Knowing how to handle your finances might be a hard thing to grasp, but not for financial expert David Bach. World-renowned speaker and author of nine New York Times best-selling books, Bach is one of the leading voices helping people navigate their way to a financially sound and rich life. His book, “The Automatic Millionaire,” which offers readers a guide on how to strike it rich and invest your money at different financial stages in life, spent 31 weeks on the New York Times best-seller list.
In an interview with GOBankingRates, Bach shares some valuable advice on how you can come into wealth no matter where you are in life.
Click through to see the best habits rich people do every day, and learn Bach’s key tips about how to achieve a rich lifestyle.
Pay Yourself First
Although it might be tempting to spend money as soon as it comes in, the key to a rich life is to save — which, apparently, many Americans aren’t doing. In 2016, it was reported that nearly 50 percent of Americans do not have enough money to cover a $400 emergency, according to the Federal Reserve. That number might be a little on the high side, but that might be due to the fact that nearly 80 percent of U.S. workers are living paycheck to paycheck. Nonetheless, Bach says that the most important thing you can do to financially thrive is to make a conscious effort to tuck away some money for yourself first.
“The most important habit to finish rich is to pay yourself first, automatically,” Bach said. “Save one hour a day of your income into your 401k plan at work into an IRA account.”
Success Begins With Saving
And even if you’re not too far from retirement, there is still hope, according to Bach. The real issue is not about time or being business-savvy — it’s about your motivation and practical effort.
“We have heard of so many who have given up hope in their 40s, in their 50s, and they started taking baby steps,” Bach said. “If you are 50 and you start saving $20 a day at a 10 percent rate of return, within 15 years you could have $248,682 in savings.”
Click through to learn the 20 best money tips from Tony Robbins.