Why You Need The Latte Factor To Start Living Rich Right Now Regardless Of Your Income
Money worries are considered one of the leading causes of breakdowns, stress, anxiety and even divorce.
Over a third of British residents feel stressed for at least one full day per week and money is the most common cause cited. Studies have also shown finances are a bigger worry for women than men. And nine in ten Americans agree nothing makes them happier than feeling their finances are in order.
Considered one of America’s leading financial experts, nine times New York Times bestselling author, David Bach, has been teaching people about the intricacies of personal financial freedom for the past 20 years.
He’s reached tens of millions of people through seminars, speeches and thousands of media appearances. When he appeared on the Oprah Winfrey show back in 2004 for his book The Automatic Millionaire, he shared the concept of a Latte Factor: teaching people “the simple idea that small amounts of money not wasted can be saved and help you reach financial freedom.”
But it’s not until his most recent book, of the same name—The Latte Factor, that he’s brought these lessons to life in a whole new way. This time, guiding people to “live rich now” through a parable that makes the lessons instantly actionable—and most importantly, easily understandable to any reader.
Before you worry Bach is trying to steal your morning coffee from you, don’t. The Latte Factor is an illustration of the power of compounding interest and how small, frequent contributions can transform into much bigger rewards.
On his website, Bach makes it clear,
The Latte Factor is not about the coffee, my friends. The Latte Factor is about how to live your richest life now. This little story will inspire you to realize you’re richer than you think. You’re stronger than you know. Your dreams are closer than you realize.
The lessons may seem simple:
- Pay yourself first (i.e. make sure you’re putting money into a retirement account).
- Don’t budget, make it automatic.
- Live rich now.
But, that’s also the whole point.
Bach says that simplicity is what matters most. “It’s usually the simplest ideas that change people’s lives, not the complicated ones” as one character in the book shares.
While many people know about these basic financial principles, Bach suggests that hardly anyone follows through.
Fans of author Paulo Coehlo and his book The Alchemist will especially resonate with the storytelling, as you’re walked through the story of a millennial woman starting to feel completely stressed out that she’s not getting ahead.
In a good job, but struggling to keep up with student loans, credit card debts and the cost of living in a big city, she connects with a few wise mentors that help her see through a new lens—and transform her beliefs around money.
Bach’s simple yet magnifying message is that anyone can start creating a life they want and “live rich.” In an interview with Wise Bread, a blogging community dedicated to helping people “live large on a small budget,” he shared why he wrote this book now.