Financial expert David Bach, author of The Automatic Millionaire, says the Egglestons made a classic financial mistake. "It only takes two years," says David, "for the average American family to go from being in great financial shape to being bankrupt when two people go from two jobs to one."
David says there's not only hope for the Egglestons—they can become millionaires if they follow the Debt Diet principles!
- First, David says the Egglestons need to pinpoint their Latte Factor® so they can instantly save $10 to $20 a day.
- Next, he says the Egglestons need to tackle their credit card debt by renegotiating their interest rates and working on their annual fees.
- Finally, David says the Egglestons need to reestablish their savings by paying themselves first.