Latest news with #DavidBach
Bloomberg
24-05-2025
- Business
- Bloomberg
Global Deans Condemn Move Denying International Students to Harvard
Leaders of business schools worldwide chose their words carefully as they responded to the Trump administration's attempt to block Harvard University from enrolling international students. But even as Harvard's legal challenge has temporarily halted the administration's action, fears about long-term and widespread damage are running high. The move, announced Thursday afternoon by the Department of Homeland Security, threatens to undermine not just Harvard, but higher education across the US, said David Bach, dean of IMD business school in Lausanne, Switzerland. 'The history is really clear—you can't build a world-class academic institution by drawing only on one country. You build a world-class academic institution by attracting the best and brightest from all around the world and by benefiting from the diversity of perspectives, of insights, of backgrounds that makes that possible,' he told Bloomberg. US colleges and universities are the envy of the world, he said, because 'they have, better than any others around the world, really succeeded in attracting such students.'
Yahoo
21-04-2025
- Business
- Yahoo
David Bach's Top 10 Tips for Getting Richer
David Bach, the renowned financial expert and author of bestsellers like 'The Automatic Millionaire' and 'Smart Women Finish Rich,' has helped millions of people take control of their finances. His practical advice focuses on simple yet powerful strategies that anyone can implement to build wealth. Learn More: Find Out: Here are Bach's top 10 tips for getting richer: Bach's most famous principle is 'paying yourself first,' which means automatically directing a portion of your income to savings before you pay bills or spend on anything else. He recommends saving at least 10% of your pre-tax income. 'When you pay yourself first, you're essentially saying, 'I'm more important than the electric company, the landlord, and the phone company,'' Bach explains in 'The Automatic Millionaire.' For You: Bach coined the term 'Latte Factor' to illustrate how small, daily expenses add up over time. By identifying and reducing unnecessary spending (like daily coffee shop visits), you can redirect that money toward investments. 'Becoming rich is not a function of what you make but what you don't spend,' Bach writes in 'Smart Couples Finish Rich.' Automation removes emotion and discipline from the equation. Bach recommends setting up automatic transfers to savings accounts, retirement funds, and investments. 'When your financial life is automated, you're much more likely to stick with your plan because you don't have to think about it,' Bach states in 'The Automatic Millionaire.' Bach is a strong advocate of homeownership as a wealth-building tool. 'The fact is, you aren't really in the game of building wealth until you own some real estate,' he writes in 'The Automatic Millionaire Homeowner.' High-interest debt is a wealth killer. Bach recommends using the DOLP (Dead On Last Payment) system to prioritize debts, paying the ones with the fewest payments left first to build momentum. 'The average millionaire has at least seven sources of income,' Bach often points out. He suggests developing side hustles, rental properties, or passive income streams to accelerate wealth building. Maximize contributions to tax-advantaged retirement accounts like 401(k)s and IRAs. 'The miracle of compound interest means the earlier you start saving, the less you'll need to save overall,' Bach emphasizes in 'Start Late, Finish Rich.' While many financial experts advise living within your means, Bach goes further, suggesting you live one level below what you can afford. This creates a significant margin for saving and investing. 'The best investment you can make is in yourself,' Bach often says. Continuously learning new skills and increasing your value can lead to higher income, which accelerates wealth building when combined with disciplined saving habits. Perhaps surprisingly, Bach emphasizes that charitable giving should be part of your financial plan. 'Those who give the most, get the most,' he writes in 'The Finish Rich Workbook,' noting that generosity often creates unexpected returns through connections, opportunities, and personal fulfillment. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 4 Affordable Car Brands You Won't Regret Buying in 2025 4 Things You Should Do if You Want To Retire Early 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on David Bach's Top 10 Tips for Getting Richer Sign in to access your portfolio
Bloomberg
04-04-2025
- Business
- Bloomberg
Execs Head to the Swiss Alps for Specialized Business Degrees
In 2022 the board that governs IMD, the independent business school based in Lausanne, Switzerland, laid a challenge at the feet of its managers. The school's total tuition revenue had grown 62 million Swiss francs ($72.1 million), nearly doubling from two years earlier. But it had fallen by almost as much in the year before that, when the pandemic sent everyone home. 'Our board said, 'You know, the schools that have a greater footprint in the degree program space, they've been a little bit more resilient,'' says David Bach, IMD's president. The school's prestigious, though small, MBA programs held their ground during Covid-19; in fact, those programs' revenue has remained steady since at least 2019. The board urged Bach, who was then the school's dean of innovation and programs, and his colleagues: 'You really ought to look at a couple of opportunities in the degree program space.'
