Book Review:

America’s Most Trusted Financial Expert
David Bach is one of the most trusted financial experts and bestselling financial authors of our time. He has written nine consecutive New York Times bestsellers with over seven million copies in print, translated into nineteen languages, including two #1 New York Times bestsellers, The Automatic Millionaire and Start Late, Finish Rich. The Automatic Millionaire was a runaway bestseller when it was first published, spending thirty-one weeks on the New York Times bestseller list and appearing at number one simultaneously on The New York Times, The Wall Street Journal, USA TODAY, and Bloomberg Businessweek bestseller lists. In addition to his books, David has impacted millions of people over the past two decades through his seminars, speeches, newsletters, and thousands of media appearances. He is the cofounder of one of America’s fastest-growing Registered Investment Advisors, AE Wealth Management, and the founder of FinishRich Media, a company dedicated to revolutionizing the way people learn about money.
Autor David Bach

Latte Factor

Discover #1 New York Times best-selling author David Bach’s three secrets to financial freedom in an engaging story that will show you that you are richer than you think. Drawing on the author’s experiences teaching millions of people around the world to live a rich life, this fast, easy listen/read reveals how anyone — from millennials to Baby Boomers — can still make his or her dreams come true.

In this compelling, heartwarming parable, Bach and his best-selling coauthor John David Mann (The Go-Giver) tell the story of Zoey, a 20-something woman living and working in New York City. Like many young professionals, Zoey is struggling to make ends meet under a growing burden of credit card and student loan debt, working crazy hours at her dream job but still not earning enough to provide a comfortable financial cushion. At her boss’ suggestion, she makes friends with Henry, the elderly barista at her favorite Brooklyn coffee shop. Henry soon reveals his “Three Secrets to Financial Freedom”, ideas Zoey dismisses at first but whose true power she ultimately comes to appreciate. Over the course of a single week, Zoey discovers she already earns enough to secure her financial future and realize her truest dreams — all she has to do is make a few easy shifts in her everyday routine.

Charts & graphs from the book here


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Episode Transcriptions Unedited, AI Auto-Generated.

Speaker 1: 00:15 [Inaudible],

Speaker 2: 00:15 Welcome to social chameleon show where it's our goal to help you learn growing, transforming, and personally to become today. It's book review time. We're doing the latte factor. Why you don't have to be rich to live my David Bach. If you guys aren't familiar with him, he is wrote nine consecutive New York Times bestsellers. I guess most sameness or automatic millionaire and start late finish rich. This book is David's three secrets to financial freedom and an engaging story that will show you that you are richer than you think. Dragging the Arthur author's experience, teaching millions of people around the world to live a rich life this fast, easy. Listen, read, whichever version you decide on a reveal. So anyone from millennials to baby boomers can still make his or her dreams come true and it's upon fiction based kind of book. Not something I usually read, but I was, I was hooked.

Speaker 2: 01:11 I, I couldn't, I couldn't stop. I would park and I'd be like, ah, let's finish this chapter off real quick. Yeah. Meeting. I really enjoyed the book matters. Like before, you know, it's like chapter 10 like yeah, he looks like he's flying by, so I don't know. Madness are really good. You know, you would expect from a, you know, someone like David Bach in a ruling step one do this, step two, that thing. I think it's really good in the fact that it's a story and like it's not just, you know, step one, step two and I really enjoy it. A lot of the characters in the book. Yes, you did a good job with that. A lot. A lot of characters that Zoe meets on her journey and you know, it's just involved in her life and stuff like that. Like you know, you're, you're really good characters and me that book.

Speaker 2: 02:04 Yeah. Yeah. I, I knew it was a, a story going into it, but when I thought it would be like stories and then like philosophy and lessons and it was more of like that dichotomy of leadership. Like here's the story and then here's [inaudible]. Right, right, right, right, right. Here's the research. Here's the philosophy, here's the psychology and all the straight story. I said, yes, this is for me, especially very different. I don't normally like fiction type books. So it was fun to, to have those like hidden messages and the little lessons sprinkled in and each character had gotten their own thing. Yeah, it's good cause it just like starts off. It's like always just having her regular ordinary day alumni. You know what I mean? Then was like, she's talking to her boss about something and then all of a sudden like I didn't mean like she, she meets Henry and it's like, Oh, oh nice, nice.

Speaker 2: 02:56 And then she likes nice. Go ahead and see the, to the shop every day. Like, oh that was good. I don't know. I think it's really good. Yeah. Like A, I like to think of it as uncle Henry, you know, it's just that whole guy's just unsuspecting. You don't, you don't think nothing of it is not flashy. It's not, you know, flaunting, you know, like, I mean the whole I, three quarters of the book, maybe she just thought of him as a regular old Barista and never thought once he owned the place or what. And know one of her friends were saying to this seven year old breeze, so you're taking advice from him. He doesn't look like he's doing too well. Like you know, so it was funny. I like, I liked that character and that, that that whole thing he kind of encompassed like I, I knew a guy like that and if you didn't ever talk to him or anything that you'd never know.

Speaker 2: 03:40 He was very, very wealthy guy. Drove some old, I mean good shape, old truck. Not flashy at all, but he was the best guy to talk to. And then the more you talk to them it's like, wait a minute. You, oh no, you're talking about a lot of fun. You own all those properties. Oh yeah. You know, I just stop. And it's always, those are like, to me, you guys are the best guys that Rick run into or discover or find like, like that hidden gem. Yeah. Rough kind of stuff. Yeah, exactly. Those, I like those. Look guys are fine, but, but I guess the book is, does have a little bit of, I guess it's hard to not have that same old advice like we, we've talked about here, other books we talked about, like Babylon and stuff that pay yourself first, you know, make it automatic. Those are the things that are very kind of repetitive in this industry in general. I mean, they work, they're the things that get you the care. It's just anything

Speaker 3: 04:30 Else, right? It doesn't matter what pillar you're going to build in your life, whether it's the pillar for love's or where there's a pillar for your physical wellness. Like you gotta do the small steps like you, you want a better body, guess what you gotta Eat, right? You gotta go to the gym, right? You going to put in the work, right? You want a good loves life. Like, Hey, you got to go meet people. And then from there, and like every day you got to make contact with that person that the, know how much you care about them. You know what I mean? Like, and it's, it's the same thing with your money. It's like, hey, you got money, you know, you gotta put some of it away so that you can grow and do something with it. It's like, just like everything else in life, just one, one little chip away at a time and just one little chip away.

Speaker 3: 05:15 And I dunno, I think it's Kinda cool for this book anyway because Zoe's character in general, like I think a lot of millennials can actually like relate to her and her relation, which is like really cool. So if you're in that group or even if you're younger than that, I don't know, like maybe like in high school or something like that. There's a really good book a and a side note too, for those of you that got in the audio book, I, I can't find it anywhere else, but you actually have to go to like on a computer or a computer. I don't know. I might work on an iPad or something like that, but either an iPad or a computer. But you know, you have to actually go to audible.com and you can you download the pds additional [inaudible]

Speaker 2: 05:59 Since that, that David has in there and they're pretty, they're pretty awesome. So yeah, he's got some good, good fun charts. What was it, the water bottle factor. And I just saw a couple of other funny ones that he had like the visualization right. And I'm just like, I guess let me pull it up real quick, but you know, it just, I'll link to that in the show notes for you guys. It's easy for you guys to get to. Yeah. But it just shows you that like,

Speaker 3: 06:23 You know, if you, if you put money in, right, I think, what is it, $2,000 in particular real quick. So if you put $2,000 into your investment account right from the time that you're 19 that a time that you're 26 and it's like seven years, seven and nothing ever again. Right. And then what, two four, six a 10 almost. Sorry, I lost out two four, six eight 10 12 1416 that's $16,000 so maybe eight years, right? So $16,000 before you're 26 you will have more money in your account at 65 then how'd you put $2,000 in every year from 27 all the way to 65 like that's just a mind blowing that that's the part that is like, Ooh. And I think, you know, I don't know, I can't read his mind or whatever, but I think that's why David wrote this book in the way that he wrote it.

Speaker 3: 07:30 Like he wanted it to be a story and you know, understand that, you know Zoe, I think, what does she like 20 mid twenties in this book, 20 something. I don't think they ever pinned on an age. So she's in her mid twenties and like she's, you know, kind of going through her, her cycle of life and like thinking that she doesn't have enough money and then you know, all of a sudden she meets Henry and you know that that perspective starts to flip. Like, you know, there's all of a sudden there's a way, you know, but I, I don't know. And for me, I think that things, Zoe has a lot of anxiety in her life. And this story just in general, I mean, most people do, like you're fresh out of college, you got this job and I mean, you just moved out of home and you know, like you're struggling every day to like work and make your rent, you know what I mean? Like, yeah. You know?

Speaker 2: 08:24 Yeah. So fresh. It's all fresh and new, right. Paying bills and you know, credit cards get tempting and all these things. I'm like, yeah, if you don't know. And most of us aren't taught, I know I was never really taught much about this stuff growing up. Yeah, it's tough. And you know, how do I get a car loan or how do I get a rent? How do I sign a lease? I, how do I, how do I set up electricity? Like, you know, I first started, people were like, you know, they, they moved to new place and I greedy as they are. There's no power that like what happened and they call the park company and they're like you need to start an account. He's like, well, when I moved in there was power that, yeah, that was the landlord's account. You need to make your own. You know, as I've heard, I've heard a story like that, you know, so

Speaker 3: 09:04 Man, I, you know, when you're going a little off subject but not, you know, nonetheless, like if you're young and you start like putting money away, I, you know, it's the hardest to do when you're young, especially if you're in college, like put $2,000 away every year when you're going to college. Like that's kind of rough. But yeah, no, it was 150 bucks a month or so. Something like that. Yeah. I mean, for those of you, if you didn't watch the episode before, when we're just talking about the retirement accounts, I guess 64 if you go back [inaudible] version of this out, I'm in an excel spreadsheet to kind of, and play around with it on that and that other episode. But you know, yeah. If you, I think it came up to like 200 bucks a month or something, something like, you know, 200 bucks times 12, right. It's 24 so a little less than 200 bucks. I'm probably a little less than 200 bucks, put it away. But you know, it, but a lot of the anxiety, you know, getting back to the story now, a lot of anxiety for Zoe gets relief. Right. And it's like, you know, had me shows her away is like, you know, she wants to buy what this picture, right.

Speaker 2: 10:12 Well, 12 or $1,500 big, like four foot long, like three foot high, like picture of this

Speaker 3: 10:19 Sunset. Yeah. And then like, he's like, well, if you can afford that Latte, you can afford this picture. It's like, what? It's like this group kind of flips on that a little bit and you know, and it just goes to show that it had, but I also like the additional things that Henry talks as a way about in this book where it's like, you know, it's not like you just can't have your coffee in the morning. Yeah. Right. And talks about that. Like it's not about like pinching pennies or anything of that nature, you know it will require you to develop some new habits. You know, not all of those are bad, you know, if you can develop a new habit. Right. And that's the thing I really love about this book and like drilling, cause you know, we just talked about it, you know, we've been talking about the richest man in Babylon. They so first make it automatic. Like those are key components, but to actually get into the point where you actually start changing your habits, like that's, that's the key. Like everybody knows what to do but like to change your habits like that. That's the part that I don't know, that's the part that gets me about this book that I really like about this book, which makes it different from, you know, some of the other books that are out there. So I don't know.

Speaker 2: 11:38 That is the thing I like about this. I don't like when people are like, oh just cut everything out of your life. Don't splurge on anything. Don't buy anything anywhere. Like, find the cheapest, absolute most affection, effective way to do it. Make sure you stick to this stringent, you know, every cent you like 99% of people or whatever. That's just not reality. You know what I mean? And, and I, I know for myself, that's not reality. I like every, you know, every, every week to go and get a fun coffee and whatever. Yeah, it's four bucks or whatever. But I understand like this is not a daily thing, but I know on Sunday I'm going to go and I'm going to get this sometimes on Wednesday, you know? But that's fine, you know, and I understand that. And that's the thing I liked about this, like, and she told, you know, she, she, that was kind of whenever concerns, she's like, I don't like budgets.

Speaker 2: 12:28 Budgets never worked for me. And they're like, yeah, don't worry about it. You don't need budgets. Like set your stuff up and then the rest is yours. It's like, it's so easy to follow, you know? And it's so simple when, when, when the money's not there and you know, out of sight, out of mind, that's when these, these philosophies and things really click and really work for you. And then that's the other flip side of the book too is like for those people, you know, myself included in that, you know, when you get out of hand with debt or whatever the case might be, it's like, okay, now you kind of have a reason to, you know, focus your attention and focus your, you know, your money on a specific item. Let's just say you have high credit card debt. It's like, okay, get in there and start putting some money away to pay that credit card debt.

Speaker 2: 13:15 And then again, this is about creating a new habit. No, once you start knocking off that debt, you know get in there and you know, put some of that away too to start investing. It's just like, you just create these habits and you know, I think, you know, for me that kicker was when you put in from 19 to 26 like you'll have more money than she put in from 27 to 65 that's just, yeah, that's just, that blows my mind. Like, even like when we did it on the last episode on 64 we're going through this different scenarios. I wish somebody showed us this at 16 1718 years old and just said, listen, just do it for a few years and the rest of your life, you don't have to do nothing. You know, like if you don't want to. Yeah. If you don't want to, right.

Speaker 2: 13:59 It's like suck shit for eight years. And then for the next 40 you're g you're all hog to your jeans. Like somebody said that to you. Like, listen, this is gonna be hard. And like your beer money isn't gonna be as much as you thought it was going to be this week. But like when you're 65 you're gonna think you're going to thank your future self like money. You know what I mean? I mean, that's when we were in our early teens and twenties I mean that, you know, it was a different world back then. The drinking age was 18 for our parents. So you know, so it's a little bit more now it's like 21 but even even more so now it's like, Hey, you're in college, like just put $2,000 away and now that I think about this, I might actually [inaudible] to $16,000 investment. For those of you watching this, it's a $16,000 investment. I'm not saying don't send your kids to college or that this is an alternative

Speaker 3: 14:52 To going to college. However you think about it, right? It's going to cost you $16,000 one for me, three years at a community college costs about $15,000 right? If you put that money into some type of account for them in the future, it could equal to maybe a million dollars. Right? So, you know, those are kind of things and think about and you know, you don't have to worry about if your, if your kid is going to just do whatever they want to do in college and not even pay attention and I'll make it worth their while. Like no matter what that money's going to be building and growing for them. And once you do it for the first eight years, they don't have to do it. You know, you don't have to do ever again. That's crazy. That's crazy. And then if you can get your kids in that habit to, to, you know, chip in on their, on their behalf that, I mean they may be even knowing like my kids get money and stuff.

Speaker 3: 15:46 I'm like listen, you take 20% off the top and then the rest is yours. Yeah. And then you take that whatever is going to be a small amount for them or from home, from their pot or whatever. Or You know, they get 20 bucks from grandma, you know, taking 20% off tops. Not very many dollars but he'd take that end with yours. You're teaching them that habit, plus you're doing your thing, you can really kind of blow up their account and then if they just continue doing it on their own with that habit, they're going to have this huge pot nest egg that it would really be hard to do any other way now. Yeah, of course. And you know, I also liked that about this book. It just kind of reminds us, they like, look, the government automatically takes money out of your paycheck and there's nothing you can do about it.

Speaker 3: 16:33 I mean, we'll take it back if you work for yourself or you are a 10 99 contractor of some kind, like that works a little differently. Yeah. But for most ease out there, if you're in the employee section, like I don't care what you tell your boss, I don't care what you tell HR. Like you may be able to change the number that comes out of your paycheck for tax change your withholdings. Say, Hey, you know what, HR, you know how you take money out of my, my check for taxes. Yeah. Like don't do that. That's not that. It's not going to happen. There's no opting out there. Yeah. You can't opt out of it. You can, you can lower the amount that they take out, but you can't prevent them from taking money out. And it's so ironic that money automatically comes out of their paycheck to pay the government.

Speaker 3: 17:24 Yet you don't have that set up for yourself. Yeah. And the government learned that the hard way. Like they never used to do that and then they never got paid. So think about that for yourself. Make sure you get paid. Yeah. And it doesn't have to be a huge amount, you know, as you get started, one, two, three, you know, 5% and you build yourself from there. Yeah. Or whatever. I mean, it doesn't, you know, whatever is going to be comfortable for you. I think it's a real challenge. Like don't challenge yourself a little. Yeah. I mean, but don't just be like, oh, I'm just going to put $1 a year. Like, alright, come on, let's go about this. Right. you know, as you're, as you're buying fucking $3 sodas from the gas station. Yeah. Don't, don't be doing that. Yeah. But you know, and then just getting back to the whole thing that I love about this book is like, you know, the rich people, like they focus on what matters.

Speaker 3: 18:23 Yeah. We only have so much resource in this world. I don't care what it is. Time. Time. We have a time episode on time. It's like it was one of one of our good episodes. Eight I think it was, but yeah. Yeah. But just like time, you know somebody out there, maybe you worked 40 hours last week, maybe you went to school or 20 or 30 hours last week. You know, that time is automatically used up or doing things. Yeah, you're gone. Gone forever. You can't get that back. You know? I know it feels like time is abundant cause we all have the same model. But truth is you can't get that back. And it's the same thing with your money. It's like you're going to go out there and spend money on a nice fancy dinner or a nice fancy car. It's like, did you really need to do that?

Speaker 3: 19:14 You know, like sometimes it's granted, like Tyson said once a week, get out there, go do your thing. Right? Yeah. But something you should be aware of budgeted for like kids, like there's an opportunity cost there. Like I'm going to spend $5 on this copy and there's something else I'm not going to be able to do. And like are you aware of that? Are you okay with that? Then you can just drop $1,000 a month in a car payment. There's something you can't do now. Like it might not be evident to you, but the opportunity costs $1,000 a month, whatever you could do with that is gone. So you've got to weigh that out. Like is this something I is is necessary, this is what do I need this? Can I go with something equally as indulgent or maybe cheaper or I want to do this but I'm going to set aside money every week, month, whatever is to build up to this so I can have this indulgence instead of charging it or letting it just happen.

Speaker 3: 20:08 And you're not cognizant of it. Yeah. Cause I also liked that about this book too is like, you know when Zoe and Henry start talking a little bit, so it's like, well I have always wanted to take this class. And then Henry's like doing all the numbers and crunching and he's like, well if you just, you know, a little bit of money away says I can calculate it in six months, you can actually take that class. Right. You know, and it's what she wants. She didn't like two or three years she was thinking about it or something like that. Well I, yeah, I don't know though. I already just, it just goes to show that you've been thinking about this for years, wanting to be in this class, you know all about it. You know how much it costs and all you needed to do was

Speaker 2: 20:48 Just be just a little tiny bit discipline for six months. Right now. You could've just banged out and you kind of a whole different life now.

Speaker 3: 20:56 Yeah, exactly. And it's just like, you know, if you focus on what really matters, like okay, I get it. Like, you want a nice car, you want a bigger house. You know, we all want those things. That's, that's human nature, right? I was gonna make sure I'm better than Tyson, so, you know what I mean? Like my watch has to be been here, she's to be better. But like I get that. However, like if those things are there things out there that you really, really want to do and you're buying all this other stuff because you're trying to fill the gap for something that you don't have. I Dunno.

Speaker 2: 21:36 Yeah. People to like you that don't give a shit about you.

Speaker 3: 21:40 Yeah. I mean, I don't know. I don't want to take it that far, but

Speaker 2: 21:44 I mean a lot of times that's, that's even if you don't realize that that is what it is. Like I want to project this thing, I want to show my success or I want to do these things. And I think that was one of the characters talk to them about in the book too. Or is it like all cattle, all hat, no cattle or something like that or whatever. It's like, but these are real things we do. We want to live this life, are willing to project this thing and make people think something. And other times they don't give a shit about you. They're worried about themselves and you're spending all your time and effort presenting yourself in this way. And it's not even something you even care about necessarily. You just care about your image or how you're perceived. So the point is, I just think about these things like why are you doing these things?

Speaker 2: 22:24 Do you, you know, like somebody sent me the day like, oh section, your car is getting kind of old. Like it's got not got like 160 something thousand miles. I'm like, you know, sign to get a new one. I'm like, why? Like they're like, you've had it for almost five years now. Like I was like, there's nothing wrong with it then you talk shape. I've never had a single problem with it. Like I'm, I'm almost done paying it off. Why? And then they were just like, I don't understand why you wouldn't get a new car. Like what? Like they were so confused that I was not willing to get a new,

Speaker 3: 22:55 Alright, well again, this, this all comes down to habits that have been created for us, either by our parents or by society, right? Well, like, like lance across the street. Like he gets a new car every five years. Like, why don't you, you know, and it's just like, you know, sometimes it takes a little bit of time and sometimes it takes a little changing of mindset to kind of just go against the grain and go against the flow. You know, and sometimes you get looked at funny or sometimes people don't understand you. You know, there's times when I make decisions because I have a different value base or because I understand, you know, maybe say some of this economic stuff that people look at me and they're like, you just don't care. I was like, on the contrary, I'm not sure it's that I don't care.

Speaker 3: 23:51 I just have a different value base. I have a different perspective on life. I may not see things the way that you see things and that's okay. You know? It's tough. It's not saying that I don't care about other people, you know, it's like, oh, I don't care about myself cause I don't buy a new car every five years. Like it's not, that's not what we're trying to say. Yeah. You know what I mean? You're focusing on what really matters, which is your future. And if you want to take care of that, you know, sometimes it was this one of, why am I thinking of Verdean Peterson right now? What is meaningful, right? Like it's just one of those things, right?

Speaker 2: 24:36 Yeah. Honestly, I was, I was listening to a podcast though. I'm on my mother's, I'll go in there talking about clothes and how close we've gotten so cheap now and it's so easy to do, you know, to buy decent clothes for a good quality price that the average person now wears an item of clothing three to five times and it's garbage. Like, think about all that money you're spending. Yeah, it's a little, it's a little bit here, a little bit here. It's every weekend I'm going out and I'm buying a new shirt and I'm buying a new shoes on my new dress or skirt or pants just to throw it out and a month, two months to maybe never wear it at all. Like these are things like that. That's, these are the latte factor kind of things. He's talking about like, you know, do you need to keep doing these things? Like to keep impressing people or making yourself, you know, feel a certain kind of way with retail therapy or whatever it be. You know, like evaluating this things. Is these things necessary? Like, do, can I get by with this? Like what would I rather do? What I rather not get a new shirt every weekend and take that photography Class I've been dying for for three years. You know, like these are the things you got to kind of think of about.

Speaker 3: 25:40 Yeah, and they use a term in here, which I've, I guess I've never heard of before. It's called the Oculus. Like I like that. I like that definition, but like think about those glasses or with the three, the virtual reality or something like that. Yeah, but I mean for Oculus, right? Like he's like that's where you stand when you're going to take the picture. Like that's the view before you actually, you know, that's the view of trying to take what's in frame or whatever. Yeah. Like, but like you gotta think about that, right? Like if you're going to take a picture of something where you're trying to capture something or you're trying to get the best of it, like you have to be standing in the right position. You have to, that way you can see what it is you're going to take a picture of. And like, I don't know, to me that that just kinda brings perspective. Like, you know, no your oculus in life, like no, the end result, no things that matter down in the future that today you, you know, you're going to have to sacrifice or not give a crap about because you're making that sacrifice for the future. That's, I don't know. That's kind of cool. Super Cool.

Speaker 2: 26:51 It is. And like that I, the other good line in the book too, if you don't know where you're going, you might not like where you end up. Like, yes, like that's clean. It's like how many think about how many people just go through, like they set sail in the, where are you going? I'm heading west. But you can west robber you like, you gotta know where you're going and how to get, there was times when adventure is good like that. Like we've had a lot of fun. I enjoy those adventures. But yeah, your life always going west and never, you know, you're just going to go in a circle,

Speaker 3: 27:26 You know? But I, I kind of look at that and you know, and say like, you know, even if you're watching this now, it's like, where are you known? Like, you know, where are you in your, like, where are you in your finances? Like, you know, did you want to be here? Life just Kinda stumble and push you in a direction. And like all of a sudden now you're a person you don't want to be. Now you're at a job that you don't want to work at, right. Or now your in a that you really don't want to be in but things have just kind of gotten to where they are. Right? Like that's the one I think of that saying necessarily, you don't know where you're going. Like you're going to end up somewhere. You might not like that place. And it's just like, I think, you know, if people are just watching this now just think about it like Dang, how many times have I ended up in a place where like I shouldn't have been there or I didn't, I didn't like being there. I somehow I got there, I dunno how they got there. Like man that's kind of crazy.

Speaker 2: 28:32 We'll put you where they want you and people, you know, was it you, you don't make a choice and you know, that is a choice and yeah. Yeah, you'll be pushed with the wind and you know, pushed and pulled in and opportunities come up or things come up. You, you know, you can't evaluate them or whatever cause you don't know what you're doing. Like, what do I want to get out of life? Like here's a new job. Well, I don't know. Maybe you know how to be in here for 10 years now and I don't know, maybe no, but you don't ha, you know, if these, if you don't have that, you don't know what to pursue, what opportunities are out there, where to look for things, where did it do whatever. You've got to set a destination like your destination can, can, can deviate a little.

Speaker 2: 29:08 You can change it as long the way like, I'm headed this way, I'm going to ax. And it's like, you know what? I was like, get closer to the X. It's not, I mean, not what I wanted, but I've gone there. I've gone through the steps, I've gone through the motions, I've gone down this road and you can make a little change. Opportunities will come up. Things are never, you could never dream of or never think of. Will will pop up will happen and you might change a little. That's okay. Like I hate when people are like, oh, you can't change you. I've got a status thing. And, Oh, you're just flip flopping around. But no, like that's part of life. As you go down through your journey, you're going see new things, you're going to

Speaker 3: 29:42 Find new opportunities, things you never thought of or knew of [inaudible] but you've got to start with wood heading somewhere. Yeah. Well, I mean definitely. And even when you're out there on your path to go towards x marks the spot and like every now and then like recap that and be like, okay, this is my goal. This was my destination, this is how far I've gone. Like, am I on the best way to get there? You know what I mean? Like, have I drifted off course? Right. Do I like where I've ended up? You know? Yeah. Yeah. You might not even like where you've gone, you know, and it's like, okay, let's recalibrate. Let's get back on track and let's start the sort of moving towards something. So, but yeah, it's just, you know, I like a lot of things in this book for sure. Yeah.

Speaker 3: 30:29 It's such a fun, captivating story. Again, I definitely never would have dreamed of being so enthralled into this story like that does. We finally got, yeah, we'll read this book. That'd be fine. And Oh, it's just a page Turner man. But yeah, and the definite, the characters in the book are great and this is kind of also like another reminder like that, you know, it's not always people think of look at us like, oh I'm going to win the lottery or something of that nature. But it's, it's not always a bad thing. Sometimes luck involves like the people that you have in your money. I mean, it's not always about the things that around you and things that are given to you, but just like this story kind of just reminds me that, hey look man, just you meet one person, right? Or you do one new thing and that can change the outcome of your life.

Speaker 3: 31:25 10 20, you know or you know, change the other person's life forever. Now that's true. And you, you know, you just, you know, just like don't, don't think life is over. The only thing that Sr, cause like the answer could be around the corner. Like you couldn't close this video and then you know, next thing you know, like you, you meet someone or you, you get a phone call like that can change your life. I think that's definitely what I like about this book the most too. And then it reminds me of that. The, the myth about money if you make more money, you will be richer. More out is just the most biggest crock of shit. Like, and it's hard and you never really made a huge leap in salary. Like you wouldn't believe that. But the more you make, the more you spend it so easy.

Speaker 3: 32:18 Yeah, I definitely think so. I also have to add a caveat to this cause I live in Hawaii and it's really expensive to live here. Yeah. So you know, there are times when it's like the more you make, the more you spend, but that's just because you don't make enough free. What was that number? 65,000 or something like that. Or Hawaii. I was like 60 by a thousand at your port? Yeah. Hey, no, no, no, no, but I'm just saying there was also another number, like if you make that much money, like you're okay or something like that. Say Most Times it depends on the study. Anywhere between 50 and a hundred grand, like most, it kind of ranges in that range. Above that they say you're like really doesn't change much. Right. But like at it's at that point, like if you make 50,000 a year, like you know, you, you kind of stopped thinking about like the basic necessity.

Speaker 3: 33:15 Yeah. You're not worried about paying the bills, you're not worried about putting food on the table. Again, depends on where you live. Cause in Hawaii a lot number is definitely not correct. You're looking at like a hundred hundred grand or more in Hawaii. Yeah. But I moved, there comes a point when you know you have enough money in your life that the basic needs are met. Yeah. At that point, you know, the more money you may typically you just improve. Ah, I'm going to just say you try to improve the quality of your life or by, you'll probably buy a more expensive car. You'll probably buy a bigger house. You might splurge on a cable package, you know, and it's just like, you know, when you were a student and going to college, like you drove that beat up car or you know what I mean, whatever. She hits all days straight when they drive BMWs, schools, parents.

Speaker 3: 34:05 But yeah, I know I got a, I got some food stuff from my grandma. She always like whatever free or whatever stuck she, she gets and she gave me a bunch of those those ramen packs, those dry ones, like 5 cents, whatever, 10 cents or whatever. I haven't had those in, I dunno, 10 plus 15 years. And I was like, I was like, I would never in my life eat this too. But there was a time in my life where we would make all kind of crazy inventions with those things, but that's not much. But you know, but again, this is, this is what I'm saying, right? Like, nowadays, you spend so much more money on food. Yeah. I mean that's, that may be a health choice kind of thing. You've got a thought up, you know, in the college days you see around men in Vienna sausage and yeah, whenever we get our hands on like whatever's cheap.

Speaker 3: 34:54 Right. We just gotta put stuff on our face like 12 bucks, case 12 eat for a whole week. Yes. On $24. Yeah. Nowadays I spend $24 a day just to eat. Yeah. Right. I could easily blow that on lunch, my spy myself. Yeah. By myself. No, but like when you think of that, it's like, you know, you can, you can pinch pennies here and there. It doesn't always have to be on everything. Yeah. But you know, just those life changes. It's like when I was a student in college, that's where he used to eat ramen and get a sausage. Allison, you know, but now that I have a job, not like you know, I don't do that anymore, but still, like if I did, I would be saving numbers for more money. You know?

Speaker 2: 35:42 It's just like, that was a fun thing in the story to her boss who was, would bring her own lunch and stuff and that, that was, that was fun to see too. I, I, I liked that. That was kind of those things, those little hidden things in there. Like, and then you come to later find out like how well off they are. And it's like, but you don't need to bring your lunch. Like you're, you're doing just fine. Yeah. But it's like, yeah, but this is my latte factor. Like I don't need to waste $18 a day on lunch. Yeah. I guess you can get away, I guess to the whole

Speaker 3: 36:13 Theme of Latte factor, right? Like that's, it's, we're closing up the videos soon or whatever, but that's just it. Like the latte factor is just that a, if you can buy a Latte, right? You go Starbucks, you go to McDonald's every day to get your coffee. Those of you that know me, I'm not talking about you. But anyway, so I want to make sure if you're watching this video and you know me my own today, I'm not talking about you, but you know, if you can afford by three to five bucks a day, you know, three to five bucks a day, like that's like $1,000 a year,

Speaker 2: 36:52 You know? And that's okay if that's part of your plan and that's part of your thing. But if you're not doing, you're not paying yourself first, you're not giving yourself that first hour of your paycheck or whatever it be like, then you've got, that's the thing, you just have to evaluate. Like could this $5 day be used better?

Speaker 3: 37:10 Right. But I mean, but like how, how hard is it to make your own confidence? And then you're going to have the people like, oh, we want it hot, but like you got a coffee maker at work, don't you like just buy a bag of coffee and coffee with you to work and make your own coffee. Like it's, I don't know.

Speaker 2: 37:31 I mean that's the thing about this book. It's not necessarily about those little frivolous things. Like, yeah, he talks about that too. It's like you like your Latte, that's fine, but what else? What else? Like think through your day, what are you spending money on me, you know, what are you doing every day? And then I was like, I like to think about too and I'm constantly evaluating, you know, my expenses, you know, for, for my life and my business. Like, do I need, you know, Netflix and Hulu and start at like, do I need all of those things? And then you're not watching them. Yeah. Plus cable TV, like, you know what I mean? I mean those are things I don't have, but you know, these are the things that I think about. Like I was thinking about the other day, like, do I need Netflix and you know, youtube premium. Like do I need Bolton and I have Amazon prime. Like, do I need all of those video watching sources like the, yeah, okay. Oh yeah, that's like 10 bucks. It's only 12 bucks. It's like, it's like, what can I be doing else

Speaker 3: 38:22 Or subscriptions, you know? Right. A lot of people again, you know, I'm not saying she didn't go to the gym, but you got a gym membership and you never go 30 bucks, 20 to 30 bucks a month. Might want to start that. Yeah. Psych. And that's something I did a year ago. Now you know, I had a gym membership and I would go maybe twice, three times a month is just like, it was just a hassle and then started getting in my head, oh, I got to get ready. I got on the street, you know, and then I was like, you know what, if I took this money every few months and I just bought something for my garage and I thought I cleaned up my garage and I just started buying things that I was doing at the gym. I got all this stuff in my garage and it's like the same money I was spending, but I'm just like shelling it out month after month.

Speaker 3: 39:05 And if I don't go down to the garage today, I don't feel guilty. I'm like, fuck, I wasted 30 bucks this month. Yet again, not going to the gym. Yeah, I think, yes. I think I was actually looking at them like they have a bench at Costco right now. Right? What the dumbbell set. I think it was like, there was like 150 bucks or something. So what does that for six months of gym membership, depending on what Jimmy o signed up for a gym, you know, you gotta pay the entrance fee. Yeah. That's something, yeah, sometimes it can be several hundred dollars. Yeah. So like, but yeah, it, I don't know. I'm just saying, you know, I mean this is the part that I like about the book to say. It's not just about like, Oh, don't buy your coffee. Right? Like there can be other things in your life that, you know, you just spend money on and it's not going to be, the latte factor is going to be the McDonald's factor.

Speaker 3: 39:53 It's like, like, I need to stop going to McDonald's and like that's a bad habit to have. You know, it's like eating McDonald's every day. Like maybe you should stop that. And the money that you save with that McDonald's, use that money to pay yourself first. Right? And it's not, I mean, what does a meal nowadays, like eight, $10 for like a meal. It's like crazy. Oh yeah. I like so seven said, you know, I can easily spend 24 pounds. I work 12 hour shifts. Yeah. I'm going to go to McDonald's, I'm going to buy a meal to eat before I start work. And then I buy like a second meal halfway through my shift. Cause that's just what it is. You work back 12 hours, like you got, you know, maybe eight hours between shifts to trying to sleep. Yeah. Well yeah. It's like you got commute time, you know, all this other stuff going on.

Speaker 3: 40:42 So it's like you can't really cook a meal in between there. So I just go to sleep, wake up and go to McDonald's and, and he has stopped doing that. I'm trying to do, but you know, again, like these are things where you're doing things that are, you know, two or three times whole. It's like not only are you saving money, you know, you're going to commit to either [inaudible] or just eat healthier. Like, I think that's a win win situation. And that's the kind of things that this book talks about. So that's really good. Yeah, and like I said in the beginning of this, that's what I like. I like not telling you to get rid of all the, the, the for the bliss, that extra, the whatever. Just evaluate what's important to you. And like I, I, I forgot how it was whenever I heard about this guy. He's, he went through this, he was like, I sat there in bed I think was like four hours

Speaker 2: 41:34 Just looking and stuff like, ah, fuck, I love Netflix, I love this. Now he's all, he went to his old as all as expensive. He's like, nothing. I want to cut. And I went and he spent hours like, like, no, come on, throw any and nothing. He's like, you know what, my options make more money, you know? And he went out and he's like, I want to keep all these things in my life, but I also want to do this other stuff. I want to set myself up. So he just came decision. I just need to make more money. I forgot what you want. I'm doing, I love you got a raise or you got a side hustle or something or whatever. But, but that's what he sat down. He spent hours like agonizing over each expensing. Do I need this in my life? Does this add value to my life?

Speaker 2: 42:11 Is this something that brings me joy or whatever. He went through the criteria and, and he came through and that's the thing I like about this book. Like it's up to you what's important to you? What's a necessity or whatever it is. You know, can you cut it? Can you trim it? Can you make it look a little different? You know, do you need the premium one? Could you get the pro version? Like, you know, those kinds of things really make the big difference every month. I really need six devices for Netflix [inaudible] off the to remember to turn my computer off so that I can watch it on my Xbox and for things like that that, you know what I mean? That can make all the difference. Definitely. And if you're looking for other things to make a difference in your life, check out this month and giveaway.

Speaker 2: 42:59 Head over to the social comedian.show/pitney. See what we've cooked up for you this month. We were always looking for and trying to partner with people, whether it's books, services, products we've had supplements and masterminds and and movies and books and coins and all kinds of stuff. We've got, we've gone, wait, what does that say? We've even had signed books. Thought we had. Yeah, we had some, I got some more sign books come in. Wow, that's a secret. There's a secret I want to say. If you're looking at the July giveaway, we probably should have these sign books coming from Amsterdam. A friend of mine wrote a book. It's going to be fun, but that's the stuff that we're doing for you guys. We want to help you improve your life. Work on that 1%. Work on adding value, making life better, making life more effective, efficient, whatever it is.

Speaker 2: 43:48 Head over the social media community and that show slash picked me. See what we've got going on. Answer to when they have not just at least check it out and getting soft copy of that. Some, some books related to this. Really just more of David's books. He's got some great books. The automatic millionaire, I believe it was his first and one of his absolute most smash hits successes. You talks about automating these things that cops a little bit about in this book. And then another book start late and finish rates. So if you're a little bit older in life and you're kind of scrambling, you're worried, check out that book. It's got a lot of great stuff in there to help you release some of that anxiety and get to a point where you're going to retire comfortably. Any others Frantz than you?

Speaker 2: 44:32 No, that's this and latte factor. I mean, this is the book or, you know, I like the thing, I like this book. I've got a hard copy coming. I want my kids to read this. You know, I got a teenager and my son is gonna be nice and I love this story getting these things into their head. I think it's a great way for me not to be telling them anymore. Like, all right dad, shut up. We get it. Whatever God, fuck yeah, 10% yeah, I know whatever Jesus, you know. But here's a good example. There's a nice story. It's a super easy read that you know you can give to. Especially like a teenager especially, you know, heading into college headings and stuff. Like it's easy. I know when I, when I turned 18 so I got, I mean the credit card offers are come in and it's like you're giving me money and some day I have to pay it back.

Speaker 2: 45:12 That sounds like a great idea. You know? So getting these things in their head early, I think it's a really great thing. Check out the left, the Latte, factor.com also David bach.com we'll link to those if you want. More information, different things. Like I said earlier, I will link to, I'll have that pdf as well that we got. I'm showing you the charts and different things so you can easily check it out in the show notes. Yeah. Any anything else that somebody did? Other links, books I think. Nah, that's good man. Good, good. So and then this week's challenge. Live your rich life now. What's your latte factor? What does your rich life look like? What type of savings, adventure or bucket lift, bucket, list account should you set up? I want you guys to take a few minutes, write out all the answers to these questions and start setting up your life to be rich. Exactly. And it's taken us to, the final life is like you got to think about what really matters. You know, and this is the latte factor. So if you could just imagine money as a limited resource, you only had so much money in the world, what would you actually spend? It really takes some time. Really, really take some time to think about that answer. Don't just buy the first thing that comes to mind because you only have so much money.

Speaker 2: 46:35 And if you think of a friend or two or family member that could hear this message or would resonate with this message, share with them. Share with everybody. Share with your group. Discuss this, you know, get around and you guys start talking about good ideas about what you're doing with your money, what you're doing with your automatic stuff, and we get some brainstorming about different adventure things you guys want to set up. Maybe you and your friends and get some trips together. Share this with them. Get the spirit going. Get this stuff blowing. The best way to support the show is sharing it. Leaving likes, leaving reviews, good or bad. We don't care. We want to hear feedback you got, you know, ideas of where us. Let us know in between shows. You guys can connect with us all week long. The social community show on Facebook, Instagram, and Twitter. Don't forget to subscribe on Youtube. We'd be like the video version or in your podcast app, whichever one you'd like. We're on all the APPS. If we're not, let us know. I'll get, we'll get in there for you or for past episodes and links to everything we talk about. You can visit the social chameleon.show until next time. Keep sipping on them. Lattes. You like them. Keep learning. Keep growing and transforming. Instead of person, you want to become

Speaker 1: 48:08 [Inaudible].


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