Comments on: The Latte Factor and Becoming a Millionaire http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Sun, 21 Mar 2010 02:47:42 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: $$ http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-24769 $$ Fri, 12 Mar 2010 03:18:07 +0000 http://moneyning.com/?p=2456#comment-24769 Yes! Thank you! The latte factor is complete nonsense. It's one of the cheapest paid forms of pleasure (since the "best things in life are free") that you can have. Don't buy a latte, but go buy a plasma tv (only to switch to a 3d TV two years later)...haha.... The thing that really cracks me up is people that assume they are going to make a constant 10% on the money that they save on latte's which is completely unrealistic, especially as you age and need to get conservative when close to retirement. I make much more accurate estimations of what skipping that morning latte will do to your retirement account here... Yes! Thank you! The latte factor is complete nonsense. It’s one of the cheapest paid forms of pleasure (since the “best things in life are free”) that you can have. Don’t buy a latte, but go buy a plasma tv (only to switch to a 3d TV two years later)…haha…. The thing that really cracks me up is people that assume they are going to make a constant 10% on the money that they save on latte’s which is completely unrealistic, especially as you age and need to get conservative when close to retirement. I make much more accurate estimations of what skipping that morning latte will do to your retirement account here…

]]> By: Gary http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-23433 Gary Wed, 27 Jan 2010 14:36:05 +0000 http://moneyning.com/?p=2456#comment-23433 I get the point. We must pay attention to habit spending....Cigarettes, candy, snacks, drinks, LATTE, etc., and realize the long term expense. Saving $3.50 a day is only part of it......checking the explosive expense such as your gas to get to the latte, and the time you waste, the opportunities you miss, the other values you could have , and the fact that $3.50 saved vs $3.50 spent is a $7.00 turn around for your money. $3.50 could equal over $10.00. Savings is great, but on the need side, one can justify large purchases by matching this latte amount to the item they just bought, and feel good about it. I get the point. We must pay attention to habit spending….Cigarettes, candy, snacks, drinks, LATTE, etc., and realize the long term expense. Saving $3.50 a day is only part of it……checking the explosive expense such as your gas to get to the latte, and the time you waste, the opportunities you miss, the other values you could have , and the fact that $3.50 saved vs $3.50 spent is a $7.00 turn around for your money. $3.50 could equal over $10.00. Savings is great, but on the need side, one can justify large purchases by matching this latte amount to the item they just bought, and feel good about it.

]]> By: Rex Giga http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-15566 Rex Giga Sun, 26 Apr 2009 02:51:56 +0000 http://moneyning.com/?p=2456#comment-15566 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. 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 http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-14873 Hannah Mon, 30 Mar 2009 17:00:50 +0000 http://moneyning.com/?p=2456#comment-14873 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/ 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 http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-14631 Jason Unger Mon, 23 Mar 2009 14:51:57 +0000 http://moneyning.com/?p=2456#comment-14631 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? 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 http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-14589 TStrump Sat, 21 Mar 2009 23:38:41 +0000 http://moneyning.com/?p=2456#comment-14589 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. 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 http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-14569 Play Games Win Prizes Fri, 20 Mar 2009 19:55:18 +0000 http://moneyning.com/?p=2456#comment-14569 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 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 http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-14517 Perfect-Money Thu, 19 Mar 2009 08:43:16 +0000 http://moneyning.com/?p=2456#comment-14517 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 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 http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-14496 NHMatt Wed, 18 Mar 2009 14:02:37 +0000 http://moneyning.com/?p=2456#comment-14496 The "rule of 72" says 72/5 = 14.4 years to double that money at a return rate of 5% annually. The “rule of 72″ says 72/5 = 14.4 years to double that money at a return rate of 5% annually.

]]> By: Craig http://moneyning.com/frugality/the-latte-factor-and-becoming-a-millionaire/comment-page-1/#comment-14482 Craig Tue, 17 Mar 2009 20:31:14 +0000 http://moneyning.com/?p=2456#comment-14482 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. 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.

]]>