When you live paycheck to paycheck, everyone (including you) likes to blame your financial woes on the tiniest expenses. However, you’ll have a harder time than you think ruining your retirement plans by buying a morning coffee.
As personal finance author Helaine Olen explains in Pound Foolish: Exposing the Dark Side of the Personal Finance Industry, the idea that you can ruin your budget with small indulgences is a tempting one because it’s something we can control.
The idea, as popularized by personal finance advisor David Bach, is that if you simply skip the coffee every morning and invest that money instead, you’ll be a millionaire by the time you’re ready to retire.
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