Ep. 001 - New Year's Resolution: Become a Millionaire with David Bach
Jill Schlesinger
CBS News Business Analyst, host "Jill on Money/MoneyWatch" pods, author of "The Great Money Reset"
How does it feel to have nine consecutive books make the New York Times bestsellers list? Or to be on the Oprah Winfrey Show six times? Well, I have no idea, but our “Better Off” guest, David Bach, does!
Let me back up...this is the first-ever episode of “Better Off” where I tackle sometimes uncomfortable -- and even controversial -- money and investing issues. For the show premiere, I talked with David Bach, who has written eleven national bestsellers, with over seven million books in print. He’s best known for “The Automatic Millionaire.” It was so popular the first time around that he just released an expanded and updated version.
Of course, there’s no secret recipe to becoming an automatic millionaire. There’s no magic formula. It’s something that takes time, work and discipline. If it were that easy we’d all be millionaires...and Mark probably wouldn’t be my producer. You’ll get to know Mark in subsequent episodes. He’s the guy that makes the show appear in your feed every week.
As you’ll hear, I don’t agree with David that skipping a latte a day will help you become rich, but we also discuss many topics in the book upon which we both agree—perhaps none more important than becoming an “automatic investor.” Research shows that we have more positive outcomes when we take emotions and self-discipline out of the equation and put our financial lives on autopilot. That may be the biggest takeaway from the book. Whether it’s a retirement plan at work, an IRA, or a service such as Betterment, set it, forget it and let the magic of compounding interest go to work.
It’s the beginning of a new year, a time when we reassess our financial situations and maybe even make some resolutions. Listen to this podcast, read the book and I have no doubt you’ll pick up some useful tips that will help you achieve your goals in 2017.
“Better Off” is sponsored by Betterment. If you like what David Bach has to say, you can follow and connect with him on social media. He can be found on Twitter and Facebook, as well as his website.
"Better Off" theme music is by Joel Goodman.
--
7 年https://www.facebook.com/GgroupAll
CPC, Certified General Surgery Coder
7 年Yes!
Insurance & InsurTech Advisor/Contributing Author & Thought Leader/Founder of Mexico & Vancouver Forensic Engineering Cos/Insurance Claims Process & Subrogation Subject Matter Expert
7 年Mike, I agree with you that the larger majority of millionaires are small business owners, so if you have an entrepreneurial spirit, you should try to align your passion with a great income. I'll challenge you that to borrow money to do it is not the right way. I've seen a lot of people borrow from their 401k to buy a franchise or open up a small business and it doesn't make any money for two years and they are then broke and also don't have any retirement anymore. Better method is to save and invest and pay cash, using sweat equity and bartering until you show net positive cash flow, then build from there. 100% of foreclosures and repossessions happen on assets with loans. So if you pay cash, there is no chance of the bank taking it away from you. People's greatest wealth-building tool is their income. Avg. family makes $50k/yr. in 20 years is $1 million dollars that has flowed through their hands. If they can keep from paying interest, 4% for mortgage, 3% for cars, 18% on credit cards, 8% on home equity loans, 7% on 401k loans, they can bring all that home and use it for the good of their family.