Internationally renowned financial expert and bestselling author David Bach has always urged readers to put their financial lives in line with their values. But what if your values are a cleaner and greener earth? Most people think that “going green” is an expensive choice they can’t afford. In his latest book, Go Green, Get Rich: How to Save the Earth and Get Rich Trying, Bach is here to say that you can have both: a life in line with your green values and a million dollars in the bank.
Bach coined the term, The Latte Factor®, which is based on the simple idea that all you need to do to finish rich is to look at the small things you spend your money on every day and see whether you could redirect that spending to yourself. Putting aside as little as a few dollars a day for your future rather than spending it on little purchases such as lattes, bottled water, fast food, cigarettes, magazines and so on, can really make a difference between accumulating wealth and living paycheck to paycheck. This factor also translates to reducing your footprint on the environment. In the book, Bach outlines how skipping some simple things, like your daily trek to the coffee shop can save you gas, money and all of those disposable cups, lids and coffee sleeves. Saving money and shrinking your footprint never seemed so easy!
Go Green, Live Rich outlines fifty ways to make your life, your home, your shopping, and your finances greener—and get rich trying. From driving the right car to making your home energy smart, Bach offers ways to improve the environment while you spend less, save more, earn more, and pay fewer taxes. Best of all, he shows you exactly how to take advantage of the “green wave” in personal finance without the difficult work of evaluating individual stocks.
We regularly meet people who think that “going green” is an expensive choice they can’t afford. If you feel that way, or know someone who does, refer them to this book. In plain numbers, Bach shows how that just isn’t true.
Of the 50 tips for helping the environment and saving money, here are our 5 favorites:
Calculate your carbon footprint. Just like you don’t start a diet until you step on the scale and find out how much weight you need to lose, knowing your carbon footprint gives you a starting point. In just three minutes you can figure out your footprint at www.earthlab.com/carbonprofile.
Find your “Latte Factor.” Small changes such as not buying coffee in a disposable cup or water in a plastic bottle are not only good for your wallet, they are better for the planet. To see how it all adds up, use the calculator at finishrich.com. Click on the “learn” tab and select “Find Your Latte Factor.”
Drive smart and finish rich. One of the fastest things you can do to help the environment is to increase your fuel economy. Make sure your car has proper maintenance, such as getting your tires properly inflated. Don’t carry unnecessary weight in your car. When it comes time to get a new car, miles per gallon really matters. You don’t have to buy a hybrid or electric car. Today there are cars that get 35 mpg. The average American is driving a car that gets 18 mpg. You could save $884 on gas every year if your next car got 35 mpg. In 10 years you would have saved $14,000, in 20 years $44,000, and in 30 years you would have amassed $108,000. Also, consider getting rid of a car. Forty percent of all car trips we make are less than two miles—a distance we can easily walk, bike or carpool. The average family works two to four months a year just to pay for their car, car payment, maintenance, gas and insurance
Get an energy audit. Call your utility company and ask if they offer a free energy audit. Most do. An inspector will go room by room through your home and inspect all appliances, lighting, doors, heating units, etc. They do a blower door infiltration test that identifies air leaks. They also use an infrared camera to discover missing insulation, cold air pathways and moisture problems. The EPA says that by just fixing the drafts in your home you can save up to 20 percent a year on your utility bills!
Invest green. Green investing is finally coming into its own. Many people have heard of socially responsible investing. The next big wave will be the “green wave” that will offer mutual funds and companies that are focused on the environment. Two of the better known ones are the Winslow Green Growth Fund and Green Century Funds. A great example of a company that might be included in funds like these would be Gaiam.
