Dear David,

I heard about you after I joined a multi-level marketing company (the one you allude to in your book) to make some extra money and eventually quit my corporate job to be my own boss. Within a month, I bought both “Start Late, Finish Rich” and “The Automatic Millionaire” on audio. My car has become a classroom since I am in it so much.
After listening to both books, I increased my 401k contribution from 4% to 6%. I confiscated my husband’s credit card and all of mine. I paid off my husband’s credit card and one of mine. Within a few months, I increased my 401k to 10% and then to 11% a month later. I only pay on 1 credit card and it will be paid off within the next 5 months. I have added and extra 10% to principal in each monthly mortgage payment on our rental property and am considering using the equity in that to build our new house. My husband and I have both agreed to not “do debt”. If we can’t afford to pay cash right away then we save for it or decide the purchase is not necessary.
Through what I have learned from your books and through my recent training in financial services, I will be setting up my emergency fund and a SEP IRA before the end of 2005. I have convinced my mom to increase her 401k to 10% by saving the raise she recently received. She commented that she brings home more now than she did before she got the raise. I also showed her how to DOLP her debt. She will have her car and a line of credit paid off in January 2006. I will help her open a mutual fund for “emergency” purposes with half of the money and she is going to increase her 401k with the other half. We plan on increasing her monthly contributions to the emergency fund and her 401k each time she pays off a debt.
Knowing that my mom is in a better financial position and my husband and I will retire debt free and financially independent (possibly early) is very exciting. Thank you so much for helping to teach middle class America what the rich know and the banks/credit card companies don’t want you to know.