Financial Expert David Bach: Bach to Basics

Posted in Debt , Debt Management • December 4, 2012

David BachThis post is part four of our 12 Days of Finance series. Don’t forget to vote for your favorite expert!

David Bach is a financial and motivational speaker who has helped Americans strategize for a debt-free lifestyle. He has authored the Finish Rich Series, which discuss his core principles including: Spend less than you make, don’t waste money on little things and pay yourself first, just to name a few.

At the Core of David Bach

In his book, The Automatic Millionaire, David Bach outlines the “Latte Factor,” suggesting that small routine purchases like morning lattes, magazines and cigarettes add up and further deter you from achieving wealth. Instead of allocating funds toward insignificant purchases, David advises readers to invest those dollars.

“Action leads to results, and that is always my goal, to get my reader who I feel is a close friend to take action, even if its a small action at first…like ‘go now and pay yourself first’. That small action then leads to the next action and it becomes like a snowball of success.”

While this may seem like basic knowledge, David Bach takes his wisdom a step further by instructing fans to kick the lattes to the curb and put their money toward a retirement savings plan instead. This simple, yet effective perspective is what has gained David the recognition as a financial expert.

On www.finishrich.com, David Bach shares his insight on other topics, like getting out of debt where he challenges followers to step onto the debt-scale and face their financial realities. His debt management system, DOLP (meaning “dead on last payment”), not only is a catchy acronym, but a simple tool for readers to see their debt on paper.

When it comes to actually reducing debt, Bach says he hates budgets, because in the real world they never work for most people. Instead, he encourages followers to put their debt on autopilot by utilizing free automatic bill pay options that most creditors and lenders provide at no additional cost.

If David Bach is your favorite personal finance expert, vote for him in our 12 Days of Finance poll below.

David Bach’s Path to Finishing Rich

David Bach received his Bachelor’s degree in Social Sciences and Communication at the University of Southern California.

David Bach is one of America’s most prolific and bestselling financial authors of our time. He has written eleven consecutive national bestsellers, with more than seven million books in print, translated in over 19 languages.

His runaway bestseller The Automatic Millionaire spent thirty-one weeks on the New York Times bestseller list and was simultaneously #1 on the business bestseller lists of New York TimesUSA TodayBusinessWeek and the Wall Street Journal.

Bach is the founder of FinishRich.com, a website dedicated to revolutionizing the way people learn about money. Prior to founding this website, he was a senior vice president of Morgan Stanley and a partner of The Bach Group, which during his tenure managed more than half a billion dollars for individual investors. Growing up, his father also taught classes on investing, which he regularly attended at the early age of nine.

“I wasn’t really a normal kid, we talked about the stock market and investing at the dinner table and that made all the difference.”

Bach appears regularly in the national media as well. He is currently a weekly contributor to NBC’s TodayShow “Money 911″ segment, where he answers America’s money questions. He has also appeared on The Oprah Winfrey Show to share his strategies for getting out of debt and finishing rich.

But what truly makes David Bach such a great expert? He tells us:

“The experience of doing ‘real financial planning’ and managing ‘real money’ gives me the confidence and experience when I teach to not just know in theory what should work, but what actually does work… I’ve seen the real mistakes, and the real victories so being a coach to so many now comes easy.”

 

Get great information like this every week with the GoBankingRates newsletter

We would love to hear your comments and feedback

  • Salim Versi

    The Automatic Millionaire was fascinating and an eye opener with so many examples one may apply in life. The Perfect Pie investment Plan was also a Great PIE graphically to remind oneself the concept related to the areas of the Sectors in his great book..Start Late..Finish Rich. I keep these books near my bed to remind me of key pointers and re-read Important Guidelines to myself. Salim Versi

  • http://keyfinancialonline.com Aaron

    David has been a wonderfully fresh windfall of knowledge for both the novice and expert. His easy to understand explanation about everyday pitfalls of debt have been a sure fire way to increase anyone’s income.

  • Denise Davis

    I receive financial information from many of these experts. They all are great but I find David Bach to be the most beneficial for me. He provides unique resources I have not seen elsewhere. David is very compassionate, knowledgeable and deserving.

  • Mildred Jones

    There is nothing and no one that can tell me anything different with respect to the information that David Bach gives people. I read his books Fight for Your Money and Debt Free for Life and these two books changed my life. As a result of reading those books, I applied the principles and my credit score was raised 57 points recently.

    In todays economy, it is imperative that people become more involved with learning how to manage and invest money wisely.

    I am happy David Bach made his way into my life and I suggest others start reading his books and checking out his website so that he can help you too.

    I can walk alittle taller now knowing that I am in control and starting to call the shots on how my money is managed and spent.

    Mildred

  • Merv

    Although there were many useful investment advises we received from Robert Kiyosaki and other gurus, it is David Bach who introduced the only straight forward and immediately achievable, very valuable the “Pay Yourself First” phenomenon, a true safe-boat.
    Thanks David.

  • Salim Versi

    Excellent key points for 2012 from David Bach are very much appreciated by myself.Its an eye opener.
    Salim Versi

  • Pingback: David Bach Video Response: The #1 Mistake People Make With Their Money | BUSINESS GUIDE BLOG

  • Pingback: David Bach Video Response: The #1 Mistake People Make With Their Money - ADVICES FINANCE – ADVICES FINANCE

  • http://credit-cards-pay.blogspot.com Avery Reeves

    Bach is slowly but surely catching Kiyosaki, and rightfully so. I admit I am a serial offender when it comes to Starbucks purchases simply because I see one. Time to start saving, so I can become rich and THEN maybe start buying lattes again without penny-pinching lol. Sound advice.

  • Pingback: Talk Like a Pirate Day: 11 Famous Finance Quotes Spoken Like a Swashbuckler | content publishing

AdSpeed – GBR – Default – Articles – RR2 Financial Resources Right Rail
AddThis Trending Article Widget
Blank Space