Budgets Don't Work, Automation Makes You Rich | David Bach

Four out of ten people can't put their hands on $400 in an emergency, and almost none of them know why.

David Bach, who spent nine years at Morgan Stanley and co-founded an advisory firm with more than $7 billion on its platform, sat down with Lewis and made the case that budgets fail everyone while automation quietly works. His book The Latte Factor tells the story through a broke travel editor in Brooklyn who works 70 hours a week and never goes anywhere. He also explains the Rule of 72, why a new car payment eats three months of your year, and how selling a home you live in can hand you a quarter million dollars the government never touches.

The part that will stay with you has nothing to do with money. His grandmother was broke at 30, saved 50 cents a week in a coffee can, and helped him buy his first share of McDonald's stock when he was seven. On her deathbed at 86, he asked her about regrets. Every single one was a fork in the road where she chose the safe path.

Then Lewis puts his own finances on the table and gets told what he's still missing. David talks about sitting in a hospital waiting room days before this conversation, sure his wife was having a stroke, and what that did to his sense of what actually matters. His last piece of advice is about forgiving someone you stopped speaking to.

You will pull out your phone and look at your subscriptions. You may also call someone you've been avoiding for years.

The Automatic Millionaire, 20th Anniversary Edition: A Powerful One-Step Plan to Live and Finish Rich

The Latte Factor: Why You Don't Have to Be Rich to Live Rich

Debt Free for Life: The Finish Rich Plan for Financial Freedom

David's Website

David's Instagram

In this episode you will:

• Automate your wealth so money grows while you sleep, instead of relying on a budget you will abandon within a month
• Discover the Latte Factor with David Bach and see how small daily spending quietly costs you a million dollars
• Apply the Rule of 72 to know exactly how long your money takes to double
• Escape the paycheck to paycheck trap that traps seven out of ten Americans who cannot find four hundred dollars in an emergency
• Reject get rich quick thinking and build real wealth over decades by owning quality assets you never touch
• Forgive the people you resent before that stored pain turns into the regret you carry to the end

For more information go to https://lewishowes.com/1988

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