I am re-reading Start Late Finish Rich book and listening the same in Audible. The actual example of the book for a 52 year old - is exactly me! I am so pumped and motivated and feeling hopeful. Thanks so much David!
Purchased book 11/20: It took 4 months BEFORE I took action: I sent the pdf to my now three adult kids too. I have Mutual of Omaha Insurance 😁. Automatic bill pay.... Thank you.
Excellent book for Finance Newbie to make a right mindset. You can also find Chinese version here: 中文版本《如何成为自动富翁》请点击这里： ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-beKJXM0XEbs.html Language is not a barrier. 💪💪
Why each example in any of financial books states 7-8% interest which is guaranteed for the life time? Who the hell pays such interest consistently without any risk?
I believe this is actually the average historical return of the US stock market adjusted for inflation. It's a very good estimate, as good as it gets for those of us here in the US anyway.
Check out real estate investing, starting a business, stock market, and other more risky options if that's what you want. This book is essentially "Save a little over a million after working for 40 years in the USA" which is better than nothing but still quite a disappointing solution.
Akshit Babbar Write a book and get millions in royalty. David Bach did it, and now he teaches his "secrets" and The Latte Factor to unsuspecting individuals who already own Roth IRA's, IRA's, 401k's, 403b's.
taoist40 I started his program 6 years ago and my net worth went from zero to 212k in 6 years.....it works if you have a positive attitude and are not a pretentious ass
After 35 years of saving with 8% of compounded interest rate, it would be 44,356 (and not a 539,089). Simple math! Could you please kindly explain the steps of your calculation? On top of this, you don't get 8% return nowadays (where there is a deflation in most countries) unless you invest in very risky funds in developing countries or you start buying & selling the real estate (in some countries this speculation is forbidden). Congratulations on the video though - very well done.
I'm not sure what calculator you're using but the math is absolutely correct. Here's an example from the bankrate.com www.bankrate.com/calculators/savings/compound-savings-calculator-tool.aspx. In fact if you earned nothing and saved this money you would have over 100k! With that said Aga the chart is an illustrative example of compound interest. This education video is not suggesting a specific investment. But can you earn longterm over 8% annually in the stock market? Probably. Definitely not guaranteed. The reality is US the stock market has averaged annually since 1926 over 11 percent. We've just lived through a major bull market the last seven an a half years. The market is up 300% from the low in the US in February of 2009. With that said, this video is really not about the returns. If you don't like the 8% annual rate go to a calculator like the one above and run new numbers with a new percentage that you feel comfortable with. The real key to this video is to learn the habit of PAYING YOURSELF FIRST, one hour a day of your income for life AUTOMATICALLY. That's the lesson I hope you and the other of my friends and readers get. And I hope this context helps. Have a great day.
Here is why Aga M is wrong: He only calculate the first year's saved money, which is $10x25x12=$3000, after 35 year's compound interest of 8%, the $3000 will become 3000x(1.08)^35 = $44,356, but he forgets the second year that will be another $3000 saved with (1.08)^34 created $41,070, and so on for the following years as long as you keep saving $10 a day. With every year's savings, the final saving will be $44,356+$41,070+....+3000=$539,089 after 35 years.
You can never be rich by saving money in 401k because the prices of things are also increasing even more than the speed of interest which you will get from 401k plan.
Chris Tatton inflation is higher than that lol. Plus our fiat currency is losing its purchasing power every month. we're on our way to a hyper inflation
