Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age
by david on Monday, January 23rd, 2012 | 6 Comments
Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age
David Bach has a plan to help you live and finish rich—no matter where you start
So you feel like you’ve started late?
You are not alone.
What if I told you that right now as you flip through this book, 70% of the people in the store with you are living paycheck to paycheck?
What if I told you that the man browsing the aisle to your left owes more than ,000 in credit card debt? And the woman on your right has less than ,000 in savings?
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It's Not About the Money: A Financial Game Plan for Staying Safe, Sane, and Calm in Any Economy
Your one-stop financial guide Includes ten new tips to survive any economy Overhaul your investment portfolio to thrive in good times and bad Uncover the roots of your bad financial decisions Discover how much is "enough" for you Find peace of mind in any financial situation
Useful Advice for Those in Their 30s and 40s with Little Savings,
I have not read any other books in this series, but the subject matter of this book appealed to me. I often run into people who (for various reasons) don't have much liquid wealth going into their 40s. Yet I haven't seen much written to suggest what these folks should do. I was hoping to get some ideas to share. Unfortunately, I didn't really find any that I didn't know about already.
If you are over 50, this book won't provide you with the advice you need. The intellectual process that Mr. Bach went through was to take the familiar arguments about the power of compound interest and saving with pre-tax dollars . . . and think of a few ways to shorten up the number of years required for compound interest to do its thing on your behalf. His best suggestions outside the standard financial planning advice are to be more valuable at work so you can earn more raises and promotions . . . and paying down your mortgage a little faster than is required.
I applaud his advice that people spend less on things that don't provide much benefit . . . but most people are going to be demoralized if that's the main source of increased liquid wealth. After all, most people want wealth not for retirement . . . but to enjoy life before and after they retire.
I found his arguments about starting your own business to earn more money to be naive at best . . . and overoptimistic at worst. Buying and running . . . or starting and running a business requires a lot of hard work and skill. Most successful entrepreneurs are off doing this by around age 35. Most people at 49 will find it a tough hill to climb. I applaud Mr. Bach's suggestion that people look into buying, operating, expanding and then selling franchised operations that meet his criteria. The other ideas won't work for most people based on historical averages.
I was also puzzled by his emphasis on having one-third of your liquid financial wealth in bonds. That's been one of the lowest returning classes of investment over the last 150, 100, 50, and 25 years. Why deliberately earn less when you have a long time horizon?
Much of the appeal of this book is that Mr. Bach is optimistic by nature, has a kindly interest in people and aspires for people to accomplish more. Bravo for that attitude!
I also found that Mr. Bach uses quantitative examples to explain compound interest and pre-tax versus after-tax investments much better than most financial planners do.
If you are under 45 and have never read a book about financial planning before, you will find this to be a valuable resource. If you are familiar with financial planning, you can skip this book. If you are not inclined to plan, don't know anything about financial planning and find math to be challenging, this book will provide useful new perspectives for you.
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|Great Advice,
For the longest time, I thought I was the only one- the only one drowning in debt, with no savings and not a dime in retirement. I thought I would be the only one of my family or friends that would have to say no to all those wonderful travel opportunities, who wouldn't be able to take those leisurely, late afternoon lunches, who would never go shopping again unless it was for groceries, the only one who would have to continue working well through my "golden years" just to make ends meet. I was so scared that I would be living on such a fixed income, that I would worry about every last cent that I spent. I thought I would never be able to retire because I had started thinking about my long term financial plans much too late.
Then I read Start Late, Finish Rich and now I understand that I haven't doomed myself to working into my seventies or eighties. I can still make it and make it big!
I started with my debt as I felt like this was the biggest factor holding me back. I took Mr. Bach's advice to call all of my credit card companies and ask for lower interest rates. At first they balked, but with a little persistence and, sometimes a supervisor on the phone, almost every one of them lowered my interest rate by at least 5-10%. There were a few companies that wouldn't cooperate and therefore, didn't deserve my business. Those balances I transferred to new cards offering me a ZERO % interest rate. Next, I began making more than the minimum monthly payments, as much more as I could. Now I can see the progress I am making with each monthly statement and I am proud of the difference I am making in my own life!
Then, I began contributing more to my 401k. I set aside an additional $20 a week, just an extra $80 a month. I found this money in my "double latte factor", literally. When I began to realize how much I spent each day on gourmet coffee, my mouth dropped open. I still enjoy one cup of the coffee of the day (not a latte or some other fancy drink) and still managed to save $5 a day and there was my extra $20 a week! And, my amazing employer matches my contribution 100%. I am saving an extra $160 a month. That's $1920 a year and it is money I was literally just throwing away.
I still have a ways to go and more of this wonderful advice to incorporate, but after all, as David Bach says, this is not a sprint- it is a marathon. But thanks to Start Late, Finish Rich, I will finish that marathon just a little faster and a little richer! I am now confident that I will be able to retire comfortably and will be able to enjoy every minute!
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|Don't Waste Your Money!,
David Bach is in the business of making money, not of helping people. As soon as he has you figure out your "Latte Factor" (the way you overspend without realizing it — like buying daily lattes), he draws you to his website where he tries to sell you more books, tapes, CDs, etc., directly threatening that Latte Factor. Please don't be fooled by this man's intentions.
If you're forty, in excellent health, live in an affordable neighborhood, and plan to spend your life making money, this book will probably work for you, although there is nothing here you won't find in a hundred other books on personal finance. Try "Rich Dad, Poor Dad." It's an easier read.
David Bach does not consider people on fixed incomes, those with health issues, people who are required to stay in certain locations because of work, and those of us who simply do not want to give up the treat of one movie a month in order to devote our existences to Making More Money.
Mr. Bach really doesn't intend this book for anyone over forty . . . maybe forty-five. If you're in your fifties or sixties, this book will most likely frustrate you and make you feel like a failure, unless you've got a prime job and a nice nest egg already begun.
The author sees the world of the middle-and-lower classes through rose colored glasses. His answer to credit debt is to just get on the phone, call your creditors, and "talk them into" lowering your rates so you can pay your cards off sooner. If any of you have tried this you know it's easier said than done. Mr. Bach denies the fact that he really does expect everyone to give up lattes, movies, dinners out, and other treats . . . except for his book. That's an "investment." The author also seems to think that everyone lives in a neighborhood where foreclosures are nice little homes in the suburbs rather than shacks built on gang turf. He gives false information about IRAs; he is simply wrong in his figures. The author further thinks that all of his suggested investments will bring you a ten percent profit. I've been watching a couple of his favorite funds, and they're not all that stable. He also expect those of us who're growing older and less energetic to take on second jobs, including franchises. And of course everyone must get into the real estate game. I don't know how many hours a day are on Mr. Bach's clock, but my middle-class clock only gives me twenty-four.
To shorten this up, please believe that there are many many assumptions and descrepancies in this book. People with any sort of limitations fall right through the cracks. So unless you are in very early middle-age, are in perfect health, and plan to devote your life to dying with the thought "Hey, at least I'm rich!", please forego this book for one that's easier on the ego and nerves.
I stood in front of our local bookstore and gave my copy of "Start Late, Finish Rich" to the first over-fifty customer who walked by. He said he'd pass it on.
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|It's about your bizarre reactions to money,
This is a really different way of looking at money. The author gets you to think about what emotional reactions you have to common financial situations (e.g. I hate thinking about money, I love piling it up, I WANT that car!). Basically he says we might feel many of these at various times, and the way we were raised may have a lot to do with the dominant patterns. Then asks if acting on those emotional impulses is really working for you. Without criticizing, he gives ideas on ways to lighten up on yourself, how to get out of your rut…and states that often just trying a different behavior, and observing that the world doesn't come to an end, allows you to get increasing control of your reactions over time rather than always being driven by your unconscious drives (or your parents' unconscious drives).
It's really easy, fun reading. As I read about the eight "archetypes" or common patterns he points out, I admit I felt a bit superior to some…but when he got to my main pattern it was scary how accurate he was! Actually several patterns can apply to a person at different times or in different situations, so there's a lot of hands-on advice. (The little online quiz took about 2 minutes and confirmed pretty much how I'd classified myself using the book.)
The interweaving of Eastern thought and quotations was interesting without being gimmicky. I got a lot out of this book and I'm no spiritual guru.
At the back is a "Conscious Investor" chapter that I thought would be a rehash of every other financial self-help book. But instead of the usual "you can beat the market" cheerleading, it's a clear explanation of a pretty rational way to invest. The appendix "Nuts and Bolts" is like a one-chapter basic financial advice book…the key things to know or find out about, without having to read a whole book. (This chapter's about the money at least.)
Bottom line, it's useful, thought-provoking, fun without being insubstantial, and gives concrete advice for managing your irrational relationship to money…and pointers on money nuts and bolts too.
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|A book that is spiritual, thoughtful and practical all rolled into one,
Are you ready to discover your money personality? You know, the one that acts like a four year old one day and a mature adult the next. Brent Kessel in his book, It's Not About The Money: Unlock Your Money Type to Achieve Spiritual and Financial Abundance explores the emotional and intellectual aspects of how we deal (or don't deal) with our finances.
Brent Kessel did a great job of marrying the emotional, spiritual and practical aspects of money, financial planning and wealth management. It's Not About The Money is the type of book you'll want to make time to read, study, work the activities and absorb the material on both an emotional and intellectual level.
Part One: First we have to understand what is happening inside on an emotional level before we can work on outside circumstances. Here are some of the emotional/spiritual highlights I gathered within the first few chapters:
~ We all get what we think we deserve.
~ Financial freedom requires more of a focus on our inner life than on our outer financial circumstances.
~ Inner wealth often leads to outer wealth.
~ To truly understand our relationship with money, it's important to embark on an inner journey in which money is the primary focus.
Part Two: This part focuses on recognizing and understanding your core money personality.
Brent Kessel believes that to understand where we are as adults, we have to understand are financial archetypes. Archetypes are the powerful financial energies within us that make up our day-to-day financial life and often have roots in childhood. The author analyzes eight money personalities/archetypes.
In this section he has us work on how to recognize our money personality, probable causes for why we view money the way we do, why this personality may or may not be working for us and possible solutions for solving what isn't working. Brent does this by taking us through different activities for each of the eight money personalities. This section is an eye-opener!
Part Three: This is the intellectual side of money management. Here is when It's Not About The Money gets into investing, financial planning and using your core story to help you make money.
Once you know your core money story and understand how it affects your life, you can gain power and control over money. Brent shows you how to use your money personality to help make money.
Brent believes when investing stay true to yourself, your money personality and core values. Become a "conscious" investor who invests in a board range of stocks that will universally help the climate and humanity. Your best financial decisions are the ones that support "what is most important to your essence."
Part Four: This is the nuts and bolts resource section. Here you will find pages of valuable information which standing alone is worth the price of the book.
My overall impression of It's Not About The Money: Unlock Your Money Type To Achieve Spiritual and Financial Abundance is that I'm very glad I read the book. Brent Kessel wrote a book that is spiritual, thoughtful and practical all rolled into one. This book could very well help you make peace with your inner four year old who just may be controlling your adult financial future. I highly recommend!
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|Inspiring, transformative book,
"Don't get me wrong. I am by no means saying that you can't be both wealthy and happy. But whether you have a seven-figure trust fund or a pile of unpaid bills on your kitchen table, the path to freedom requires that you focus more on your inner life than on your outer financial circumstances." ~ Brent Kessel from "It's Not About the Money"
If you, like me, have struggled with integrating your spirituality with your economics, your self-awareness with your bank balance, and all the rest of the challenges that go with showing up consciously around money in our often frenetic lives, Brent Kessel, "financial planner by day, yogi by dawn," is your friend. And, his book, "It's Not About the Money," is a must-read.
"It's Not About the Money" is all about pointing us to the spiritual path within our relationship to money–helping us master this part of our life to help us live in integrity with our highest ideals. As Brent wrote the book, he traveled around the world, interviewing such spiritual and investment luminaries as His Holiness the Dalai Lama, Thich Nhat Hanh, Rabbi Harold Kushner, David Whyte, Nobel Prize winner Dr. Harry Markowitz, Vanguard Funds founder John Bogle, Ram Dass, and Joseph Goldstein.
It's a remarkably transformative book–the 50+ exercises Brent shares brought me to tears several times–as I re-lived traumatic episodes around money from my childhood and witnessed how these experiences have affected me throughout my adult life. AND how I can now use this awareness to better understand my financial archetypes and create a more conscious life around money. VERY powerful stuff.
You're going to want to get this book to dive deeply into Brent's brilliant process of discovering your Core Story that's running your show and which of his eight archetypes show up in your life–from "The Guardian," "The Pleasure Seeker," "The Idealist," and "The Saver" to "The Star," "The Innocent," "The Caretaker," and "The Empire Builder."
It's quite remarkable to see which of these archetypes shows up when and how. And, as I said, what you can do about it. So, I think you'll really enjoy Brent's many Big Ideas and what the yogi/financial planner has to say about achieving spiritual and financial abundance!
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