The true key to success is found in being smart with your money and being smart with your opportunities. Being smart with your money means that you’ll have the financial standing to take opportunities when they are presented. And choosing the right opportunities can open new doors you never dreamed of.
I recently invited renowned author and financial expert David Bach to join me as a guest on the Fueling Deals podcast. David is the nine-time New York Times bestselling author of the Finish Rich series of books beginning with his phenomenal series debut Smart Women Finish Rich, as well as the Automatic Millionaire series. David’s newest book, The Latte Factor, is aimed at today’s young people in an effort to show them that the American Dream can be alive and well for them… if they’re prepared to start working and saving for it now.
In our conversation, David and I talk about how he started developing his Finish Rich system, and why he feels passionately about showing people a smarter way to interact with their money. David discusses how an important licensing deal led to the remarkable ongoing success of his program, and he shares why he learned early on to protect himself from bad actors.
Doing Deals Smartly
After David had developed his Smart Women Finish Rich program, he sought to do licensing deals for its content to generate royalties. The licensing deal David was able to complete created many new opportunities for him and helped create the landscape where his program could flourish and grow. However, David was cautious about being exploited during the development of his program, and he took the time to obtain the relevant trademarks and legal protections for his system before he began shopping it around.
This highlights the importance of protecting yourself legally. Before you start looking into any kind of potential deal, you should consider what legal protections you will need in the event that someone tries to take advantage. And, as David made clear, before you sign any agreement, it is critical that you have a trusted legal expert look the paperwork over. Smart business and legal support leads to good deals.
David then gave insight about how he has leveraged his intellectual property, brand and value into equity positions in companies.
Teaching the Next Generation
David’s new book, The Latte Factor, is aimed at today’s millennials and younger. David wanted to show them that, despite the many financial challenges they may face, there is a clear path to the American Dream available to them if they start planning for it early. As a passionate teacher, David has long believed that it is important to learn to manage your money smartly, as early as you can.
This lesson was something David learned for himself early in his career, when he was shown how a little money saved each day would add up to a huge retirement account. This was a key lesson for David, as were still earlier lessons he learned from his financially astute grandmother who was a self-made millionaire. The remarkable thing about David Bach is that he recognized the value of these lessons at a very young age, and now he works to pass those same lessons on to the next generation. David truly believes that it is never too early to start saving for retirement, and he also believes that anyone can achieve their goals with enough diligence, hard work and willingness to learn.