David Bach says I can have a latte. Really. It's ok. In fact we can all have any coffee we want. Coffee is allowed. The author of "The Automatic Millionaire" was at the Reuters studio in Times Square in New York City to do an interview about the latest edition of his classic best-seller. Bach is perhaps best known for coining the term "The Latte Factor".
In "How to Be a Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom" he makes a cameo in the chapter "How to Spend Money." I point to Bach's "The Latte Factor" when I discuss how it is important to watch our every day small purchases- because they add up. The exact point that Bach was making when he called out folks who claimed they didn't have enough money to put an automatic savings plan in place.
The good news is that since that first edition came out, there are more tools than ever to help investors automate their investments. The latest are robo-advisors like Wealthfront and Betterment, both of whom are also featured in "How to Be a Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom.
As for Bach's Financial Grownup moment? Check out our Financial Grownup blog.