From the Introduction:

Back in 1973, when I was 24, I read the book The Richest Man in Babylon. I knew then without equivocation that I was going to be rich. Everything the author talked about was so simple and easy to implement. Even though I was earning only $8,000 a year and had no delusions that my salary would soon skyrocket, I was disciplined and determined to avoid debt. I would also save a little money every month. That year I paid off the last of my college debts and began saving 10% of my income. And guess what? I found that the equation for becoming rich was almost as simple as staying out of debt and saving 10%! If only everyone my age had read that same book!

People in their forties and fifties who attend my seminars constantly ask, “Why didn’t I learn this when I was in my twenties?” and “Why didn’t my parents teach me to do any of these things?” Plain old fear is the main reason people fail to take financial action. Numbers are complicated and boring—or so people think. Haven’t you procrastinated when you feared you wouldn’t accomplish something well? Who wants to jump into an unfamiliar subject? Not me. Avoiding the dreaded job rather than attempting it (all the while fearing you’d do it poorly) is more comfortable. But a successful life is not about comfort.

Rather than scare you, however, I am going to erase your fears. And I’m willing to bet that any financial phobia that’s been choking you will loosen its grasp the minute you start following my recommendations—especially when you see how quickly they empower you and your bottom line. I hope you’re inspired by the fact that once you understand each “how-to”, all you need is the right attitude to get your assets in gear!

My mother was the ultimate financial teacher and I, her willing student. Just as she taught me that baking a delicious cake was as straightforward as carefully measuring and mixing the right ingredients and baking the batter for the right amount of time, she showed me that financial independence was easily attainable with clear, specific, measurable goals—with time limits. I learned to follow such a “recipe” with directions that were surprisingly simple!

With this book, I hope to be that wise, nurturing voice in your life, no matter how old you are. Considering that fewer than 20 percent of people 65 or older are financially well off, we can logically assume that 80 percent of us don’t learn how to handle our money well from our parents. This book is my way of giving back all that I’ve received from my mom.

How rich people think and act

Financial independence and the Rule of 72