Speaker: DAVID BACH

Speaker: DAVID BACH

Founder FinishRich.com and #1 New York Times bestselling author of Smart Women Finish Rich”

November 2020 Meeting speaker recap

by Jonnel Licari

Some unexpected conversations early in life with his two grandmothers – both strong, determined women named Rose – guided David Bach down a path to the New York Times bestseller list, financial riches, and, most of all, a life with no regrets.

He is dedicated to passing on financial wisdom to others, particularly women, to help secure their financial futures. Lucky WIN members heard from David firsthand at our monthly meeting this November.

David – an NYC transplant who moved his family to Florence last year – was initially scheduled to join WIN members in person in March. The pandemic upended that plan. So, he finally made it on a Zoom call.

In many ways, these circumstances only seemed to underscore two central themes of David’s financial counsel: Don’t delay. And don’t waste.

David has had ten consecutive New York Times bestsellers, including Smart Women Finish Rich and The Automatic Millionaire. His seven million books in print have been translated into 19 languages. He and his wife Alatia – a WIN member! – were inspired to move their family abroad after David kept hearing stories of clients who saved all their lives but had retirement plans derailed by failing health and unexpected death.

A few insights:

• Spend it when you can. Aside from gaining insights from clients on what they’d do differently, one of the last conversations he had with one Grandmother Rose was about her regrets. It made him realize that doing – and spending – while you can enjoy it is paramount.
• Teach your kids about money and finance and talk to them about the plans you have made. His other Grandmother Rose sat him down and went overstocks and the stock market with him as a kid – his first glimpse into the power of saving and investing.
• Women are better investors, and we need to be: We live longer; thus, we need financial plans to see us through our twilight years. But too many women leave this aspect of their marital lives up to their husbands, whom they often outlive.

What’s YOUR favorite cappuccino? ☕

Investing is not the only way to control our financial futures. It’s also saving, or better, finding the money to invest.

How many of you dropped a euro + for a cappuccino at the ‘bar’ today? Okay, never mind, bars are closed. These are unusual times. But how many would have if you could have? Yeah, me too. See my Latte Factor – the name of David’s most recent bestseller (Il Fattore Cappuccino, in the Italian version) which refers to those unnecessary ‘extras’ that can easily be eliminated from our daily spending – is, in fact, latte, or cappuccino here in Italy.

Figure out your ‘latte’ and redirect those funds. Are you paying for services you don’t use? Cancel them. Making unnecessary purchases? Stop.

In these days of low-interest rates, David counsels that real estate is a good investment and refinancing your mortgage is an excellent way to reduce debt. Check out his website www.finishrich.com for more tips, including the online course “First-time Homebuyer Challenge.”

And he seems to have hit upon a great retirement plan: Italy. With quality health care accessible and affordable, it is much easier and cheaper to live out later years here. Something he and his wife just might do.

“We came thinking we would stay for a year, and like most of you we don’t want to leave.”

FOR MORE INFORMATION:

https://finishrich.com/
https://www.thelattefactor.com/

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