Worried about retirement? Make your own damn coffee. According to financial celeb Suze Orman, perhaps the only thing standing millennial caffeine addicts and...
According to finance celeb Suze Orman, perhaps the only thing standing between millennial caffeine fiends and millionaire status is that daily latte.
“I wouldn’t buy a cup of coffee anywhere, ever — and I can afford it,” Orman said. “I would not insult myself by wasting money that way.”It’s a matter of needs vs. wants, she said. If you focus on the former “you would find the money to invest in your retirement accounts... you would find the money to get yourself out of credit card debt.” Here, let her explain it:
In David Bach’s book “The Automatic Millionaire,” he mentions “The Latte Factor.” His website has a calculator showing what such a ritual costs over time. And it is, indeed, a problem, according to a 2017 survey from investing app Acorns, which found that almost half of younger millennials put more money toward coffee than retirement savings.
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