coaching might have been more beneficial to me than this book.
10 POINT RATING
I give Start Late, Finish Rich a 6/10.
June 29, 2020
Quyển sách thật sự rất hay và có rất nhiều thông tin bổ ích dành cho người trẻ về khía cạnh tài chính, gia đình, cuộc sống thật sự giàu sang. Mình xin tóm tắt các ý chính mà mình thấy quyển sách này thật sự là hành trang rất cần thiết cho người trẻ:
1) Giải pháp sử dụng thẻ tín dụng. Nhiều người cứ nghĩ sử dụng thẻ ATM hay thẻ tín dụng là lấy và thanh toán, sẵn sàn mượn nợ để chi trả những chi phí của bản thân. Nhưng bài học ở đây là : "Chỉ chấp nhận mua món đồ đó khi biết bản thân có thể thanh toán toàn bộ hóa đơn khi đến hạn"
2) Về vấn đề trả nợ thẻ tín dụng: Đừng nên tập trung quá nhiều vào vấn đề trả nợ, mà hãy chia ra thành 2 phần ( Trả nợ & tiết kiệm)
3)Quỹ 401K (Quỹ hưu trí). Có một điều tuyệt vời ít người biết, đây chính là nơi bạn có thể gửi tiền lương hưu cho chính bản thân mình mà không cần phải đóng thuế cho chính phủ. Nếu rút tiền trước khi bạn 60 tuổi, bạn phải trả 10% thuế chính phủ trên tổng số tiền. Nhưng nếu bạn rút tiền sau tuổi 60, thì nó hoàn toàn KHÔNG TÍNH PHÍ. Có 3 cách để gửi tiền vào quỹ 401K:
+General: 4% income/ month
+Smart: 12,5% - 25% income/ month
+Inteligent: Trên 25% income/ month
4)Nếu bạn không thể apply cho 401(K) thì bạn có thể chuyển sang IRA (Nhưng giới hạn góp sẽ thấp hơn)
5)Sau khi có tiền trong quỹ hưu trí 401(K), mình có thể phân chia tài sản thành 3 hướng khác nhau (Chứng khoán, trái phiếu, bất động sản)
6)Muốn làm giàu, nhất định phải mua nhà và sở hữu cho mình ít nhất một căn nhà. Tuy nhiên nhiều người bắt đầu sớm với số tiền lương ít ỏi liệu họ có thể sở hữu một căn nhà phù hợp cho bản thân. Quyển sách sẽ giúp bạn trả lời được câu hỏi này
7) Có 2 quy luật khi bạn muốn tăng năng suất hoặc là tăng thu nhập.
+Quy luật 20/60/20 (Bạn muốn biết đây là gì thì nhớ đọc thử quyển sách nha)
+ Quy luật Pareto
8) Có 4 nguyên tắc khởi nghiệp tại gia:
+Đưa ra quyết định
+Chọn 1 lĩnh vực
+Tìm kiếm sự giúp đợ
+Hợp pháp hoá chuyện kinh doanh
9) Việc áp dụng 401 (K) cho khởi nghiệp sẽ có lợi hơn là việc đi làm công. Nghĩa là nếu khởi nghiệp, 401 (K) sẽ mang nhiều lợi nhuận hơn cho bạn.
10) Kiếm thu nhập nhiều hơn: (Tăng lương, Ebay, Kinh doanh theo mạng, Nhượng quyền, Bất động sản)
11) Dạy con cái cách khởi đầu sớm và kết thúc giàu sang
Chúc các bạn tận hưởng và học hỏi nhiều điều hay từ quyển sách nha.
1) Giải pháp sử dụng thẻ tín dụng. Nhiều người cứ nghĩ sử dụng thẻ ATM hay thẻ tín dụng là lấy và thanh toán, sẵn sàn mượn nợ để chi trả những chi phí của bản thân. Nhưng bài học ở đây là : "Chỉ chấp nhận mua món đồ đó khi biết bản thân có thể thanh toán toàn bộ hóa đơn khi đến hạn"
2) Về vấn đề trả nợ thẻ tín dụng: Đừng nên tập trung quá nhiều vào vấn đề trả nợ, mà hãy chia ra thành 2 phần ( Trả nợ & tiết kiệm)
3)Quỹ 401K (Quỹ hưu trí). Có một điều tuyệt vời ít người biết, đây chính là nơi bạn có thể gửi tiền lương hưu cho chính bản thân mình mà không cần phải đóng thuế cho chính phủ. Nếu rút tiền trước khi bạn 60 tuổi, bạn phải trả 10% thuế chính phủ trên tổng số tiền. Nhưng nếu bạn rút tiền sau tuổi 60, thì nó hoàn toàn KHÔNG TÍNH PHÍ. Có 3 cách để gửi tiền vào quỹ 401K:
+General: 4% income/ month
+Smart: 12,5% - 25% income/ month
+Inteligent: Trên 25% income/ month
4)Nếu bạn không thể apply cho 401(K) thì bạn có thể chuyển sang IRA (Nhưng giới hạn góp sẽ thấp hơn)
5)Sau khi có tiền trong quỹ hưu trí 401(K), mình có thể phân chia tài sản thành 3 hướng khác nhau (Chứng khoán, trái phiếu, bất động sản)
6)Muốn làm giàu, nhất định phải mua nhà và sở hữu cho mình ít nhất một căn nhà. Tuy nhiên nhiều người bắt đầu sớm với số tiền lương ít ỏi liệu họ có thể sở hữu một căn nhà phù hợp cho bản thân. Quyển sách sẽ giúp bạn trả lời được câu hỏi này
7) Có 2 quy luật khi bạn muốn tăng năng suất hoặc là tăng thu nhập.
+Quy luật 20/60/20 (Bạn muốn biết đây là gì thì nhớ đọc thử quyển sách nha)
+ Quy luật Pareto
8) Có 4 nguyên tắc khởi nghiệp tại gia:
+Đưa ra quyết định
+Chọn 1 lĩnh vực
+Tìm kiếm sự giúp đợ
+Hợp pháp hoá chuyện kinh doanh
9) Việc áp dụng 401 (K) cho khởi nghiệp sẽ có lợi hơn là việc đi làm công. Nghĩa là nếu khởi nghiệp, 401 (K) sẽ mang nhiều lợi nhuận hơn cho bạn.
10) Kiếm thu nhập nhiều hơn: (Tăng lương, Ebay, Kinh doanh theo mạng, Nhượng quyền, Bất động sản)
11) Dạy con cái cách khởi đầu sớm và kết thúc giàu sang
Chúc các bạn tận hưởng và học hỏi nhiều điều hay từ quyển sách nha.
January 29, 2022
Book #89 📘Completed😊: Start Late, Finish Rich – David Bach #myread4change #read2lead #read4life #books #Financialfreedom #selfhelpbook #finishrich
“It’s only too late if you give up”
If you are in late 30s, 40s, or even 50s and haven’t come around saving, investing at all or as much as you need to for any reason, Start Late, Finish Rich book can be of great help.
Stop asking yourself why you didn’t do what you should have done. The real question is: What are you going to do about it now?
The book will not only empower you with ideas that suit your age, but also inspire you with lots of stories you may resonate with and think, if they can do it, you can too.
Few 🔑Ideas –
• Bottom line is not to waste time focusing on what you weren’t taught, didn’t know, or haven’t done. You are where you are, and it’s time to take action.
• How much you earn has almost no bearing on whether or not you can and will build wealth.
• David has explained well how credit cards work, and it is better to get out of it asap. You can’t get out of debt paying minimums. You can’t finish rich if you’re carrying credit card debt.
• You only want to borrow to get rich. You don’t want to borrow to look rich. You don’t want to lease your lifestyle. If you are borrowing to look rich, you are guaranteed to stay poor.
• David suggests putting aside 12% from income almost equivalent to 2 hours of pay every day. Even though it seems a lot you get used to it. Start with 1% if you must. But, Begin now.
• David suggests that along with saving, it is important to hustle for a little extra income and save that to turbocharge our wealth and make it up for a lost time.
Few 📌 Quotes –
1. If you are convinced it’s too late for you, it doesn’t matter how old you are. Whether you’re 30 or 60, you’re correct.
2. The more we make, the more we spend. And if we’re not careful, the more we owe.
3. Money may not make you happy, but debt can make you miserable.
4. Your life starts to change the moment you feel uncomfortable.
“It’s only too late if you give up”
If you are in late 30s, 40s, or even 50s and haven’t come around saving, investing at all or as much as you need to for any reason, Start Late, Finish Rich book can be of great help.
Stop asking yourself why you didn’t do what you should have done. The real question is: What are you going to do about it now?
The book will not only empower you with ideas that suit your age, but also inspire you with lots of stories you may resonate with and think, if they can do it, you can too.
Few 🔑Ideas –
• Bottom line is not to waste time focusing on what you weren’t taught, didn’t know, or haven’t done. You are where you are, and it’s time to take action.
• How much you earn has almost no bearing on whether or not you can and will build wealth.
• David has explained well how credit cards work, and it is better to get out of it asap. You can’t get out of debt paying minimums. You can’t finish rich if you’re carrying credit card debt.
• You only want to borrow to get rich. You don’t want to borrow to look rich. You don’t want to lease your lifestyle. If you are borrowing to look rich, you are guaranteed to stay poor.
• David suggests putting aside 12% from income almost equivalent to 2 hours of pay every day. Even though it seems a lot you get used to it. Start with 1% if you must. But, Begin now.
• David suggests that along with saving, it is important to hustle for a little extra income and save that to turbocharge our wealth and make it up for a lost time.
Few 📌 Quotes –
1. If you are convinced it’s too late for you, it doesn’t matter how old you are. Whether you’re 30 or 60, you’re correct.
2. The more we make, the more we spend. And if we’re not careful, the more we owe.
3. Money may not make you happy, but debt can make you miserable.
4. Your life starts to change the moment you feel uncomfortable.
August 6, 2019
David Bach's financial books were popular a few decades ago as I was graduating from college. I will be forever grateful that I read The Automatic Millionaire just at the right time so I was able to start adulthood on the right financial foot.
However, this book (and probably his others too) has aged badly post-2008. The advice he gives about home ownership particularly (buying with no down payment if necessary, getting a high-interest loan if your credit is bad, etc.) will probably raise some red flags for people reading today. And many of the specifics about investing (such as specific funds) will no longer be applicable.
That said, I think his premise is a good one. Almost anyone can come up with a small amount of money each month to invest, even by simply changing their coffee habits or brown bagging a lunch every day. The key is to make it automatic so you never see the money and you don't have to decide what to do with it. His analysis of 401(k)s (or whatever tax-deferred or employer-sponsored retirement funds are available in the country you're living in) is still spot on.
This probably isn't worth the read anymore; I think you can get more relevant info out of newer financial books. But I think Bach's ideas influenced the new generation of finance writers.
However, this book (and probably his others too) has aged badly post-2008. The advice he gives about home ownership particularly (buying with no down payment if necessary, getting a high-interest loan if your credit is bad, etc.) will probably raise some red flags for people reading today. And many of the specifics about investing (such as specific funds) will no longer be applicable.
That said, I think his premise is a good one. Almost anyone can come up with a small amount of money each month to invest, even by simply changing their coffee habits or brown bagging a lunch every day. The key is to make it automatic so you never see the money and you don't have to decide what to do with it. His analysis of 401(k)s (or whatever tax-deferred or employer-sponsored retirement funds are available in the country you're living in) is still spot on.
This probably isn't worth the read anymore; I think you can get more relevant info out of newer financial books. But I think Bach's ideas influenced the new generation of finance writers.
September 21, 2024
"Your investment strategy should be extremely boring."
Whether you are in your 40s or 50s or even 60s, it is not too late to start and instead of regretting things that you have done or not done in the past, at your young age, it is better to ask yourself what you are going to do about it now to steer the ship in the right direction. It is time for you to take action and embark on the path to become financially independent. In this book David Bach recommends a series of steps to achieve financial freedom and the most important 3 things are, as everyone who has some sense knows it, No.1 is spend less than you make, or the famous 'latte factor' where curbing our propensity to spend on things we really don't need, No.2 is to earn more where, if possible, besides your regular income try to engage in a side gig to enhance the earnings and No.3 is to save and invest.
Although I like most of his advise, I really am not an admirer of Real Estate investment and do not share his enthusiasm for properties, whether it is commercial or residential and at any time of the day I will prefer equities to real estate.
Though this book was published long back in the year 2005, the views, the advise, the suggestions, and the recommendation are still valid. This is not one of the great but an average book on personal finance and may be useful for novices who are not well versed in the investment world, because the language used is very simple, devoid of any jargons and easy to understand.
Whether you are in your 40s or 50s or even 60s, it is not too late to start and instead of regretting things that you have done or not done in the past, at your young age, it is better to ask yourself what you are going to do about it now to steer the ship in the right direction. It is time for you to take action and embark on the path to become financially independent. In this book David Bach recommends a series of steps to achieve financial freedom and the most important 3 things are, as everyone who has some sense knows it, No.1 is spend less than you make, or the famous 'latte factor' where curbing our propensity to spend on things we really don't need, No.2 is to earn more where, if possible, besides your regular income try to engage in a side gig to enhance the earnings and No.3 is to save and invest.
Although I like most of his advise, I really am not an admirer of Real Estate investment and do not share his enthusiasm for properties, whether it is commercial or residential and at any time of the day I will prefer equities to real estate.
Though this book was published long back in the year 2005, the views, the advise, the suggestions, and the recommendation are still valid. This is not one of the great but an average book on personal finance and may be useful for novices who are not well versed in the investment world, because the language used is very simple, devoid of any jargons and easy to understand.
January 5, 2025
So I will start off by stating that this book should be reviewed on a bit of a curve, as it is 20 years old and the world has changed drastically since then. I had heard of David Bach and "The Automatic Millionaire" before and after finding this book in the house, I started to read it.
Start Late, Finish Rich is all about the idea that while one may start late for retirement planning, that it is never too late. While I would generally agree (as something is better than nothing), there are aspects of this book this book I would criticize, while others I would praise.
Two areas of criticism for this book are the fact that it is financial advice blended with motivational speaking, which I am not a fan of. Just telling people to think and to execute is a bit too abstract for me and I don't think it's constructive. Additionally, all the books about a Latte Factor always point to the idea that investing small now results in millions in 30 years (while conveniently ignoring that 30 years from now, purchasing power of those millions will be diminished versus today).
In terms of positive components, this book does touch upon many aspects of finances (eg. investing into stocks/bonds, real estate, and also starting side-businesses). All of these sections I found much better and while they are a bit surface-level, they are a great starting point. I think the section about owning/being an entrepreneur I felt the most intriguing and thought-provoking (as someone who is not). If you cut out the fluff, it's a decent finance book for beginners.
Start Late, Finish Rich is all about the idea that while one may start late for retirement planning, that it is never too late. While I would generally agree (as something is better than nothing), there are aspects of this book this book I would criticize, while others I would praise.
Two areas of criticism for this book are the fact that it is financial advice blended with motivational speaking, which I am not a fan of. Just telling people to think and to execute is a bit too abstract for me and I don't think it's constructive. Additionally, all the books about a Latte Factor always point to the idea that investing small now results in millions in 30 years (while conveniently ignoring that 30 years from now, purchasing power of those millions will be diminished versus today).
In terms of positive components, this book does touch upon many aspects of finances (eg. investing into stocks/bonds, real estate, and also starting side-businesses). All of these sections I found much better and while they are a bit surface-level, they are a great starting point. I think the section about owning/being an entrepreneur I felt the most intriguing and thought-provoking (as someone who is not). If you cut out the fluff, it's a decent finance book for beginners.
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