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I don't think that buying coffee is necessarily a recipe for disaster financially, but if you are strapped for cash and have a $100/month latte habit then I thi
by jumbopapa 7y ago
I don't think that buying coffee is necessarily a recipe for disaster financially, but if you are strapped for cash and have a $100/month latte habit then I think you should probably address that.
I'm all for spending money on things that bring value to your life, but I think if people cut the latte habit they would see it doesn't provide a ton of benefit. It's more valuable to occasionally enjoy a latte than have one every morning.
- cvwright 7y ago$100/month is no joke. That's enough to buy a new iPhone X or a Macbook Air every year. Edit: Obligatory MMM https://www.mrmoneymustache.com/2011/08/01/a-millionaire-is-made-ten-bucks-at-a-time/ https://www.mrmoneymustache.com/2011/08/01/a-millionaire-is-...
- Avshalom 7y agoYeah but I don't need to buy either of those once every two years. Meanwhile it's enough to afford the down payment on a small car in... 4-5 years or the down payment on a small house by the time you retire.
- seem_2211 7y agoI've always found this line of reasoning funny - "if you don't drink a latte everyday you can save $1800 a year!" but I've always seen it as "for only $1800 a year you can have a latte a day!"
- jumbopapa 7y agoI agree 100%. I've been a following FI for a couple years now (just graduated last year) and it's helped me feel a lot more secure about my future. I worry about less than my peers too.
- maximente 7y agothere's also the opportunity cost of never being able to have that $100 invested and growing compoundly until you sell/die, which is an absolutely colossal loss as einstein or someone else said, compound interest is "the most powerful force in the universe."
- perl4ever 7y agoOr you could have a plain coffee and add milk, and consider whether a latte is enough better to justify the much higher price.