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  • Hey, it’s Marie Forleo and you are watching MarieTV, the place to be to create a business

  • and life you love. And today I’m so excited because were talking about one of my favorite

  • topics of all time: money. You know this if youve been watching the show. I love money.

  • I love what it can help you do in the world and obviously it touches every aspect of our

  • lives. So I think that no matter where you are economically and where I am, we always

  • have room for growth. Right? Not only in terms of our net worth, but, more importantly, our

  • relationship to money and how it impacts every decision that we make. My guest today has

  • made a huge impact on my financial life and my hope is he’s gonna help you do the same.

  • David Bach has helped millions of people around the world take action to live and finish rich.

  • He’s one of the most prolific financial authors of our time with 11 consecutive national

  • bestsellers, 9 consecutive New York Times bestsellers, with more than 7 million books

  • in print in 18 languages. His most popular book, The Automatic Millionaire, spent 31

  • weeks on the New York Times bestseller list. He’s a media favorite, having done thousands

  • of appearances on television, radio, and print, being on the Today Show over 100 times, and

  • Oprah 6 times. He’s also an entrepreneur as the founder of Finish Rich Media. His programs

  • have done over 100 million in sales and he comes to the table of financial education

  • with a lifetime of investment experience. What he’s most proud of , though, are his

  • sons Jack and James. David is married and lives with his family in New York City.

  • David, thank you so much for coming onto MarieTV.

  • It’s… I’m thrilled to be here, Marie. It’s great to see you.

  • It’s great to see you. And I wanted to just say publicly, years ago when I first picked

  • Smart Women Finish Rich it was such a lifechanger for me and ever since I’ve read so many

  • of your books. I’ve followed you for years and years and years. So this is like such

  • a beautiful, full circle moment because you were such a huge part of me getting my financial

  • life together and it’s just really an honor to sit here with you today because there’s

  • even more to discuss and money is one of my favorite topics in the whole wide world.

  • Little high five, give me that high five. Look, I… I’m so excited to be here. And,

  • you know, weve known each otherwhen did we meet? Like 10 years ago?

  • Yes.

  • And youve come so far. So I know now I’m here excited to be on your stage and I’m

  • so proud of you because youve accomplished so much.

  • Thank you.

  • So thank you for having me.

  • Absolutely. Well, one of the first places I think most people think of when they want

  • to get their financial life together is let’s go to the numbers. Let’s break out the checkbook,

  • let’s get the spreadsheet open, let’s start adding things up, and you have a different

  • approach. You say that’s… that’s not where we should start and it’s kind of counterintuitive.

  • In fact, you write, “We need to start with our values because your values can determine

  • how hard youre willing to work to achieve your financial goals…”

  • Right.

  • “...how much money you currently spend, and how much money you will actually need

  • for retirement.” So walk us through the importance of starting with our values and

  • how we can do this.

  • Ok, well, so I love the fact that you started with the hardest thing that I teach. But it’s…

  • it is the most important thing because when your values are clear, your financial decisions

  • become easy. Andand the biggest thing that holds us back, we all know what we should

  • do. I mean, most of what I’ll talk about today, people know they should do it. Everybody

  • knows you should save more money and they should pay down their debt, all these things

  • that we know we should do. We should have a will, we should have life insurance. We

  • should ourselves to death. Wewe don't do what we know we should do and that’s

  • because there’s a disconnect. So the way you break through the disconnect is by being

  • clear on your values. So this is hard to explain, like, with sound bytes but I’ll give you

  • an example from, like, being onwhen I teach this stuff on stage.

  • Yeah.

  • Or with my clients one on one. You know, youve got a friend of ours, Tony Robbins was here

  • recently. He did thehis new book and Tony and I and Donald Trump did this tour together

  • for a while where we toured all over North America, the US, and Canada. This was before

  • the recession. And we would have these huge venues, you know, between 15 to 30 thousand

  • people. Unbelievable. So much fun. And I would come out on stage and the first question,

  • you know, everybody’s fired up. Right? Youve got 30 thousand people in a room and I’d

  • come out and I’d say, you know, “I… I have a question for you. And my first question

  • is, do you wanna be rich?” And youlleverybody’s all fired up, right? So theyre

  • like, “Yeah! We wanna be rich!” I’m like, “Turn to your neighbor, tell him how

  • rich you wanna be.” “I wanna be rich!” Everybody’s all excited, right? And then

  • I let the room get quiet, which if it’s a big room that’s pretty, you know, like

  • take the… I just stand on stage and let the room quiet down. And I’d say, “Really?

  • You want to be rich? Why?” And everybody would start looking at me like... “Why do

  • you wanna be rich? Some of you, by the way, you said you wanted to be rich. Some of you

  • just want to be financially secure. Right? Like, some of you are here just to be secure.

  • By the way, some of you are here to just get back to even. Youre like, ‘I just don't

  • wanna be in debt anymore.’” So I said, “But my question is, why?” Now, the way

  • were programmed and the way were marketed to, your brain startsyou ask a question

  • and your brain starts looking for answers. People then think that their answer is supposed

  • to be a goal. It’s supposed to be a numerical money goal. Like, “Well, I want a million

  • dollars or I want a bigger home or I want a bigger car.” And goals are really important,

  • but theyre not where you start. Because what happens is people get all motivated and

  • excited about a goal, but then the real world hits them and as soon as it gets hard they

  • get off track. So what I’ve taught for, God, almost 20 something years, and it started

  • with my clients in Morgan Stanley, is, yes. Weve got financial goals, but were gonna

  • look at values first. And when you get clear on your values, youll be unstoppable. And

  • then we can take your values, what you just said is most important to you, and we can

  • align them with your goals so that they come together and theyre not in conflict. And

  • then nothing can hold you back.

  • And so what are some of the most common values that you have seen that people either have

  • not articulated, like is it freedom, is it family, is it, you know… I don't know. What

  • are some of the things that people…?

  • Well, so, like, you know, in the book I give you, like, a list of values. Right?

  • Yeah.

  • But don't… you don't just have to copy them. Right?

  • Right.

  • Like, people have pretty common values. You know, family, security, freedom, making a

  • difference. Thehere’s what you do, because it’s not that complicated. You take out

  • a pad of paper, you can do this in 5 minutes, and you write out all your values. All the

  • values you can think about. And then what I recommend you do is you circle 5 of them.

  • You come up with your 5 favorite values and I… in the book, Smart Couples Finish Rich,

  • it’s a value circle. In Smart Women Finish Rich it was a values ladder and I’ll just

  • explain the difference for a sec.

  • Sure.

  • Because in Smart Women Finish Rich I taught people a hierarchy system which was identifying

  • your highest value. And, by the way, for some people that was tough. So I started realizing,

  • like, it’s not just about your highest value. Let’s look at your 5 most important values,

  • get them down on paper, if youre in a marriage or relationship have your partner do this.

  • Once the value is down on paper, then let’s look at your money. And let’s look at are

  • you spending money in a way that is getting you closer to your values or are you spending

  • money in a way that’s getting your further from your values? And so what I really find

  • when I work with clients or coaching people one on one, a lot of people’s lives are

  • in complete conflict with their values and they don't realize it. Once they see it on

  • paper, it’s like a huge wakeup call.

  • Wow.

  • That can apply to everything, that can apply to your business, that can apply to your health.

  • So I don't thinkand also the key about values is it’s likeit’s God given.

  • Right? Like, people are basically born perfect. Right? Like, there’s… youre good the

  • way you are. It’s inside of you. The magic pill that were all looking for, it’s

  • already in you. You just have to get clear about it.

  • Yeah. I love that. And it gets us in touch too, for me, there’s such a sickness in

  • what I see in society with more, more, more, more, more. Just like that question, “Well,

  • why do you want to be rich? Do you really want those things?” And I’ve had several

  • points in my career where I feel like there was a lot of external noise to go bigger and

  • go for a TV show and do this and you should want…” and I really always had to stop

  • and check myself because it felt so out of alignment with who I genuinely am and what

  • I want. And this great question of, like, well, how hard are you willing to work? And

  • is it really worth it? So I love this idea of starting off with our values and getting

  • some alignment between what we say is important and how we demonstrate that through

  • It’s really being authentic. Right? Like, what you're talking about is who’s your

  • authentic self.

  • Yeah.

  • And also, another thing that holds people back sometimes with money is that they think

  • that money is bad.

  • Oh, goodness gracious. Yes.

  • A lot of people have all kinds of mental issues about money because they were raised, “Well,

  • money. Those people over there, theyre bad people.” When youre authentic yourself,

  • there’s nothing bad with building wealth. Building wealth can free you to live your

  • most authentic self. So to me that’s about living rich.

  • Yeah. And in my own life, money has been such a tool for healing and for good and so I have

  • a really powerful association that it’s a beautiful thing and that’s actually one

  • of the things I’d love to talk about is is so many people there’s a lot of conflict

  • around that. I want it but I shouldn’t want it and it makes me an unspiritual person or

  • it makes me greedy and all this stuff. So great stuff. There’s one big mistake that

  • you say that many of us make with our financial life and fixing it can take less than an hour.

  • We like quick fixes, especially this one that’s this powerful. Tell us about automation.

  • Ok, so I wrote this book called The Automatic Millionaire.

  • Brilliant.

  • And the purpose of that book was everybody coming to me saying, “David, just tell me

  • the one thing I need to do because I don't wanna go through the 9 steps or the 7 steps.

  • I wanna know the one thing.” And I found myself telling people over and over again,

  • There’s this one thing you need to do, and that’s make it automatic.” And they,

  • Well, what does that mean?” So I had to break it down and here’s where it starts.

  • Let me tell you what doesn't work. Ok, so what doesn't work, this is gonna piss some

  • people off but I’m gonna just say it. Budgeting is what doesn't work. So most experts for

  • years come out and say, “Well, you know what you need is a budget. You need to, you

  • know, you need to put the money into different categories and then were gonna figure out

  • where the savings is gonna come from and then were gonnaat the end, you know, take

  • this money here and put it over here.” It doesn't work. Budgeting doesn't work and youve

  • been told to have a budget and use discipline. And the reason it doesn't work is because

  • out in the real world people hate budgeting. They do. It’s like dieting.

  • Yeah.

  • Even if they go on a budget, they will still break the budget later. And in the real world

  • most of us are wired one of two ways. So some people are actually born to budget. They literally

  • came out of the womb with a calculator and they wanna track where all the money goes

  • and theyre liketheyre into this. Right? Then there’s the person whowho’s

  • the opposite of that, which is the spender. And typically we fall in love with our financial

  • opposite. And thatthat creates a lot of fights. So what you do is you go, “Look,

  • budgeting doesn't work, discipline doesn't work. You need to throw that nonsense out

  • and you need to just make it foolproof and you need to make it automatic.” And so what

  • I teach is this, there’s basically 6 or 7 things that you automate. So I can break

  • it out for you if you want.

  • Yeah, go for it.

  • Soand this is how my life is. Right? Like, my life takes 10 minutes a month to track

  • themy financialsall my finances. 10 minutes a month. And this isthat’s about

  • how long it should take for anybody. So, first of all, if youreif you get a paycheck,

  • this is obvious, but the first thing is is that that paycheck gets deposited automatically.

  • Most people get a check manually still to this day. Do you not get…?

  • Really.

  • Still to this day are getting checks. Now, they may be taking a picture with their phone,

  • although thatif it’s a big check they can’t do it with their phone, theyve

  • got to bring it into a bank. That’s why there’s bank branches everywhere. So that’s

  • insane. So first your check should be deposited automatically. If youre self employed or

  • you have your own business, smart businesses all the money comes in automatically. All

  • my clients for the most part, like 95% of those checks are hitting my business account

  • automatically. So that money is coming in automatically, now the question is where does

  • the money go next? So there’s different buckets that the money goes into. The first

  • I call it a basket is pay yourself first. So youve got a pay yourself first basket,

  • and that’s usuallythat’s your retirement account. And I recommend at a minimum you

  • pull 10% from that automatic deposit right into a retirement account. Minimum 10%. Ok,

  • so now weve got 90 cents left. And now were gonna pull some money off into a security

  • account. That security account is for emergencies. People get confused on emergencies. “I need

  • to redo my kitchen.” Not an emergency. Right? You know, like, “I want a new car.” Not

  • an emergency.

  • Yeah, subway tiles in the kitchen.

  • These new shoes just came out. Not an emergency.

  • Not an emergency. Right.

  • Emergencies are emergencies. So that money gets put into a separate account with no checking,

  • no ATM card. Then money starts to go into all the expenses automatically. So anything

  • that can affect your credit score: your mortgage, automatically paid. Always. Your credit cards,

  • minimum payments always paid automatically. So, like, let’s say your minimum payment

  • is 50 bucks a month, I would never want you to only pay minimum payments, but that payment,

  • that first payment, it’s automatically paid then you pay extra. Everything. Utilities,

  • all those bills automatically paid. Then we get down to the fun stuff and that’s charity,

  • we automatically give money to a charity account, and then we automatically give money to a

  • dream account. And the dream account happens to be the one people love the most.

  • I think it’s the one you love the most too.

  • Well, it is the one I love the most because the dream account is like, look, people go

  • everybody knows retirement for most people is far off, but between here and retirement

  • it’s like all the stuff you wanna do with your life.

  • Yeah.

  • So if you put money automatically from that deposit into the dream account, then you start

  • to have money for your dreams. Because I always tell people, “The way you get to your dreams

  • is you buy them.” And then, of course, there’s taxes, which I didn't bring up because I’m

  • assuming if youre employed taxes got pulled out. If youre self employed, the first

  • thing youre doing after you pay yourself first is youre pulling out tax money. And,

  • by the way, that’s where most self employed people blow themselves up.

  • Completely.

  • They don't pull their tax money out automatically, theyre bringing all this money in throughout

  • the year, they think theyre having a great year, theyre spending the money out, they

  • get to the end of the year and they have a huge tax bill and they have no money to pay

  • it.

  • It’s been my philosophy with the folks in my financial life, my accountant, bookkeeper,

  • everyone. It’s always like, “Let’s pay, like…” I just always wanna be safe because

  • I remember one year I just, that’s what happened. It was at the end of the year I’m

  • like, “What is this surprise?” And I said, “From this moment forward, no mas surprises.

  • No mas.”

  • That feeling that comes into your stomach when you realize that you didn't put enough

  • away for taxes.