Is your 'latte factor' worth worrying about?
Unless you really don’t pay any attention at all to how much you spend, you’ve probably heard of the ‘latte factor’, a phrase coined by David Bach, the author of The Automatic Millionaire.
He says that too many of us ignore seemingly insignificant purchases (like the jolt that you pick up each morning before you head to work) even though they really add up.
If you spend $4 on a latte every day, for instance, your habit adds up to $20 a week, excluding weekends. That’s the equivalent of a wide screen TV every year.
Click here to see just how easily those little expenses add up. By entering how many times a week (or month) you purchase certain products or services, you’ll come up with a running total that may just surprise you.
The question is, how can you stop this cycle, reverse it, and start getting ahead on your current income, without living in a cave or completely depriving yourself of the rewards you've earned?
The point of the exercise is not to drain all the fun out of your life but to get you to change your thinking about your money. At this stage, you’re really just quibbling over dimes when you should really be looking at the dollars. But it is a start.
Of course, the real success of this strategy depends on the money you save finding its way into your retirement fund. But that’s another story.
So ... what’s your Latte Factor? Bottled water? Starbucks? Fast food? A gym membership you never use?
By Gordon Powers, MSN Money
Posted by: Georgia Pavlatos | Jul 24, 2021 4:06:05 PM
I don't like lattes. I prefer a cappucino, an experesso or a frappe!
Posted by: starbucks barista | Jul 24, 2021 8:28:40 PM
If you like them learn to spell them...its ESPRESSO..not experesso...lol
Posted by: Dr J. Steed | Jul 25, 2021 9:53:33 PM
I make my own coffee each morning. It's better than anything you can buy at Starbucks or T. Horton's. I drink tap water. Bottled water???? Get real!!! I don't eat fast food and don't waste my money on a gym when I can exercise on my own for free.
Posted by: jimmy | Jul 26, 2021 10:44:52 PM
my latte is gatoride cuz i bought a new 20 lbs dumb bell
lets hope i get buffed asap lol
n i save money by eating homemade homemade n tap tap n zuhahahahha i ma get rich soon