Start Late, Finish Rich: Canadian Edition Hardcover – Jan 4 2005
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"It's only too late if you give up," promises David Bach in the Canadian edition of Start Late, Finish Rich, and with those words the money coach props up the sagging hopes and deflated egos of many readers who fear they have squandered their financial futures. The best-selling author of Smart Women Finish Rich, Smart Couples Finish Rich, The Automatic Millionaire, and others is aiming his latest book at all of the people who say they wish they knew 20 or 30 years ago what they know today about money. In his earlier books, Bach helped readers identify their "latte factor"--the small daily splurges that add up to a lifetime of living paycheque to paycheque. In this book, he helps readers find the "double lattes"--the satellite dishes, DVD subscriptions, giant pick-up trucks, and other larger annual extravagances that they can easily live without. Once readers wrangle their spending under control, he recommends ways that they can turbo-charge their earnings power by starting a small business, direct selling, auctioning items on eBay, or becoming a landlord. Then, when people have built up some assets, Bach offers advice on dividing the spoils into three equal pots of real estate, stocks, and bonds. With Bach's cheerful prodding, readers can overcome their inertia and start putting into place his simple plan. "The fact is, most people overestimate what they can do financially in a year--and underestimate what they can achieve financially in just a decade or two." After all--as Bach says--the past will continue to be your future if you drag it along with you. --Carolyn Leitch
“Here is one good source to help you realize that there are options and it is possible to create life the way you want it, financially speaking. . . . [Bach’s] work looks at many fine details and provides research backed up with actionable ideas. ” – Times-Colonist
“David Bach tackles head-on the common complaint for far too many complacent Canadians that they can’t help themselves financially or it is too late to do so. Bach’s practical messages with proven financial principles to help oneself are doable. . . . It’s never too late. Bach can help those who are motivated to help themselves.” –Canadian MoneySaver
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Top Customer Reviews
If you are over 50, this book won't provide you with the advice you need. The intellectual process that Mr. Bach went through was to take the familiar arguments about the power of compound interest and saving with pre-tax dollars . . . and think of a few ways to shorten up the number of years required for compound interest to do its thing on your behalf. His best suggestions outside the standard financial planning advice are to be more valuable at work so you can earn more raises and promotions . . . and paying down your mortgage a little faster than is required.
I applaud his advice that people spend less on things that don't provide much benefit . . . but most people are going to be demoralized if that's the main source of increased liquid wealth. After all, most people want wealth not for retirement . . . but to enjoy life before and after they retire.
I found his arguments about starting your own business to earn more money to be naive at best . . . and overoptimistic at worst. Buying and running . . . or starting and running a business requires a lot of hard work and skill. Most successful entrepreneurs are off doing this by around age 35. Most people at 49 will find it a tough hill to climb. I applaud Mr. Bach's suggestion that people look into buying, operating, expanding and then selling franchised operations that meet his criteria.Read more ›
If you want a "feel good" book that is more hype than action, then buy it. Otherwise invest your money somewhere that will give a much better return.
Those of you who have read any other of David Bach's books such as the Automatic Millionaire may have been wondering: Isn't he overly optimistic expecting an average 10% return in these economic times? Well, not really. While it may be hard to believe that one can achieve returns of 10%, there are many things one can do in order to achieve them. To those who have a hard time believing this, take a look at Yahoo Finance (or any other financial site) and track the price (including dividends and splits) of the various exchange traded funds (ETFs) that David recommends. You will quickly see, that they've been easily making anywhere from 8% to 27% each year. In fact, a few of them, went through a 4 for 1 split in October 2008. What does that mean? Well, if you had bought a share of a given ETF, all of a sudden, you would own 4 shares because you would be given 4 shares for every share you owned. Granted that the value of the ETF dropped to about half its value right afterwards but that still left you with 4 time as many shares (meaning double your initial value).Read more ›
Most recent customer reviews
The section about sorting out credit card debt was great. Also really puts in perspective how saving small amounts and how compound interest can really set you up for prosperity.Published on Aug. 24 2014 by Aaron
An excellent guide for personal financial planning. It lays out what you should do, most importantly it says to get off your ass and put your life in orderPublished on Jan. 22 2014 by Larry Sales
This is the best assistance for anyone who has had discouraging financial events and has been unable to plan for retirement. Read morePublished on Feb. 21 2013 by Judy Coates
I have been reading finance books for years and I really like David's approach. Simple yet spot on! David's books always have a special place in my growing finance library...Published on June 27 2009 by Michel Grandmont