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What comes first, the harvest or the planting? To any person this would be a rather stupid question. Obviously you will need to plant a seed before you can harvest it. Then why do most people have this concept in reverse when it comes to money management? Most people spend money before they make it, or they want to reap the benefits of a large harvest without planting any seeds. To put it bluntly, most people want to spend like the wealthy while working or investing like the poor. I’m not judging or comparing; I’m, just simply saying that if you want to spend like a wealthy person, you should probably make money like the wealthy person. Most wealthy people I have met or read about say they view money as potential or opportunity. Just like a farmer would see the oak tree instead of just an acorn, wealthy people see things like vacation homes and time with family instead of money. Wealthy people are farmers, planting and harvesting seeds of money. A healthy farm would allow you to quit your job.
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What if I told you that one-cup of coffee a day could cost you your financial independence? Would you believe me? In the first part of this series we looked at the process called the rat race, and what it means to be broke. In his book: “The Automatic Millionaire”, David Bach talks about what he calls the “Latte Factor”. We will now look at what the latte factor is, what it means to you, and how you can benefit from the information.
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Most people think that the quickest way to become rich is to increase their income as quickly as possible. Though this is important, it is not necessarily the first step you need to take in becoming wealthy. In his book: The Automatic Millionaire, best-selling author David Bach describes something he calls the latte factor. If you have any intention of understanding your money, or simply want to just manage your money better, you need to understand what the latte factor is. This one simple concept could literally change your life. Before we learn about the latte factor, there are a few basics we need to first cover.
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