Lessons
Introduction To Workshop
10:05 2Meet The Automatic Millionaire
11:47 3Find Your Latte Factor
10:27 4Couples & Money
03:48 5The Best Financial Apps & Tools
06:54 6Pay Yourself First!
12:50 7The 5 Biggest Retirement Account Mistakes
07:23 8Retirement Accounts & Investments
06:08Organize Your Money
05:50 10Crush Your Debt
08:31 11Learn Your Credit Score
04:47 12Be A Homeowner Not A Renter
08:01 13Create A Financial Protection Plan
05:52 14Build A Dream Account
02:12 15Grow Your Income
14:51 16The 6 Biggest Mistakes Investors Make
07:44 17Smart Women Finish Rich
04:26 18Your Purpose-focused Financial Plan
07:59Lesson Info
Find Your Latte Factor
Let's talk about finding the money. You're a lot a factor finding the money. So remember I said earlier, like the number one thing that people say, I don't know where all the money goes. It's what people have always said. You know, I make all this money. I don't know where it goes. It just goes like water just goes from my fingers What goes in lots of directions? Earlier, I said to you that if you don't have a plan for your money, somebody else does. It's worse than it's ever been. So all the principles I'm gonna teach you today at the end of the day, the difference between those of you that will take action hopefully every single one of you watching and you at home to are gonna take action today. But the difference between those who take action and don't take action is an internal belief that this is possible. So I'm actually in front of black for and I go. Let's talk about this money. Kim, would you pay for the lot? She goes. I paid $3.50. I have not changed these numbers intentional...
ly. What what's the average loss take cost these days, like 56 bucks, right? If I should change these numbers, but I leave him this way for for I don't know just because, Like, you know, it's just crazy like theirs. And now the big thing in New York is there's this really popular place where the Lottie's air 12 bucks and people line up for these lot days. So we go to her lot. It's 50 I go in the morning getting help. You have any of that lot, and she's like, Yeah, get a muffin. I'm offering a buck 50. I'll get a muffin, cost a buck 50 and she's like, It's fat free, right? Right. How much is a muffin? Now you're not going to Starbucks and having a lot in a muffin for less than $678 in my right. So I'm not picking on Starbucks amount, even trying to get you to stop having long tails like I just gonna go through the math here. So she's like, Okay, that's five bucks. Now, remember, she's not even at work yet. Okay? So I go when you get to work between between nine o'clock and noon, do you take a break. She's like, Yeah, I go to Java juice you have. So I'm like, OK, so what's the Jews cost? It's like $3.75. Now that's not what you cost anymore. Like in New York, where we all go on get shoes. And I know those companies are coming all over the place. Juices solidly. 10 bucks. A lot of the juices air now 13 14 $15. Now it's healthy. You have the right juice. You don't actually have to have lunch, but it's bucks. In this case, it was 3 75 She gets a power bars a dollar 95. I added up, and I'm like, Check this out, Kim. You just spent $10.70. Kim looks at me, and she's like, What's your point? I like What's my point? You just spent $10.70. Now she's with her boyfriend. A boyfriend thinks this is hilarious to let's just do some basic math. $10 a days, $300 per month. That's $36 per year. That, by the way, is more money than the average Americans putting in retirement accounts. Okay, What does that look like in a period of time? If I run out 30? She's in her twenties, $3600.8 percent in 35 years. That's $669,967. I ran it it 8%. I think you're right. I think you know Renee present who show you how to have a balanced portfolio. You gonna 8% on your retirement accounts. That doesn't include the gap where she works, making a matching contribution to her 41 K plan, which they dio, which she's not using. So she's passing up free money. She's paying taxes and she's sipping on a lot. And she says To me, that's not a $1,000,000 I go That is $669,000 more than you're currently on track for. So can a boyfriend thinks this is pretty funny and they're getting married. I go, let's do you guys together 10 bucks each. She's like you got a lot to you. What are you talking about? $1,339,000 to to him? Take this out five more years. It's $2 million Yes, I it is Wow, right, Because the Lottie Factor is a metaphor. People listen to May. It is a metaphor. I am not trying to take your coffee way. I too, am a coffee addict. But I make my coffee at home for like, what a dime or cents on. I make coffee every morning for home. I love my coffee home, so But the key here, it's a metaphor you gotta look at. Where is the money going in my life. And you need to recognize that Yeah, 5 to $10 a day is a great way to start to change your life. Because if you don't believe that you can 5 $10 a day, then you're never gonna believe you confined 20 or 30 or 40 or 50. This is is It's a mindset. I have gone and done seminars for some of the largest foundations for his company's America. I was brought on to an event for a firm hold, say who it was Merrill Lynch and and the average average net worth in the room was like like $10 million. And they told me before I went onstage. Love everything you do. Just don't talk about the lot a factor because they're so wealthy, they won't relate. I go, Please. It's a metaphor. I'm gonna talk and I go. I got this. I got says, like, so for you. Like, you know, you got 1/3 or fourth or fifth house. You don't even go to the house, right? Like you got 1/3 home. You've been to it in 18 months, right? So everybody's lot day factors different. It's just a metaphor. So here's what you want to do. You need to go figure out what your lot factories. Here's what you do. In the beginning, when I taught this, I would tell people to track their expenses for 30 days. Most people didn't do it for 30 days. I suggest you do it for seven days. At a minimum, though, I wanted to do it for one day. So if you, like, needed like a super simple one day deal, do it for one day. The key to this is don't change who you are and don't change how you behave. Just be who you are. Always be normal like you normally are. Just have a whole day where you spend money the way you normally spend it. Because it's like a lot of times Like when you trap your food, for example, then you healthier. I don't want you to be any different. I just want you to do what you normally dio so you can track your expenses. If you're Mary, Don't you do like you guys a couple do it together, come together and talk about the end of the week and they don't want you take a look where that money went before I go to the double aught a factor. The lobby factors about the small wage spent money every day. The next thing I'm gonna talk about is what I would call the double latte factor. So if I come over to your house to do a money makeover, the first thing I dio is I go through your fixed expenses. So back here, all these things were fixed. I go back and I look at Is there anything that you're spending money on that I don't have to force you to give up? I just need to get you to reduce it. Cables Unbelievably expensive. By the way, I could do a whole rift on cable, but you can take a premium cable package in this example like Okay, look, I know you love premium cable, but let's take it back down. Basic package. 40 bucks. That's $40 a month in savings. Let's take your premium cell phone bill. Let's keep the cellphone. But let's just change the basic. Get down to 30 bucks. That's $40 in savings. Let's take your gym membership something. But I can't get my gym to go from 140. Well, then you need to change gyms, right? Like look at where you're paying fixed overhead and ask yourself, How could I get the same exact thing for less money? There are two ways to get your double lot of after found its Go through all your expenses manually and look at what you re negotiate. There's a new app out. Let's see if I have it here. Then we gave you a lot a factor challenge for him in these little workbooks. You've got a form that you can go through when you get home, pull out your expenses and take a look at what's fixed overhead that you either cut back on or renegotiating. I'm going to show you an app right now that is getting It's a new app. Um, and I just prefaced that with which that with the fact that it is new right laws, technologies, air new. So you just have to decide if you want test it. But look, the new app is called trim. Come on, talk about mint dot com and a little bit, but trim does his trim goes through your expenses and pulls out all the subscriptions and highlights it right. So like, Look, these are one of only Netflix Spotify audible. There's the gym. See, people go. I can't have a gym for There's a gym. It's only 30 bucks. So trim goes through your stuff, reminds you what you're using and quickly asks you, You want us to cancel it, which I think is kind of cool. This is a nightmare for companies that have put you on subscriptions. One more technique. Oh, here's an online calculator for you. Um, this is a place you can go on my website. David bach dot com, at the bottom of the website, says locked a voucher calculator. You can calculate your lot a factor. You can print the little worksheets and you can just run some numbers for yourself to see what they're worth. Here's the thing about money. What stresses this out is the unexpected. It is all the unexpected things that were like, We're not planning for it. And then it comes in waxes upside the head. And so the more we can do to financially think through these things that we know we're gonna come, then the better off we are.
Class Materials
Bonus Materials with Purchase
Ratings and Reviews
user-72dfd4
Student Work
Related Classes
Money & Finance