Audio Version: Let Me Hear It!
Next time you rush in to the local coffee shop for your caffeine fix, consider this: the daily $3.60 cost of a medium-sized latte will run you $1,300 per year. And, we’re not talking fancy drinks here, just coffee and milk (and just one a day)! If, instead, you redirected the $109 a month toward savings, assuming a 6% rate of return, the accumulation potential is major.
Investment Time Value Just Over
15 years $31k
20 years $50k
25 years $75k
30 years $109k
Some of you may be thinking, “‘I don’t have coffee, I don’t work. I don’t work, I don’t make money. I don’t make money, I don’t save money.'” We get it. We love those little warm cups with our misspelled names just as much as you. We aren’t trying to stage an intervention here. Our point is that it’s important to look at the annual cost of small indulgences so you can mindfully decide whether your dollars are really going toward what’s important to you or not. So, if not coffee, consider other ways to cut back – perhaps something that won’t cause such nasty withdrawals.