(Editor’s note: This story first appeared in Human Capital, a briefing by Washington Bureau Chief Melanie Waddell about the people who shape the financial services regulatory space.)
Welcome back to Human Capital, where we’re getting a jolt of advice from celebrity advisor and New York Times bestselling author David Bach, who’s set to release on May 7 his 13th personal finance book, “The Latte Factor.” The book, by the way, “is not about the coffee,” he quips but how the “small amounts of money you spend can add up to a fortune.”
While not a traditional commentator on financial regulation, as a practicing advisor who co-founded AE Wealth Management – which has a healthy $6.4 billion on its platform, and over 500 advisors – Bach is no stranger to advisors’ daily compliance chores.
Since my chat with him in 2017 about his “Business in a Box” program for advisors and the now-defunct Labor Department fiduciary rule, Bach continues to keep his eyes peeled on the regulatory landscape. “I don’t think anything’s changed” since the death of Labor’s fiduciary rule, he told Human Capital. “Compliance costs are going to continue to increase, and I think regulation is going to continue to get tighter.”
Founder of Finishrich.com, Bach has written 12 books, including the Finish Rich Book Series and Automatic Millionaire Series, and has appeared on numerous TV programs.
Human Capital caught up with Bach as he was creating a “Latte Factor” online master class in partnership with CreativeLive, “the biggest online school,” possibly worldwide, he says, and prepping for the “big pre-launch” of the book, which will also include a live, virtual world-wide book signing.
With the tagline “Why you don’t have to be rich to live rich,” “The Latte Factor” was written “specifically to reach young people,” Bach says, “to inspire the 100 million millennials and Generation Z and Gen Y that there’s still plenty of time for them” to save money, “because we all know that when you start when you’re young, it’s much easier.”
What’s the book about? Bach says, “The book tells the story of Zoey, a twenty-something woman living and working in New York City. Like many young professionals, Zoey is struggling to make ends meet under a growing burden of credit card and student loan debt, working crazy hours at her dream job but still not earning enough to provide a comfortable financial situation. At her boss’ suggestion, she makes friends with Henry, the elderly barista at her favorite Brooklyn coffee shop.”