From Financial Literacy to Successful Deals with David Bach

DealQuest Community, several episodes ago, I introduced a project we’ve been working on – remastering early episodes of the DealQuest podcast into new life. I’m excited to bring you yet again another remastered episode from the start of this podcast. This episode is with a good friend of mine, David Bach, owner of FinishRich Media, and 10x New York Times Bestselling Author.

David has authored 13 books, including bestsellers like Smart Women Finish Rich, Smart Couples Finish Rich, and The Automatic Millionaire. At the date of original airing, David’s most recent book was The Latte Factor: Why You Don’t Have to Be Rich to Live Rich. Unlike his previous works, The Latte Factor is a parable that can be read in about an hour. Its primary aim is to inspire millennials, Generation Z, and generations to come to take control of their financial futures, even in the face of student loans and credit card debt.

 

TAKING CONTROL

David has made a name for himself by helping individuals take control of their financial futures. In this engaging conversation, they delve into David's journey, his principles of financial literacy, and his approach to making successful deals.

To start, it is important to have a clear mission in the world of personal finance. David’s journey began with the mission to educate and empower women to be smarter with their money. Through books like Smart Women Finish Rich, he started a lifelong commitment to financial education.

Bach's core principles include automating savings, paying oneself first, and making small changes in spending habits to achieve significant results. He practices what he preaches: Ensuring that he aligns his actions with his mission.

 

LEVERAGING LICENSING DEALS FOR RESIDUAL INCOME

One of David's distinctive approaches is his focus on licensing deals. Instead of offering one-time consulting or training services, he creates valuable intellectual property (IP) that can be licensed repeatedly. This strategy allows him to amplify the impact of his mission while generating ongoing licensing fees, resulting in residual income. David’s key lessons from licensing deals include:

• Protect Your IP: Trademark and protect your intellectual property to safeguard your unique content.
• Seek Mission-Aligned Partnerships: Partner with organizations that share your mission and goals for a win-win collaboration.
• Think Long-Term: Focus on licensing arrangements that offer ongoing revenue rather than one-time project fees.

CHARACTERISTICS OF A GREAT DEALMAKER

We often discuss on this podcast what truly makes a dealmaker. According to David, a dealmaker should possess certain characteristics:

• Optimism: dealmakers are optimists who believe in creating win-win situations for all parties involved.
• Flexibility: They can adapt to the needs and wants of others while pursuing their objectives.
• Due Diligence: It's crucial to research the people and companies you're dealing with to ensure alignment and integrity.
• Authenticity: dealmakers should be authentic negotiators, and transparent about their goals and expectations.

Incorporating these characteristics into their approach, dealmakers like David can navigate complex negotiations, build lasting partnerships, and achieve their missions while benefiting all parties involved.

David's journey from financial literacy advocate to successful dealmaker is a testament to his authenticity, mission-driven approach, and commitment to empowering others – all of the things that not just David, but many other leaders in the space, believe is what makes a great dealmaker. His story serves as an inspiration to all those looking to create wealth, live authentically, and make a positive impact on the world of finance.

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For my full discussion with David Bach, and more on this topic and topics not featured on this blog post:
Listen to the Full DealQuest Podcast Episode Here

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FOR MORE ON DAVID BACH:
https://www.linkedin.com/in/david-bach/
https://davidbach.com/

Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.
 

Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!