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Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age Paperback – January 2, 2007
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“Here is one good source to help you realize that there are options and it is possible to create life the way you want it, financially speaking. . . . [Bach’s] work looks at many fine details and provides research backed up with actionable ideas. ” – Times-Colonist
“David Bach tackles head-on the common complaint for far too many complacent Canadians that they can’t help themselves financially or it is too late to do so. Bach’s practical messages with proven financial principles to help oneself are doable. . . . It’s never too late. Bach can help those who are motivated to help themselves.” –Canadian MoneySaver
From the Hardcover edition.
From the Inside Flap
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 $8,000 in credit card debt? And the woman on your right has less than $1,000 in savings?
See? You're really not alone.
Unfortunately, the vast majority of people who've saved too little and borrowed too much will never catch up financially. Why? Because they don't know how.
You can start late and finish rich--but you need a plan.
This book contains the plan. It's inspiring, easy to follow, and is based on proven financial principles. Building a secure financial future for yourself isn't something you can do overnight. It will take time and it will take work. But you can do it. Just because you started late doesn't mean you are doomed to an uncertain future. Whether you're in your thirties, forties, fifties, or beyond, there is still time to turn things around. It's never too late to live and finish rich. All it takes is the decision to start.
Is it too late for me to get rich?
Over and over, people share their fears with David Bach, America's leading money coach and the number-one national best-selling author of "The Automatic Millionaire. "If only I had started saving when I wasyounger!" they say. "Is there any hope for me?"
There IS hope, and help is here at last!
In "Start Late, Finish Rich, David Bach takes the "Finish Rich" wisdom that has already helped millions of people and tailors it specifically to all of us who forgot to save, procrastinated, or got sidetracked by life's unexpected challenges.
Whether you are in your thirties, forties, fifties, or even older, Bach shows that you really can start late and still live and finish rich - and you can get your plan in place fast. In a motivating, swift read you learn how to ramp up the road to financial security with the principles of spend less, save more, make more - and most important, LIVE MORE. And he gives you the time tested plan to do it.
The "Start Late, Finish Rich promise is bold and clear:
Even if you are buried in debt - there is still hope.
You can get rich in real estate - by starting small.
Find your "Latte Factor" - and turbo charge it to save money you didn't know you had.
You can start a business on the side - while you keep your old job and continue earning a paycheck.
You can spend less, save more and make more - and it doesn't have to hurt.
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. And he shares the stories of ordinary Americans who have turned their lives around, at thirty, forty, fifty, even sixty years of age, and are now financially free. They did it, and now it's your turn. With David Bach at your side, it's never too late to change your financial destiny. It's never too late to live your dreams. It's never too lateto be free.
Author interviews, book reviews, editors picks, and more. Read it now
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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.
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.
I want to write the author and see how these people are doing today, the couple he made buy a house in 2004 so they would get rich off the equity. If you are starting late you need to be reading F.I.R.E. books, not the antiquated info in this book! Perhaps the info on how to get out of debt or get a raise is good, but honestly, if I were this author I would have either written a revision or pulled the book from shelves because it is so not appropriate for getting ahead today. I'm 38 and found much more helpful info in books about extreme early retirement and financial independence.