The School of Greatness

791 Be Financially Free and Pay Yourself First with David Bach

May 1, 2019
David Bach, a leading financial expert and bestselling author, discusses the concept of being 'financially selfish' to achieve wealth. He emphasizes the importance of paying yourself first, debunking the myth that budgeting is essential. Listeners will learn the transformative power of automating savings and how investing little by little can lead to significant returns. David also shares his grandma's money wisdom and reveals crucial steps to build financial freedom, including the 'rule of 72' for smart investing.
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ANECDOTE

Meeting in Puerto Rico

  • David Bach met Lewis Howes in Puerto Rico.
  • He wrote "The Latte Factor" to explain why you don't need to be rich to live richly.
ADVICE

Two Escalators to Wealth

  • Invest in stocks and real estate, the two primary escalators to wealth.
  • These assets make money while you sleep, unlike rent payments.
ANECDOTE

Grandma's Investing Legacy

  • David Bach's grandmother started investing small amounts at 30 and built wealth over time.
  • She taught him to invest in companies like McDonald's at 7, changing his family's financial destiny.
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