Becoming Rich on an Ordinary Income
you heard me say this in the morning about this idea that there's a formula to being rich. I'm gonna give you the formula right now. This is a research driven, scientific proven formula that ordinary people have used to become familiar. Okay, The research comes from Fidelity. Vitality has the largest four would have 16 million people in their foreign Cape lands in 20,000 companies. They now track how many people have become millionaires in the phone cable. This is how much money they saved 14% of their gross income. Typically, they've had a match up to 5%. But not always the stock. The way the money's been managed inside that plan, 75% stock, 25% bonds. These people became millionaires by the age of 59. It took, on average, 30 years. I have been saying all day long its decades, not days, sitting in jack age, not days. But 59 is pretty young right now. Here's the interesting thing. About 14%. This is just a little bit over one hour day of your income. I'm gonna go the one hour day formu...
la here a second and again the match up to five, but most people had a match on top of this 14% which is very common. If you have a 41 K plan, you're getting Max usually two or 3%. So there is one of the ordinary people. America became millionaires. They stayed themselves a little over one hour day of their income. Automatic new in your book. That's basically what Jim and Sue McIntyre did. They did that. They bought a home. They paid the home off last second home. Pay that home off. So it starts with your day. Financial security is built one day at a time, so this is inside the book. And Henry, the mentor for Zoe Daniels at a coffee shop, opens up a Moleskine Journal and starts to walk. Zoe, who does who is not using her for one K plan, who doesn't believe she could save any money who is living paycheck to paycheck at the age of 27 who has given up hope. He walks her through her day when he says to her, is, what time do you start your day and what time is? Everybody starts her day nine oclock, and he says to her, usually from 9 to 11 30. Your income goes to taxes and then you go to lunch, he says. It kind of makes you want to come to work after lunch, but you're basically gonna pay for your rent. Mortgage from about here to roughly two o'clock depends on the city you're in, by the way, because it could easily be three your housing costs and then from 2 to 3 to transportation, there's the car from 3 to 4, you've got health care and eating, and then the idea becomes, if everything goes right somehow, the very end here, you're gonna have some money left over, and that's what you'll save. And what Henry says to her is this doesn't work. He says. You need to think totally different about your day. You need to carve out the first hour day of your income, he says. You need to become financially selfish. Now. The interesting thing Brazil we in the book is that she's been raised to not be selfish. So when he's saying to her, You know, you'd be selfish. What he's really saying to her is like, you need to pay yourself first. You need to decide today to keep one hour day of your income because you're young. That's the magic formula. That's the formula for all of you. You've been going What I do prior to Waas. This is where you start. A lot of people here create alive Herbie Hammer on this last time in a bunch of them signed up for the foreign K plans When I left Harpo the first time I did the Oprah show, I think maybe in Chase so many people signed up for their forward K plans the heart, but went out bought books for the entire company. Deciding to save one hour day of your income is a life changing decision. If you're saving zero and you don't believe you can save 12% you're grossing. Um, then start with 1/2 an hour day of your income. But dont goto work and save nothing
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AFTER THIS CLASS YOU’LL BE ABLE TO:
- Create financial freedom starting with as little as $5 a day
- Learn how to earn 10% rates of return of your money
- Understand the automatic millionaire habit that changes everything
- Retire early or transition early to a life you dream of
- Understand the FIRE movement and how to apply it to your financial future
- Know how to become rich faster, as a freelancer or a small business owner
- Use the Automatic Millionaire pyramid system to double your money in 10 years or less
- Know which companies, apps and investments today are making managing your money easier and cheaper
ABOUT DAVID'S CLASS:
What if you didn’t need to be rich to live rich? What if there were a way you could achieve financial independence and live your dreams now?
In less than five hours – The Latte Factor Class can help you take control over your money and your life. Whether you’re just starting out in business, an employee, or you’re in debt and you just want to live the life you’ve always dreamed of, “The Latte Factor” is a one day program that has inspired millions.
David Bach is the Author of The Latte Factor and the creator of The Latte Factor Method. He’s also a nine-time New York Times bestselling author of books including Start Late, Finish Rich and The Automatic Millionaire. In How to Retire Early: The Latte Factor, David Bach will teach you why you are richer than you think. He’ll help you see a future that puts you in control over your finances and back in the driver's seat of your dreams.
It’s never too late to start living your dreams; today is your starting point. Whether you are living paycheck to paycheck, or simply want to increase your net worth, this class is for you if you’re ready for a fresh outlook on life and money.
WHO THIS CLASS IS FOR:
- Anyone who wants to stop living paycheck to paycheck
- Small business owners
- People who want to live their dream life
ABOUT YOUR INSTRUCTOR:
David Bach is one of America’s favorite financial experts and bestselling financial authors of our time. He has taught millions to live and finish rich through his seminars, live events, courses and books. He’s the author of 9 New York Times best sellers, with over 7 million books in print in over 19 languages - including Smart Women Finish Rich, Smart Couples Finish Rich, and The Automatic Millionaire. He’s a media favorite having made thousands of appearances the past twenty years, including on Oprah six times and the Today Show over 100 times. David is the co-founder of AE Wealth Management and Director of Investor Education. His latest book is The Latte Factor: Why You Don’t Need To Be Rich To Live Rich. David presents seminars for and delivers keynote addresses to the world’s leading financial service firms, Fortune 500 companies, universities, and national conferences.