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Podcast 93: Debt Free for Life, David Bach

Released this January. David welcome to the show.

David Bach: Thank you. It’s great to be back with you guys.

Bryan: Yeah. So last time you were on the show a year ago, you talked about starting over and a year can make a big difference in someone’s finances, not to mention daily life. Have you seen success from people getting their financials on track last year, increasing savings, paying off debt, investing more?

David: Yeah, we really have. In fact it’s been amazing. I think the biggest change that I’ve seen with my business in the last 12 months is the opportunity to hear from my readers so much faster because of Facebook.

We’ve got 14,000 people now on our Facebook community. And so, between email and Facebook every single day now we get success stories. And they’re coming in — I think today alone we’ve had six success stories. It’s just been incredible.

And the big thing I said last year was that a recession is a terrible thing to waste, and that there would be opportunities to make money in this recovery. And if you look at everything I wrote in Start Over, Finish Rich, it’s all come true.

Last year we had one of the best years we’ve seen in the stock market in 20 years. And so a lot of people who have followed my advice have made money in the stock market, people are making money again in real estate, and most importantly people have really been paying their debts down. And that’s what’s excited me the most, to seeing people paying their debt down.

Bryan: Oh yeah, me too. And what’s that Facebook address?

David: Facebook.com/davidbach.

Bryan: Great, thank you. While talking about the debt for a second. Some financial advisers have argued that some debt is actually good, like student loans, because you invest in your future and a higher salary, or a mortgage, because it is a loan for an asset that appreciates in general and you can even get a tax deduction on mortgage interest. How your views on good and bad debt claims changed in the last year?

David: I think my opinion has changed in the same way that millions of Americans' opinions have changed since the recession. I grew up in the financial investment world. I started going to investment classes at the age of seven because my dad was teaching them, and I spent nine years doing retirement planning in Morgan Stanley.