Good Morning Everyone. Welcome to Day 4 of the DINKS Days of Book Giveaways Contest. Today we are giving away the 4th and final book in our weekly contest. Today we are finishing off the week in the same way that we started….with a Book Giveaway from David Bach and DINKS Finance. Today you can enter to win a copy of The Automatic Millionaire by David Bach.
The Automatic Millionaire is a helpful and important book for people in every type of financial situation because people often confuse Credit with Wealth. I am not sure why people associate the two, because in fact Credit and Wealth are exact opposites. If we have accumulated Wealth but we also have Credit that exceeds the amount of our accumulated Wealth then our Net Worth is negative. However, if we have very little savings but no debt then our net worth can actually be positive.
This week we had a client who came into our bank branch to apply for a car loan because he wasn’t approved at the car dealership for financing (but that is a whole other story). I asked him about his assets and debts and he said “What do you want? You want to know that I have money?” He then proceeded to open his wallet and pull out multiple credit cards (I guess we know why he wasn’t approved for financing with the car dealership) and place them on my desk while he said “Here, here is my money $5,000 $10,000 $15,000.”
People often think that having credit cards means that you have money, when in fact it only means that you have access to money. Money borrowed on credit cards has to be repaid to the Bank or the Finance Company and therefore it is not our money.
We can be approved for a credit card based on our capacity to repay the debt aka our monthly income, as well as our credit score aka our history of making payments. Having a net worth (usually) doesn’t have anything to do with being approved for credit. In our bank branch we have actually declined clients with a high net worth and a low monthly income who applied for a credit card. The logic actually makes no sense because the clients could always sell their assets to repay the debt or we could take a personal guarantee, but either way the high net worth client’s application was declined.
The Automatic Millionaire by David Bach is a “Powerful One Step Plan to Live and Finish Rich” and DINKS Finance wants to give away a copy to one of our lucky readers…right now!
You can enter two ways to win a copy of David Bach’s The Automatic Millionaire:
- Leave a comment on this post and tell DINKS about your ultimate financial goal. Is it to retire at 45 or is it to retire in the South of France?
- Send a Tweet to your Followers and tell them that you just entered the DINKS Days of Book Giveaways Contest. Use #TeamDINKS in your Tweet.
Don’t forget to check out our other posts this week to win a copy of The Fund by HT Narea, Get Growing: Keys to Unlocking the Potential of Your Small Business, and Debt Free for Life by David Bach.
All winners will be announced next Friday. Winners must reside in the US or Canada, and will have 30 days to contact DINKS Finance and claim their prize. Otherwise we will Giveaway your prize to another lucky reader.
Good Luck Everyone!
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
My ultimate financial goal isn’t retirement. To me, financing retirement is just a necessity like paying for groceries. My real ultimate financial goal is to create a legacy after I’m gone: tools to enable better informed, healthier, happier people with more opportunities to more fully live their lives. I grew up in an environment of poverty and prejudice and way too many barriers and limitations. I’m hoping to leave one little bit of the world a nicer place for those coming next.
My ultimate financial goal is to be a multi-millionaire by the time I retire at age 66. I want to be debt free, own my home and then be able to travel, pursue hobbies and live a peaceful but fun retirement.
My ultimate financial goal is to be self-reliant when I retired. That means, no depending financially on relatives or the government when I am no longer working. I grew up in poverty where I saw my parents rely on welfare and relatives for financial support, and I will make sure that cycle does not continue with me. I also want to have the funds available in order to travel and further my education to become a more globally informed person.
In Scotland, many thousands of people are struggling with debt and an average of 8,000 people are using a trust deed to help them get their lives back on track. Many of these people are looking forward to have a financial balance of £0!
My ultimate financial goal is to retire in comfort and downsize into a more modern house.
My ultimate financial goal is to be able to retire and travel. I would love to have enough money to be able to live part of the year in a tropical country and part wherever my children end up.
That is a good question! As I am still (relatively) young I feel like I focus on more short term milestones (maxing out retirement accounts, paying off a car loan, owning my own home) rather than an ultimate goal. I would like to be able to retire when I am still young/healthy enough to enjoy my time (and have the funds to enjoy it!). My inlaws have both retired, downsized to a smaller home, moved to Florida, enjoy golfing and volunteering, and are both very active – seems like the perfect retirement to me!
My ultimate goal is to not have to check my balance before I make a large purchase such as a TV or new appliance. It would be nice to have enough money to chop off the pennies when balancing the checkbook.
Thanks for offering such a wonderful book! My ultimate financial goal is to feel complete choice about what I do for paid work (AKA financial independence). I know I’m not happy at my current work and feel ambivalent about our house that we probably can’t afford. So, I need to make some big changes, quickly, to work towards the ultimate goal. My short term goals are to put up with the job and get rid of the house, and to make changes in how I spend, save, and plan. Then, I will be working more strongly on my ultimate, long term goal to have enough money to produce income/sense of security in retirement to live comfortably. I can’t imagine retiring at a young age, but I can certainly imagine working fewer hours with people I admire.
To be debt free when I retire! That means being able to pay off every loan, and have enough for vacations!!!
That is a good question that I have been looking at a lot lately. I have already reached a pretty good level of financial security for my family, as long as our investments continue doing well for themselves we are basically retired already. I am not working on giving back and helping others.