Think about it this way, he suggests: "You're going to work 90,000 hours over your lifetime. Most Americans get to the age of 60 and they have nothing to show for it. What you're going to have is at least a million dollars in your retirement account if you pay yourself first, one hour a day of your income."
You may be thinking, "I don't make enough money to save and invest, let alone save and invest 14 percent of my income."
That's "poor thinking," says Bach. "Chances are, you actually do make enough money to be rich — you're just spending it on little things. I call this 'the latte factor.'"
The basic idea of "the latte factor" is that eliminating your $5 daily coffee, or any other regular splurge, could help you save significantly over time.
"I don't know what you're spending small amounts of money on, but I know this: $10 a day can change your life. If you're in your 20s and you start investing $10 a day automatically into your retirement account, at a rate of 8 percent, by the time you hit 60, you've got over a million dollars."