Introduce Yourself

This is a discussion to give everybody a chance to share their experiences, while on the journey to "Finishing Rich"

Thankfully, I came across D.Bach's insights at a young age. I have a lot of time to plan and try to improve my portfolios. It was 3 months ago that I read "Automatic Millionaire" by D. Bach. Since then I have set up an automatic withdraw of $300 a month into a Roth IRA. It's remarkable, I am already close to $1,000 and am still able to enjoy life and don't miss the money at all.

Sounds like commonsense right? So, why doesn't everybody do it.......wish i knew. I tried to convince my roommate, whos' the same age at 23, but he comes up with every excuse in the "Yeah But" book.
I guess in 35 years we'll see what excuses he has then.

Currently, I am looking to start up a company. What's your goals and future ambitions? I am always in need of advice and mentors.......look forward to hearing from you all and helping anyone with anything I can.

Take care
"Remember, the time you waste today is gone forever."

Ryan,

You got a year head start on me. I got smart couples finish rich just after my 24th b-day. If your experiences are anything like mine, you will see the results long before the 35 years have passed. In the 2.5 years that have passed since I read SCFR, I have set up automatic retirement plans, set aside 3 months worth of living expenses, worked out a total insurance package for just in case, bought 4 rental properties {put an offer in on another one yesterday}, started a concrete resurfacing business {the business failed, but I learned more than I could have dreamed, which was the whole point in starting it}, opened a scottrade account recently, and am working a bit more carefully on starting my next business. Think how long the list will be after those 35 years have passed!!

The greatest gift that Mr. Bach gave me with his books was the idea that if we start early and stay on the path that retiring rich is easy. So after you get the automatic plans in place, you go for something bigger. I would suggest the name at the bottom of the cover on SCFR.

Joe

Hello

My husband and I started with SCFR also. It was Jan 2002 and David was on the Today Show talking about his book The Finish Rich Workbook. I went to amazon and it was back ordered. But I saw SCFR and ordered both.

By the tim TFRW arrived we had already fininshed and began implementing what we had learned from SCFR. So we dove into the workbook and then bought the Automatic Millionaire last year.

In the past 2 years since bringing David Bach's wisdom into our lives we have maxed out all possible retirement contributions...his 401K, my SEP-IRA, and a Roth IRA for each of us. We paid off all our credit card debt and started saving 250 a month which has now grown with every pay raise and pay off to 900 a month. Although we don't do bi-weekly mortgages, we have been paying the additional principle each month as if it were a 15 yr note rather than a 30.

We too are now striving for bigger things. One of the greatest pay offs of reading these books is that it gets you in a financial education frame of mind. Since The Finish Rich books we have began an audio education program that is amazing. Both of us commute and have requested any audio available at our surrounding libraries to listen to while commuting in the financial realm. I was very impressed with the Rich Dad series and the Millionaire Next Door & Millionaire Mind.

My husband and I are now looking toward real estate for our future as well so I am very excited about David's next book, Start Late Finish Rich as I understand he discusses real estate and REITs in it. I've already pre-ordered it from Amazon for us and then as a be-lated Christmas gift to my mom and dad...I just hope they read it. It's crazy...you can lead a horse to water but can't make them drink has never been so true.

Like Ryan's with his roomate we have tried to introduce so many of our friends and family to David Bach. We've even purchased books for several that I don't beleive have ever been read. Hopefully one day they'll pick it up and be in the right frame of mind to take action before it's too late.

Joe...did you read or research anything special to educate yourself regarding real estate? We've only begun our education in that arena and are very excited.

Ryan...congratulations for realizing at such a young age how easy it is to Finish Rich. I was 29 when I got SCFR and am so glad I happened to be watching the Today show that New year. It has revolunionized our lives. It was the catalist that has launch great success and I see a future filled with even greater success as a result.

Happy New Year everyone...may it bring you joy and much prosperity.

Vicki

Vicki,

I did read and study before I bought my first rental. I don't have all my books here {I'm at work} but will try to remember most of them that have something to do with real estate:

Rich Dad Poor Dad
Cashflow Quadrant
Rich Dad's Guide to Investing
Rich Kid Smart Kid
Retire Young Retire Rich
by Robert Kiyosaki
Real Estate Riches by Dolf DeRoos
Fixer Houses ? by Jay Decima
How to make a million in RE starting with no money by Tyler Hicks
Multiple streams of income by Robert Allen

Those are the only ones that come to mind. There were a few more that were good and a few more that weren't even worth mentioning. Since then I've gotten a few more that were good:

Deals on Wheels and another by Lonnie Scruggs
2 more Rich Dad books specificaly about RE from his advisor series
The Carleton Sheets program, buy this on ebay, don't pay $400 for it off a late night infomercial like I did.
The John Beck program again off an infomercial
Something Foreclosures
can't remember the title, but it is by Millin or Miln


The biggest thing to remember is that Mr. Bach's books are a really good start. Everyone on the road to wealth NEEDS three financial plans: one to be secure, one to be comfortable and one to become rich. You have to have a secure foundation. Without a secure foundation, you may go up fast, but at some point you will come crashing down, unless you solidify your foundation. Mr. Bach is the best I have found for building a good strong foundation. So, even though I may do alot of things that Mr. Bach does not teach about, the reason I can is that I do what he says for my secure and comfortable plans.


Joe

Like Minds

We've read a lot by Robert Kiyosaki...we got the CashFlow Board game too which tought us a few things and have much of his books on audio.

Too late on Carleton bought the "early morning" infomercial, LOL. We have found it to be very valuable...especially the forms we got with it.

It's great to hear that we are on the right track. There are several books you listed that we do not have and will request.

We were recently recommended "7 Habits of Highly Effective People" by Stephen Covey. We ordered it with the "8th" habit and should have them in audio form early next week. I'm loving audio since it allows us to study two books at once.

Ronnie and I both feel the exact same about David Bach. We wouldn't be in the position we are in without having read his books. Because we did and took agressive action we are now in the position to go for more and continue our financial education. I look forward to the day I can attend a seminar and thank him in person.

Vicki,

I'd love to meet Mr. Bach in person also. This summer I went to Mr. Kiyosaki's RE seminar and got to meet him in person shake his hand and get a copy of RDPD autographed. It would be great to also meet more of the greats: Napoleon Hill, Carlton Sheets, Anthony Robbins, Warren Buffet, Peter Lynch and many others.

I have the 7 habit of highly effective people, but have not read it yet, my wife keeps telling me that I should, is that her way of telling me that I am not highly effective? You just asked for books on RE, but two other authors are great for personal development sprinkled with finances are Anthony Robbins and Napoleon Hill. Mr. Robbins is a very funny man, Allison {my lovely wife} is rapidly reading and listening to every book or tape from him that she can get. Mr. Hill is really good also, and says much of the same things, but the only problem with him is the generation gap, in short he talks kind of funny, and uses different vocabulary than those of my parents or my generation.
By the way, you said that you are 31, and I'm 26, have you noticed that most finance books are geared towards people in their 40's and 50's?

Anyway, besides the books and tapes, while you are still studying RE, start building your team. As much as I study {and that is alot} I still don't know one tenth of what my team knows. It is very important that you begin relationships with a realtor, CPA, 2 or 3 mortgage brokers {not bankers, there is a difference}, and a mentor or like minded friend.

Joe

P.S. I've been trying to check this forum on a regular basis, but if I fall behind you can email me at "Joe357m@aol.com"

I haven't heard of Anthony Robbins...I will look him up on amazon. Fun and easy to read are qualities I very much appreciate. One of the reason's I love Mr. Bach's work.

We have a one tape abridged or highlighted audio of "Think & Grow Rich" by Napoleon Hill. I recently purchased the unabridged audio and workbook along with Mr. Bach's "start late, finish rich". It looks like they have just shipped today. My husband said he really enjoys the single CD of T&GR so I'm really looking forward being able to listen to the entire book on audio.

If you liked Mr. Hill then I bet you'd really appreciate "7 Habits" it's along the same lines. Be proactive, be possitive, you create your own reality with your mindset kind of thing. I'm on disc 4 of 13 and can see where I can apply these principles to so many avenues in life to be better and thereby happier person. I'm a pretty possitive and happy person by nature but there's always room for improvement, LOL.

The "team" aspect of our business is something we are gradually working on. We are preparing for a MAJOR relocation in April. We plan to sell our existing home and relocate back east from CA. It will be the single best thing we did for our real estate career (downsizing from this high cost of living area) but it's very frustrating right now because we are kind of in limbo.

We are now making contact with some realtors in CA and are about to begin calling realtors in WV to look for an investment home that could be our temporary residence till we get settled. Once we get moved we intend to get out there and look for like minded people and team members like a CPA, possibly a tax attorney, definately realtors, eventually a rehab crew etc.

The waiting thing is frustrating as hell but at least we have plenty to focus on so the time will FLY. January we are concentrating on packing and any minor interior fixes, then February the exterior and last minute "show the house" preperations. Then basically sell the house and last minute packing in March.

In the mean time we are researching a couple of investment properties our here in CA to flip so we can have a bit more of a "slush" fund for investing.

I try to remember to check in here as well but will add your email to my address book so we don't turn this into a Real Estate Investing forum

I forgot to mention for all the David Bach lovers out there...

He will be on CBS Early Show on Jan 5, 6, and 7th discussing his new book. I've already got it set in to Tivo

I love reading his books but really enjoy watching and hearing him live as well...he has a wonderful and possitive energy about him.

Most that read here are probably already registered with his Finish Rich mailing list (via email) and may know already but just incase

And if you haven't signed up yet...go to http://www.finishrich... and "Do It"

Vicki,

Sorry it's been awhile. This last week has been busy: got another house tied up that we should close on at the end of the month, got another one sold on a contract for deed, one that should be ready in a week or so, and helping my wife finish the one she is working on now and she just tied up another one due to close end of next month. Busy.

I ordered Mr. Bach's Start Late Finish Rich last night so it should be here in awhile. Just from reading a bit about it, it seems that he really takes it to the next level with this book. His other books have concentrated mostly on paper, but with this one he is supposed to share his thoughts on R.E. and businesses. It's about time he started talking real diversification. My financial advisor always talks about diversification, but he means diversification in paper, which to me is not true diversification. What I am working on is: R.E., paper, and businesses. I think I'm starting to get the hang of R.E., paper I'm pretty light on, and I'm starting to learn business.

Just a thought I had the other day: It seems to me that investing is alot like a professional trade. Just like a plumber or electrican, you start out pretty much working for free for awhile, then as you learn you start making more with less risk, and once your investment activities can support you entirely, then you get your journeyman's license and invest full time. What do you think?

It sounds like you and your husband have a pretty busy schedule laid out for this year. Selling a house and moving across the country sounds exciting. From what I've heard about the price of R.E. in california, you should be able to make enough money from the sale of your house there to get you started in WV, with a new house and enough to start your R.E. activities. Do you already have jobs lined up in the new town? What is it that the two of you do for a living?

Talk to you later,

Joe

Congratulations to you and the others who have started at such a young age. The principles in the book are fantastic and you'll be thankful that you followed them. The real test for young people comes in the late 20's and into the 30's because of marriage, home purchase, new automobiles, student loan payments, children . . . Family and the associated events are the best joys in life and are truly priceless, but, having your finances in order will make them even more rewarding.

I am 37 and have set a goal to be debt free in 6 years. I am following the principles in the book and believe that I will succeed because of them. I started contributing to my 401k at the age of 27 by deferring $50 per pay period. Now, I am deferring $525 per pay period. I just refinanced our home on a 10 year fixed mortgage and plan to add 20% to the principal each month. I have a huge student loan balance (30k+) and want to pay it off first. I followed the author's advise and opened an account with ING and am working towards saving the 3 months expenses. Finally, I am paying extra principal payments on my student loan and depositing to my ING Account by using my online banking (semi-monthly).

Also, I've read a bunch of the other (and am presently reading) related books. The Automatic Millionaire is hands down, the best. My copy has tabs attached to many pages and is hi-lighted in many places. With that said, my other favorites are; Brett Machtig-Wealth in a Decade, Harry S. Dent, Jr-The Roaring 2000's and The Great Bubble Boom Ahead, Jon Hanson-Good Debt, Bad Debt and Gwendolyn Gabriel-Totally Debt Free in Five Years or Less. I like Dave Ramsey, John Cummuta and the like, but, I find their methods to be too much about tracking your expenses instead of the methods of Mr. Bach. To me, the automatic steps are much more "doable" than keeping daily lists of your candy bar purchases, etc. Finally, I would strongly recommend that you go to www.bankrate.com, click on Calculators (as advised by Mr. Bach) and do a debt analysis/payoff schedule. I keep mine in my Automatic Book and draw a line thru each payment that I make, for extra motivation. It is very tough though and the support of others doing the same would be most appreciated.

I hope to hear from others who are motivated to be debt-free. I live in rural Kentucky so I can't attend a Meetup Group.

Best of luck to everyone, Kevin.