Cover image for The automatic millionaire [a powerful one-step plan to live and finish rich]
Title:
The automatic millionaire [a powerful one-step plan to live and finish rich]
Author:
Bach, David.
Personal Author:
Publication Information:
[New York] : Simon & Schuster Audio, [2004]

℗2004
Physical Description:
5 audio discs (approximately 6 hr.) : digital ; 4 3/4 in.
General Note:
Unabridged.

Subtitle from container.

Compact disc.
Language:
English
ISBN:
9780743538411
Format :
Audiobook on CD

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Summary

Summary

What's the secret to becoming a millionaire?
In The Automatic Millionaire, David Bach shares that secret.
The Automatic Millionaire starts with the powerful story of an average American couple -- he's a low-level manager, she's a beautician -- whose joint income never exceeds $55,000 a year, who somehow manage to own two homes debt-free, put two kids through college, and retire at fifty-five with more than $1 Million in savings. Through their story you'll learn the surprising fact that you cannot get rich with a budget You must have a plan to pay yourself first that is totally automatic, a plan that will automatically secure your future and pay for your present.
What Makes The Automatic Millionaire Unique:
- You don't need to make a lot of money
- You don't need a budget
- You don't need willpower
- You don't need to be that interested in money
- You can set up the plan in an hour
This one little audiobook has the power to secure your financial future. Do it once -- the rest is automatic


Author Notes

David Bach is a financial columnist and author of several best-selling books on personal finance. His books include Start Late, Finish Rich and The Automatic Millionaire. Bach also writes a weekly Yahoo! column on personal finance. He previously was a senior vice-president of Morgan Stanley.

David Bach also serves on the board for Habitat for Humanity New York.

(Bowker Author Biography)


Reviews 3

Booklist Review

When Bach writes in his introduction that in just an hour or two I could share with you a system that would slowly but surely transform you into a millionaire, it sounds like he's peddling another one of those work-at-home schemes. In reality, what he's talking about is setting up your financial life in a way that takes advantage of simple savings concepts (such as direct-deposit deductions) to create an investment plan that works painlessly in the background. Trying to actively budget your savings doesn't work, Bach says, because it goes against human nature, which is to continue to spend what we have, no matter how much money we make. But by diverting just $10 a day to a long-term investment program, we can accumulate well over $1 million over a 40-year period. Using the concept of the Latte Factor, Bach shows how to eliminate a few unnecessary daily expenditures for things like fancy coffee, bottled water, or fast food and use the savings to secure your future. --David Siegfried Copyright 2003 Booklist


Publisher's Weekly Review

Bach, author of several bestsellers including Smart Women Finish Rich and Smart Couples Finish Rich, offers a simple prescriptive plan for financial security. The secret: the astonishingly vanilla "Pay Yourself First," which, in Bach's words, is "the one proven, easy way to get rich." Instead of worrying about taxes, budgeting or investing, the key, according to Bach, is to set aside between 10% and 15% of gross income for savings the equivalent of one hour's worth of income every day. While this strategy may seem obvious, many people don't take this basic step. That's why Bach says everyone should write down their "Automatic Millionaire Promise," which spells out what percentage of their income they will start saving by a certain date. To insure that people carry through on their efforts, Bach says they should have deposits automatically made to a retirement account. Then, the next step is to capitalize on the power of compounding by contributing the maximum amount to, say, an employer's 401(k) account. To help readers navigate the maze of investment choices, Bach includes contact information for a number of mutual funds and Web sites offering authoritative financial information. Bach's key principle, along with such advice as buying real estate, paying down debt and making charitable deductions, is not groundbreaking; and regrettably, it may be unrealistic for many: tens of millions of Americans are in serious credit card debt because they can't make ends meet on their salaries; how, then, are they to save so much of their gross income? However, his easygoing approach, complete with real-life examples and clever phrases such as "Latte Factor," will appeal to the many money-challenged consumers who have made a New Year's resolution to get their finances on a firmer footing. (Dec.) Forecast: With a confirmed appearance on Oprah along with a television and radio satellite tour, and some 700,000 of Bach's other books in print, this one should hit some bestseller lists. (c) Copyright PWxyz, LLC. All rights reserved


Library Journal Review

Bach (Smart Couples Finish Rich) takes a unique approach to the financial wealth-building genre by shaping his many tips and techniques around an average American couple with a joint annual income of under $55,000 who manage to own two homes debt-free, put two kids through college, and retire at 55 with more than $1 million in savings. The sound advice covers well-known principles of eschewing credit cards and the importance of establishing and keeping to a plan to pay yourself first that is totally automatic, a plan that will secure your future and pay for your present. The author's lively narration keeps the listener's interest in these facts about how money works and how not to spend every dollar you earn. Highly recommended for all public libraries.-Dale Farris, Groves, TX (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.


Excerpts

Excerpts

The Single Biggest Investment Mistake You Can Make The single most important investment decision you ever make may well be how much to automatically Pay Yourself First into your retirement plan. With this in mind, it shouldn't be hard to figure out the single biggest mistake you can make: Not using your pre-tax retirement plans and not maxing them out. People who aren't serious about being rich say this: • "I can't afford to save more than 4 percent of my income." • "My spouse is enrolled in his/her plan, so I don't need to enroll in mine." • "Our plan isn't any good, so it's not worth using." • " My company doesn't match retirement contributions, so signing up for the plan isn't worth it." • "Investing in stocks is foolish." • "I'll save more later." -- excerpt from page 94 of The Automatic Millionaire * * * * * * * * * * * * * * * I'll never forget when I met my first Automatic Millionaire. I was in my mid-twenties and was teaching an investment class at a local adult-education program. Jim McIntyre, a middle-aged, middle manager for a local utility company, was one of my students. He and I hadn't spoken much until one day when he came up after class to ask if he could make an appointment with me to review his and his wife's financial situation. The request surprised me. Though I felt strongly (and still do) that just about everyone could benefit from the advice of a qualified financial planner, Jim didn't strike me as the type who would seek it out. I told him I'd be happy to set up a meeting, but if he wanted my help, his wife would have to come too, as my group managed money only for couples who worked on their finances together. Jim smiled. "No problem," he said. "Sue's the reason I'm here. She took your 'Smart Women Finish Rich' seminar and told me I should sign up for your course. I've liked what you've had to say, and we both figure it's time to do some financial planning. You see, I'm planning to retire next month." Now I was really surprised. I didn't say anything, but as I looked Jim up and down, I doubted he could be in a position to retire. From the few comments he had made in class, I knew he was in his early fifties and had worked for the same company for thirty years, never earning much more than $40,000 a year, and didn't believe in budgets. I also knew that he considered himself to be "ultraconservative," so I figured he couldn't have made a fortune in the stock market. My Grandma Rose Bach had taught me never to judge a book by its cover. But something didn't add up. Maybe Jim had just inherited a lot of money. For his sake, I hoped so. "WHAT AM I MISSING HERE?" When the McIntyres came into my office a few days later, they looked exactly like what they were: hard-working, "average Joe" Canadians. What stuck in my mind about Jim was that he was wearing a short-sleeved dress shirt with a plastic pocket protector in his breast pocket. His wife, Sue, had a little more flair, with some seriously blond highlights. She was a beautician, a couple of years younger than Jim. The thing was, they didn't act like middle-aged people. They were holding hands like two high school kids on a first date, literally bubbling with excitement. Before I could ask how I could help them, Jim started talking about his plans and what he would do with his free time. As he did, Sue kept exclaiming, "Isn't it great he can retire so young! Most people can't retire until they reach sixty-five, if then, and here's Jim able to do it at fifty-two!" "LET'S NOT GET AHEAD OF OURSELVES." After ten minutes of this, I had to interrupt. "Guys, your enthusiasm is contagious, but let's not get ahead of ourselves here. I've met with literally hundreds of potential retirees over the last few years and I have to tell you-hardly any of them have been able to retire in their early fifties." I looked Jim in the eye. "Usually people come to my office to find out if they can retire," I said. "You already seem to be sure you can. What makes you so certain you can afford to?" Jim and Sue exchanged a look. Then Jim turned back to me. "You don't think we're rich enough," he said. "Do you?" The way Jim put it, it wasn't exactly a question. "Well, that's not the way I would have phrased it," I replied, "but yes, it takes a fair amount of money to fund an early retirement, and most people your age aren't even close to having saved enough. Knowing what I do about your background, I'm truthfully curious about how you could possibly have enough money." I looked him in the eye. He gazed back at me serenely. "Jim, you're only fifty-two," I said. "Considering that only about one in ten people can barely afford to retire at age sixty-five with a lifestyle equal to what they had when they worked, you have to admit that retiring at your age with your income would be a pretty big feat." Jim nodded. "Fair enough," he said and handed me a sheaf of documents. They included his and Sue's tax returns as well as financial statements that listed exactly what they owned and owed. I looked first at their tax returns. The previous year, Jim and Sue had earned a total of $53,946. Not bad. Not rich, to be sure, but a decent income. Okay, next. How much did they owe? I scanned their financial statements. I couldn't find any outstanding debts listed. "Hmm," I said, raising an eyebrow. "You have no debt?" "THE MCINTYRES DON'T DO DEBT." They exchanged another smile and Sue squeezed Jim's hand. "The McIntyres don't do debt," she said with a chuckle. "What about your kids?" I asked. "What about them?" Jim answered. "They're both out of university, on their own, and God bless 'em." "Well, all right then," I said, "let's see what you own." I turned back to the financial statement. There were two homes listed: the house where they lived (valued at $450,000) and a rental property (a second house valued at $325,000). "Wow," I said. "Two houses and no mortgage on either?" "Nope," Jim replied. "No mortgage." Next came the retirement accounts. Jim's RRSP and company pension plan combined currently amounted to $610,000. And there was more. Sue had an RRSP of her own that totalled $72,000. In addition, they owned $160,000 in provincial bonds and had $62,500 in cash in a bank savings account. Talk about a substantial asset base. Add in some personal property (including a boat and three cars -- all fully paid for) and they had a net worth approaching $2 million! By any standard, the McIntyres were rich. It wasn't simply that they owned a lot of assets free and clear (though that in itself was pretty impressive), they also had a continuing income stream in the form of interest and dividends from their investments and $26,000 a year in rent generated by their second house. On top of that, Jim qualified for a small pension and Sue liked being a beautician so much that she planned to keep working until she was sixty (even though she didn't need to). Suddenly, Jim's plan to retire at fifty-two didn't seem so crazy. In fact, it was completely realistic. More than realistic -- it was exciting! "WE INHERITED KNOWLEDGE." Normally, I don't get wide-eyed about people's wealth. But there was something about the McIntyres that impressed me. They didn't look rich. And they didn't seem terribly special. To the contrary, they seemed perfectly ordinary -- your average, nice, hard-working couple. How could they have possibly amassed such wealth at such a relatively young age? To put it mildly, I was confused. But I was also hooked. I was in my mid-twenties at the time, and even though I was making good money, I was still basically living paycheque to paycheque. Some months I did manage to save a little, but more often then not I'd get busy or spend too much the next month and not save a dime. Many months it seemed that instead of getting ahead, I was falling behind, working harder and harder to make ends meet. It was embarrassing, really, and frustrating. Here I was, a financial advisor teaching others how to invest, and I was often struggling myself. Even worse, here were the McIntyres, who probably in their best year barely made half of what I was making, and yet they were millionaires, while I was falling further and further into debt. Clearly, they knew something about taking action with their money that I needed to learn. And I was determined to find out what it was. How could such regular people have amassed such wealth? Eager to know their secret but not knowing where to begin, I finally asked them, "Did you inherit any of this?" Jim broke out in a deep belly laugh. "Inherit?" he repeated, shaking his head. "The only thing we inherited was knowledge. Our parents taught us a few common-sense rules about handling money. We just did what they said and, sure enough, it worked. The same is true for a lot of people we know. In fact, in our neighbourhood, about half our friends are going to retire this year, and many of them are even better off then we are." At this point, I was hooked. The McIntyres had come to interview me about how I could help them, but now I wanted to interview them. LOOKING RICH VS. BEING RICH "You know," I said, "every week I meet people who take my classes like you did but who are exactly the opposite of you. I mean, they look rich but when you get into the details of what they really have, it often turns out that they are not only not rich but broke. Just this morning, I met with a man who drove up in a brand new Porsche, wearing a gold Rolex watch. He looked loaded, but when I went through his statements I found he was actually leveraged to the hilt. A guy in his mid-fifties, living in a million-dollar home with an $800,000 mortgage. Less than $100,000 in savings, more than $75,000 in credit card debt, and he was leasing the Porsche! Plus he was paying alimony to two ex-wives." At this point, none of us could help ourselves. We all began to laugh. "I know it's not funny," I said, "but here was this guy, looking rich and successful, and actually he's a financial and emotional wreck. He handled his finances just like he drove his Porsche: red-lining all the way. Then you guys come in. You drive up in a Ford Taurus. Jim here is wearing a ten-year-old Timex -- " "Nope," Jim interrupted with a smile. "It's an eighteen-year-old Timex." "Exactly!" I said. "An eighteen-year-old Timex. And you're rich . You guys are happy as clams, still married, two great kids you put through college, and you're retiring in your mid-fifties. So please tell me -- what was your secret? You must have one, right?" Sue looked me straight in the eye. "You really want to know?" she asked. I nodded wordlessly. Sue looked at Jim. "You think we can spare an extra fifteen minutes to explain it to him?" "Sure," Jim said. "What's fifteen minutes?" He turned to me. "You know, David, you already know this stuff. You teach it every day. We just lived it." JIM AND SUE SHARE THEIR STORY Sue took a deep breath, then launched into their story. "Well, first, we got married young. Jimmy was twenty-one when we started dating, and I was nineteen. We were married three years later. After our honeymoon, both of our parents sat us down and told us together that we needed to get serious with our lives. They said we had a choice. We could work all our lives for money and live month to month, paycheque to paycheque, like most people. Or we could learn to make our money work for us and really enjoy our lives. The trick, they said, was simple. Every time you earn a dollar, you should make sure to pay yourself first." "WE DECIDED TO PAY OURSELVES FIRST." Jim nodded in agreement. "You know," he said, "most people think that when they get their paycheque, the first thing they should do is pay all their bills -- and then if there is anything left over, they can save a few dollars. In other words, pay everyone else first and yourself last. Our parents taught us that to really get ahead of the game, you have to turn this around. Put aside a few dollars for yourself, THEN pay all your other bills." He sat back in his chair and shrugged, as if to say, "No big deal." Sue smiled and shook her head. "Jim makes it sounds easy," she said, "but the truth is we had to learn how to save our money. In the beginning, we tried to put ourselves on a budget but somehow the numbers never added up and we started fighting a lot. One day I called my mom upset because of a money fight we had and she told me that budgeting didn't work. She said she and my dad had tried it and all it had led to was endless arguments. So they decided to toss the budget and instead take 10 percent of their pay out of their paycheques and put it in a savings account before they ever saw it or had a chance to spend it on anything. 'You'd be surprised how quickly you get used to doing without that 10 percent,' she told me. 'And meanwhile it's piling up in the bank.' The secret, she explained, is that you can't spend what you don't see. "So that's what we did. We originally started putting aside just 4 percent of our income and slowly increased the amount. Today, we save 15 percent. But on average we always saved about 10 percent, just like Mom said." "And what did you do with your savings?" I asked. "Well," Sue said, "the first thing we started saving for was our retirement." "Each of us opened a Registered Retirement Savings Plan," Jim broke in. "My company had a pension plan, but any extra money we contributed to our RRSPs. Most of our friends didn't bother. But we did." Sue took up the story again. "After that, our next priority was to put aside enough so we could buy a home. Both our parents told us that their homes had been the best investments they had ever made -- that nothing gives you freedom and security like owning a home. But the key, they said, was owning it free and clear. In other words, you pay off that mortgage as quickly as you can. "They said that, while our friends were busy splurging on decorating their apartments and eating lunch out every day, we should be watching our spending and saving as much as we could. They made a big point about how so many people waste big money on small things." She looked at Jim. "You remember that, honey?" she asked. "I sure do," Jim replied. He turned to me. "You know, the trick to getting ahead financially isn't being cheap and boring. It's watching the small stuff -- little spending habits you have that you'd probably be better off without. In our case, we realized that one of the main 'small stuff' things we were spending too much money on were cigarettes. We both smoked about a pack a day and our parents hated it. Back then, the health risks were just beginning to be publicized and they pointed out that if we stopped wasting money on cigarettes, we could probably save enough in two years to make a down payment on a home. And we'd be saving our health in the process." From the Hardcover edition. Excerpted from The Automatic Millionaire: Canadian Edition: A Powerful One-Step Plan to Live and Finish Rich by David Bach All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.

Table of Contents

Chapter 1 Meeting The Automatic Millionaire
I'll never forget when I met my first Automatic Millionaire. I was in my mid-twenties and was teaching an investment class at a local adult-education program. Jim McIntyre, a middle-aged middle manager for a local utility company, was one of my students. He and I hadn't spoken much until one day when he came up after class to ask if he could make an appointment with me to review his and his wife's financial situation.
The request surprised me. Though I felt strongly (and still do) that just about everyone can benefit from the advice of a qualified financial planner, Jim didn't strike me as the type who would seek it out.
I told him I'd be happy to set up a meeting, but if he wanted my help, his wife would have to come too, as my group managed money only for couples who worked on their finances together.
Jim smiled. "No problem," he said. "Sue's the reason I'm here. She took your Smart Women Finish Rich seminar and told me I should sign up for your course. I've liked what you've had to say, and we both figure it's time to do some financial planning. You see, I'm planning to retire next month."
Now I was really surprised. I didn't say anything, but as I looked Jim up and down, I doubted he could be in a position to retire. From the few comments he had made in class, I knew he was in his early fifties and had worked for the same company for thirty years, never earning much more than $40,000 a year, and didn't believe in budgets. I also knew that he considered himself to be "ultraconservative," so I figured he couldn't have made a fortune in the stock market.
My Grandma Rose Bach had taught me never to judge a book by its cover. But something didn't add up. Maybe Jim had just inherited a lot of money. For his sake, I hoped so.
"What Am I Missing Here?"
When the McIntyres came into my office a few days later, they looked exactly like what they were: hardworking, "average Joe" Americans. What has stuck in my mind about Jim is that he was wearing a short-sleeved dress shirt with a plastic pocket protector in his breast pocket. His wife, Sue, had a little more flair, with some seriously blond highlights. She was a beautician, a couple of years younger than Jim.
The thing was, they didn't act like middle-aged people. They were holding hands like two high school kids on a first date, bubbling with excitement. Before I could ask how I could help them, Jim started talking about his plans and what he would do with his free time. As he did, Sue kept exclaiming, "Isn't it great he can retire so young! Most people can't retire until they reach sixty-five if then, and here's Jim able to do it at fifty-two!"
"Let's Not Get Ahead Of Ourselves."
After ten minutes of this, I had to interrupt. "Guys, your enthusiasm is contagious, but let's not get ahead of ourselves here. I've met with literally hundreds of potential retirees over the last few years, and I have to tell you--hardly any of them have been able to retire in their early fifties." I looked Jim in the eye. "Usually people come to my office to find out if they can retire," I said. "You already seem to be sure you can. What makes you so certain you can afford to?"
Jim and Sue exchanged a look. Then Jim turned back to me. "You don't think we're rich enough," he said, "do you?" The way Jim put it, it wasn't exactly a question.
"Well, that's not the way I would have phrased it," I replied, "but yes, it takes a fair amount of money to fund an early retirement, and most people your age aren't even close to having saved enough. Knowing what I do about your background, I'm truthfully curious about how you could possibly have enough money." I looked him in the eye. He gazed back at me serenely.
"Jim, you're only fifty-two." I said. "Considering that only about one in ten people can barely afford to retire at age sixty-five with a lifestyle equal to what they had when they worked, you have to admit that retiring at your age with your income would be a pretty big feat."
Jim nodded. "Fair enough," he said and handed me a sheaf of documents. They included his and Sue's tax returns as well as financial statements that listed exactly what they owned and owed.
I looked first at their tax returns. The previous year, Jim and Sue had earned a total of $53,946. Not bad. Not rich, to be sure, but a decent income.
Okay, next. How much did they owe?
I scanned their financial statements. I couldn't find any outstanding debts listed. "Hmm," I said, raising an eyebrow. "You have no debt?"
"The Mcintyres Don't Do Debt."
They exchanged another smile, and Sue squeezed Jim's hand. "The McIntyres don't do debt," she said with a chuckle.
"What about your kids?" I asked.
"What about them?" Jim answered. "They're both out of college, on their own, and God bless 'em."
"Well, all right then," I said, "let's see what you own." I turned back to the financial statement. There were two homes listed: the house where they lived (valued at $450,000) and a rental property (a second house valued at $325,000).
"Wow," I said. "Two houses and no mortgage on either?"
"Nope," Jim replied. "No mortgage."
Next came the retirement accounts. Jim's 401(k) balance currently amounted to $610,000. And there was more. Sue had two retirement accounts of her own that totaled $72,000. In addition, they owned $160,000 in municipal bonds and had $62,500 in cash in a bank savings account.
Talk about a substantial asset base. Add in some personal property (including a boat and three cars--all fully paid for) and they had a net worth approaching $2 million!
By any standard, the McIntyres were rich. It wasn't simply that they owned a lot of assets free and clear (though that in itself was pretty impressive); they also had a continuing stream of income in the form of interest and dividends from their investments and $26,000 a year in rent generated by their second house. On top of that, Jim had qualified for a small pension, and Sue liked being a beautician so much that she planned to keep working until she was sixty (even though she didn't need to). Suddenly, Jim's plan to retire at fifty-two didn't seem so crazy. In fact, it was completely realistic. More than realistic--it was exciting!
"We Inherited Knowledge."
Normally, I don't get wide-eyed about people's wealth. But there was something about the McIntyres that impressed me. They didn't look rich. And they didn't seem terribly special. To the contrary, they seemed perfectly ordinary--your average, nice, hardworking couple. How could they have possibly amassed such wealth at such a relatively young age?
To put it mildly, I was confused. But I was also hooked. I was in my mid-twenties at the time, and even though I was making good money, I was still basically living paycheck to paycheck. Some months I did manage to save a little, but more often than not I'd get busy or spend too much the next month and not save a dime. Many months it seemed that instead of getting ahead, I was falling behind, working harder and harder to make ends meet.
It was embarrassing, really, and frustrating. Here I was, a financial advisor teaching others how to invest, and I was often struggling myself. Even worse, here were the McIntyres, who probably in their best year barely made half of what I was making, and yet they were millionaires, while I was falling further and further into debt.
Clearly, they knew something about taking action with their money that I needed to learn. And I was determined to find out what it was. How could such regular people have amassed such wealth? Eager to know their secret but not knowing where to begin, I finally asked them, "Did you inherit any of this?"
Jim broke out in a deep belly laugh. "Inherit?" he repeated, shaking his head. "The only thing we inherited was knowledge. Our parents taught us a few commonsense rules about handling money. We just did what they said, and sure enough it worked. The same is true for a lot of people we know. In fact, in our neighborhood, about half our friends are going to retire this year, and many of them are even better off then we are."
At this point, I was hooked. The McIntyres had come to interview me about how I could help them, but now I wanted to interview them.
Looking Rich Vs. Being Rich
"You know," I said, "every week I meet people who take my classes like you did but who are exactly the opposite of you. I mean, they look rich, but when you get into the details of what they really have, it often turns out that they are not only not rich but broke. Just this morning, I met with a man who drove up in a brand-new Porsche, wearing a gold Rolex watch. He looked loaded, but when I went through his statements I found he was actually leveraged to the hilt. A guy in his mid-fifties, living in a million-dollar home with an $800,000 mortgage. Less than $100,000 in savings, more than $75,000 in credit card debt, and he was leasing the Porsche! Plus he was paying alimony to two ex-wives."
At this point, the three of us couldn't help ourselves. We all began to laugh. "I know it's not funny," I said, "but here was this guy, looking rich and successful, and actually he's a financial and emotional wreck. He handled his finances just like he drove his Porsche: redlining all the way. Then you guys come in. You drive up in a Ford Taurus. Jim here is wearing a ten-year-old Timex--"
"Nope," Jim interrupted with a smile. "It's an eighteen-year-old Timex."
"Exactly!" I said. "An eighteen-year-old Timex. And you're rich. You guys are happy as clams, still married, two great kids you put through college, and you're retiring in your mid-fifties. So please tell me--what was your secret? You must have one, right?"
Sue looked me straight in the eye. "You really want to know?" she asked.
I nodded wordlessly. Sue looked at Jim. "You think we can spare an extra fifteen minutes to explain it to him?"
"Sure," Jim said. "What's fifteen minutes?" He turned to me. "You know, David, you already know this stuff. You teach it every day. We just lived it."