BOOK Review | Part 1 | The Latte Factor by David Bach

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~ YOU ARE RICHER THAN YOU THINK⁣ ~
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In monetary term, who would you consider rich? Someone who has enough money to buy a house and an expensive car? A millionaire? Billionaire? I will consider a person who is financially independent as rich irrespective of how much money he has simply because he has one less thing to worry about or one more reason to be happy about.
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Most of us wait to get to a place, a position or a figure to become rich and unfortunately wait forever. Most people don't get there and those who get there find themselves waiting again to get to another place. The more we earn the more we spend. "The problem is not making money, it's keeping it." One of the steps suggested in the book is PAY YOURSELF FIRST - making a habit of saving first instead of spending first. When you spend you pay to others, when you save you pay to yourself. This is such an empowering thought.
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I've finished few chapters of this book and what I've learnt so far is that the first thing to do to deal with money problem is to be honest about your current financial position, accept your financial weaknesses and find ways to address them right away instead of waiting for the jackpot-moment. It never arrives. Money is not just about numbers and figures. Human nature and habits have a lot to do with how we manage money. Checking unnecessary spendings and giving up on bad habits say smoking can hugely enhance your finances. Such little things and habits that have financial impact (the latte factor) are talked about in this book.
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Believe in the "miracle of compound interest" but remember that it works both ways. Saving and investing a small amount over a period of time will increase to an exponential amount. The same is true for debts. "It can grow pretty fast and get pretty scary." 
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The book says that you are already in a position to start from where you are with what you have, to start planning for your future. ⁣
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Question: Most millennials don't look far ahead in the future. They live in the moment and for experience. Do you think planning for retirement is an outdated concept today?

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