{"id":12012,"date":"2018-01-25T08:00:26","date_gmt":"2018-01-25T14:00:26","guid":{"rendered":"http:\/\/www.coolchecks.net\/blog\/?p=12012"},"modified":"2018-01-23T17:25:43","modified_gmt":"2018-01-23T23:25:43","slug":"bach-learned-financial-facts-early","status":"publish","type":"post","link":"https:\/\/www.coolchecks.net\/blog\/managing-money\/bach-learned-financial-facts-early.html","title":{"rendered":"Bach Learned Financial Facts Early"},"content":{"rendered":"<p><figure style=\"width: 274px\" class=\"wp-caption alignright\"><a href=\"http:\/\/www.coolchecks.net\/blog\/wp-content\/uploads\/2018\/01\/bach_lessons.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-11477\" src=\"http:\/\/www.coolchecks.net\/blog\/wp-content\/uploads\/2018\/01\/bach_lessons.jpeg\" alt=\"Bach Learned Financial Facts Early\" width=\"260\" height=\"194\" \/><\/a><figcaption class=\"wp-caption-text\">According to Bach, consistently investing a portion of one\u2019s income, a strategy he calls \u201cpaying yourself first,\u201d is the key to building wealth.<\/figcaption><\/figure>Self-made Millionaire David Bach got the best financial advice of his life when he was seven. His Grandmother, Rose Bach, helped him purchase his first stock \u2013 in McDonald\u2019s \u2013 and taught him some personal finance facts that ruled his life.<\/p>\n<p>What she told him was that \u201cThere are three types of people in the world: Those who come to McDonald\u2019s and eat here, as you are now, and spend money; those who work here for minimum wage; and those who invest in the company. The investors get rich.\u201d<\/p>\n<p>\u201cThe experience of thinking like an investor at the age of seven changed my whole life,\u201d says Bach, who co-founded AE Wealth Management. Consistently investing a portion of one\u2019s income, a strategy he calls \u201cpaying yourself first,\u201d is the key to building wealth.<\/p>\n<p>In his New York Times best-selling book \u201cThe Automatic Millionaire, \u201c Bach shares the secret: \u201cBecoming rich requires nothing more than committing to and sticking with a systematic savings and investment plan. Compound interest should lure would-be investors if nothing else does, he points out.  \u201cThe sooner you put your money to work, the better.\u201d<\/p>\n<p>He and other experts advise that, rather than trying to pick stocks, you begin with investing in a tax-advantaged retirement account such as a 401(k) or an IRA or Roth IRA.  A second step could be looking into index funds, which offer diversity at a low cost and pretty consistently deliver good long-term results. <\/p>\n<p>He advises that if you are hoping to get your kids off on a good path financially, you follow Grandma Rose\u2019s approach. Help them buy a share of stock in a company they know and then continue to encourage them to build on that small beginning.  \u201cIt will change their outlook on everything\u201d for a lifetime. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Self-made Millionaire David Bach got the best financial advice of his life when he was seven. His Grandmother, Rose Bach, helped him purchase his first stock \u2013 in McDonald\u2019s \u2013 and taught him some personal finance facts that ruled his life. What she told him was that \u201cThere are three types of people in the [&hellip;]<\/p>\n","protected":false},"author":53,"featured_media":12015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[561,752,20,69],"tags":[],"_links":{"self":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts\/12012"}],"collection":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/comments?post=12012"}],"version-history":[{"count":4,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts\/12012\/revisions"}],"predecessor-version":[{"id":12017,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts\/12012\/revisions\/12017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/media\/12015"}],"wp:attachment":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/media?parent=12012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/categories?post=12012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/tags?post=12012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}