Is the "Latte" factor holding you back?
Published on February 14, 2018
Published on Wealthy Affiliate — a platform for building real online businesses with modern training and AI.
Want an example of a harmful concept?
The "Latte Factor"...
In case you're unfamiliar with this term it essentially just means that small daily expenses (like lattes) can add up to hundreds of thousands of dollars by the time you're 65 if you invested the money instead...
Guess what?
It's WAY easier to increase your income than it is to reduce your expenses...
This is 100% true for both businesses and personal finances...
I understand that these books are designed and written specifically to sell millions of books to the middle class, but that doesn't make these ideas less harmful...
Why do I say this is a harmful idea?
Because it encourages people to have a mindset based on scarcity instead of abundance and to restrict their ambitions to what the middle class considers "successful"...
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What's the point in cutting out all of the simple daily pleasures in your life just so you can have 1-2 million dollars in investments when you're 65 (when the years where you'd likely enjoy the money the most have passed)?
So what if every Morning you spend around $9 on a coffee and Croissant from a fancy coffee shop?
*Gasp! That's like $270/month, why would you do this?*
Because maybe you like how the croissants taste from there?
Stop denying yourself all the things you enjoy in life just because financial experts tell you that you have to...
Instead, spend that same energy that you'd spend pinching pennies on figuring out how you're going to increase your income to a level where you can spend what you want, when you want and live by your own rules and own definition of success...
It's much easier than you think to increase your income (once you reject the scarcity mindset that society expects of you and replace it with an abundance mindset)...
Sure, having a money management system in place to manage and grow your wealth is important...
But a budget?
Not my cup of coffee...
To our freedom...
John W. Newman
Dream It, Believe It, Then Achieve It!
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