Wednesday, October 20, 2010

Start Late, Finish Rich

In the opening of this book, David Bach motivate readers that whether you are in your 30s, 40s, 50s or beyond, it's never too late for every one to start and finish rich. Anyway, action on what you learn is what will change people's life, not the book.

Earlier in this book, David Bach introduce his Latte Factor concept which refering to the amount of money you are wasting on little extravagances, like a cup of coffee, and how rich you could become if, instead of wasting all dollars, you put them to more productive uses. Regardless how big or small your paycheck is, the Latte Factor can make a real difference in your life. In this book, David Bach shows how Latte Factor works and a few people share their Latte Factor success to help you understand this in a clearer picture. If you are starting late, then you are going to find your Double Latte Factor.

David Bach start with credit card debts, which many people are financially hold back. Most people find that settle  their credit card debt is impossible because they focus on the debt instead of the real enemy, the interest. You will learn the secret in credit card industry and how to cut the card interest when you read further.

The art of 'paying yourself first' comes next. And there is a simple math to elaborate this topic. Then, what will you do with the money you save? Toss out the budget and make it automatic. Investment is another way to start late and finish rich, only if you make a strategic plan. Buy real estate, buy stocks, or buy bonds. Buying a home is also a good investment. You cannot get rich being a renter. The fact that buying can cost you less than renting is the reason why you have to buy a home now and it has to be your goal. In Chapter 12, you will coach on how to buy a home and pay it off early.

But we haven't complete yet. There's another secret that rich people know.
Turbocharge your earning power at the same time you're turbocharging your saving ability. Working hard is not making you richer, but working smart do. Not by straining your muscles, but by using your brain.Take Donald Trump as example. He is not rich because of real estate but because of his idea. Real estate is simply the vehicle he uses to execute his ideas. Another good point here is,  nothing will increase your income faster than getting a raise. But before asking for a raise, consider what your boss thinks of you. The 4-week Action Plan To Get A Raise chapter may inspire and guide you to take action.

My favourite part of this book is a coach on how to develop new income stream, without having to leave your current job. Home-based business, money in real estate, business on eBay, direct selling and franchising. There are 4 rules to follow to start a home-based business. Make decision, Pick a field, Get help and lastly, make it legal. eBay is the simplest way to start a home business. You can offer products or services to a million potential customer.

This book is worth buying. It's inspiring, easy to follow and is base on proven financial principles. It will take time to build a secure financial future, but everyone can do it. This book can make a perfect gift for someone's birthday too. Just one click and it will send to the front door of your house.

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