Comments on: The Latte Factor and Becoming a Millionaire

By: Rex Giga

Rex Giga — Sun, 26 Apr 2009 02:51:56 +0000

I think that saving money by focusing on small things like lattes is a waste. Shouldn’t you focus on big things like car purchases, house purchases, whether or not to have children, etc? Furthermore, lattes may be healthy for you. Medical studies show that those who drink the most coffee have the lower risk of type 2 diabetes, cancer, and heart disease.

By: Hannah

Hannah — Mon, 30 Mar 2009 17:00:50 +0000

Here’s the problem: the Latte Factor idea assumes that you are buying lattes every day. Ok, I know there are people out there who do, in fact, buy lattes every day. But I’m sure it’s already occurred to them that they could save money by cutting the java out. Telling someone to save money by skipping their daily latte is like telling someone to lose weight by taking the stairs instead of the elevator: Duh. Anyone who has ever picked up a magazine or watched the Today Show has heard those ideas before. Read more of my thoughts on this here:

http://monogamoney.wordpress.com/2009/03/30/the-latte-factor/

By: Jason Unger

Jason Unger — Mon, 23 Mar 2009 14:51:57 +0000

Of course, the whole latte factor thing leaves out the biggest wealth destruction you’ll see over time: inflation.

Who knows if having $2 million in forty years will be worth anything at all?

By: TStrump

TStrump — Sat, 21 Mar 2009 23:38:41 +0000

If you cut too many of the ’small items’ then life isn’t much fun, and you may end up binge spending, which is worse! It’s happened to me.
So have that coffee or latte every once in a while … they do add up, though.

By: Play Games Win Prizes

Play Games Win Prizes — Fri, 20 Mar 2009 19:55:18 +0000

The article makes it seem easy to “save”, but at times, it really isn’t that simple. Everyone throughout their life spends over millions of dollars, but just don’t know it.

-Mike

By: Perfect-Money

Perfect-Money — Thu, 19 Mar 2009 08:43:16 +0000

I think harder to typed it rather then do it out in the real way,for me ,what make me spending is sometimes because I cannot handle the pain of “waiting ,it seems time so slow in waiting,yea I save,but my saving is a back up only ,and about advice how to be millionaire above,all I can do just focus to use the money I got now to “capitalize my ability to gain more money,with investing ,marketing or saving it traditionally in a stock or options

By: NHMatt

NHMatt — Wed, 18 Mar 2009 14:02:37 +0000

The “rule of 72″ says 72/5 = 14.4 years to double that money at a return rate of 5% annually.

By: Craig

Craig — Tue, 17 Mar 2009 20:31:14 +0000

It works in theory but not in the big picture. People don’t put away money on a daily basis and have interest grow. If anything, they probably would put the money towards other bills or debt they may have.

By: Cheapchick

Cheapchick — Tue, 17 Mar 2009 02:54:10 +0000

Each and every financial guru has some sort of Latte Factor …they each just call it something different. What they all have in common is the “sweat the small stuff and the big stuff” factor (again borrowed from many a finance guru). What true millionnaires do is consider where their money is going before they spend it and in order to really make the big money you must save money and invest money. Simply saving a couple of buckis on a Latte is not going to do it. What it will allow you to do is live better on what you make.

By: Chiko777

Chiko777 — Tue, 17 Mar 2009 02:08:36 +0000

I agree, hence I am working on creating passive streams of income in order for me to retire at a young age. Retirement is not about how old you are, it’s about how much money you have or have coming in on a regular basis.