Episode
791 Be Financially Free and Pay Yourself First with David Bach
1:20:05
Published: Wed May 01 2019
Description
BE FINANCIALLY SELFISH. Too many people are living paycheck to paycheck. Our debt has us in handcuffs. We don’t think that financial security is possible for us. But anyone can build wealth. Anyone. You just have to pay yourself first. The key is to have your money make money. With some simple math, you can see that putting away a little bit of money every day can bring huge results. On today’s episode of The School of Greatness, I talk about financial freedom with an incredible personal finance expert: David Bach. David Bach is one of America’s most trusted financial experts who has written eleven national bestselling books. His runway #1 bestseller The Automatic Millionaire spent 31 weeks on the New York Times bestseller list. He has appeared on NBC’s Today Show more than 100 times The Oprah Winfrey Show six times. David says that by paying yourself first, you can save enough to become a millionaire by the time you retire. So get ready to learn the power of becoming financially selfish on Episode 791. Some Questions I Ask: How much should someone put down on a home? (29:00) What is missing in my personal financial portfolio? (32:00) What are three steps that people can do right now? (53:00) What’s the best money advice you’ve ever heard? (1:04:00) In This Episode You Will Learn: Why you don’t need a budget (8:00) The three lessons about money David’s grandma taught him (11:00) The three secrets to financial freedom (19:00) The “rule of 72” (40:00) The dangers of subscription services (56:00) Follow me on: Instagram @lewishowes Twitter @LewisHowes Facebook @LewisHowes
Chapters
David Bach, author of "The Latte Factor," shares controversial ideas about how to handle your finances and live rich even if you are not earning a large income.
00:00 - 04:17 (04:17)
Summary
David Bach, author of "The Latte Factor," shares controversial ideas about how to handle your finances and live rich even if you are not earning a large income. He emphasizes the importance of paying yourself first, creating systems, and optimizing all aspects of your finances.
Episode791 Be Financially Free and Pay Yourself First with David Bach
PodcastThe School of Greatness
The Latte Factor is a parable about personal finance that teaches readers the importance of paying themselves first, the magic of compounded interest, and investing in where they spend their money.
04:17 - 19:39 (15:22)
Summary
The Latte Factor is a parable about personal finance that teaches readers the importance of paying themselves first, the magic of compounded interest, and investing in where they spend their money. It's a book for the 98% of people who don't typically read financial books, but need to learn the basics of personal finance to achieve financial stability and success.
Episode791 Be Financially Free and Pay Yourself First with David Bach
PodcastThe School of Greatness
The transcript highlights some basic tips on buying a home such as paying 10-20% as a down payment, having expenses set aside for at least a year, and making payments automatic.
19:39 - 36:01 (16:21)
Summary
The transcript highlights some basic tips on buying a home such as paying 10-20% as a down payment, having expenses set aside for at least a year, and making payments automatic.
Episode791 Be Financially Free and Pay Yourself First with David Bach
PodcastThe School of Greatness
The key to smart borrowing is to buy assets that can go up in value, like a home, instead of assets that decrease in value, like a car.
36:01 - 46:45 (10:43)
Summary
The key to smart borrowing is to buy assets that can go up in value, like a home, instead of assets that decrease in value, like a car. To calculate how long it takes to double your money, divide the rate of return by 72.
Episode791 Be Financially Free and Pay Yourself First with David Bach
PodcastThe School of Greatness
In this podcast, the speaker shares his journey of writing a book that teaches financial lessons in the form of a parable, and urges listeners to become financially selfish and save at least an hour's worth of their income each day.
46:45 - 59:18 (12:32)
Summary
In this podcast, the speaker shares his journey of writing a book that teaches financial lessons in the form of a parable, and urges listeners to become financially selfish and save at least an hour's worth of their income each day.
Episode791 Be Financially Free and Pay Yourself First with David Bach
PodcastThe School of Greatness
The importance of loving fully and not holding back, avoiding referring to your money as play money and resisting the urge to take risks with your own money when managing finances for others.
59:18 - 1:09:40 (10:21)
Summary
The importance of loving fully and not holding back, avoiding referring to your money as play money and resisting the urge to take risks with your own money when managing finances for others.
Episode791 Be Financially Free and Pay Yourself First with David Bach
PodcastThe School of Greatness
Financial advisor David Bach emphasizes the significance of listening to one's soul and detaching oneself from resentment, which often leads to physical and emotional illness.
1:09:40 - 1:18:56 (09:16)
Summary
Financial advisor David Bach emphasizes the significance of listening to one's soul and detaching oneself from resentment, which often leads to physical and emotional illness. He shares that people tend to avoid soul conversations by keeping busy or indulging in addictive behaviors, but ultimately, such conversations need to happen to live a fulfilling life.