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hegemony

buying coffee daily was like "peeing a million dollars down the drain."

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I just drink what's at work. The people complaining that life is too expensive aren't doing the little things to try to live within their means.

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I drink the stuff at work, we all put a buck into a pot every week. that covers coffee, coffee creamer, sugar filters etc. 

 

The local cheapest place is 1.24 for a mug refill, so I pay less for just swinging into work semi early filling my mug and not being part of the morning rush. 

 

Millennials are all about social status, ooohhh look at me I buy startbucks every morning, well that's great, Ill watch my bank grow as you sip on your 5 dollar drink that will be gone by 9am 

 

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Posted (edited)

If such a person didn't buy coffee everyday, they'll just spend the money somewhere else. To reach that million dollar figure, a lot of things will have to line up right. Extremely unlikely on a $100 a month investment.

 

Anyway, if everyone gave up Starbucks, or whatever coffee joint they go to, within weeks tens of thousands of coffee joints would close in the U.S. and around the world. It might be 100,000 coffee joints. Abandoned coffee joints everywhere you go. Starbucks bankrupt, with their workers now unemployed with nobody getting the health and education benefits that these same online writers write about.

Anyway, if your thing is drinking Starbucks every morning, or drinking toilet water, do whatever makes you happy. I don't care. Articles come out like this all the time about how people waste money. It doesn't change a thing. If everyone operated at top efficiency and never wasted a dime, we would be in a depression. The economy lives off of people wasting money, from buying clothes you don't need, going out to eat, buying a fancy car, going on vacation, to going to a movie. You don't really need to go to a movie, or any of this stuff, so just buy your clothes at Goodwill and stay home.

Edited by Burgerwars

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Yeah I agree, nobody has to justify their spending habits to Suze or live their lives according to her (e.g. use your daily coffee spend to invest in a roth IRA), or anyone else for that matter. 

 

That being said, I see where she is coming from, and if that advice works for some folks, good for them.

 

If that starbucks coffee everyday is what they want, it is nobody's business to tell them they shouldn't.

 

 

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23 hours ago, NorCalR1 said:

Yeah I agree, nobody has to justify their spending habits to Suze or live their lives according to her (e.g. use your daily coffee spend to invest in a roth IRA), or anyone else for that matter. 

 

That being said, I see where she is coming from, and if that advice works for some folks, good for them.

 

If that starbucks coffee everyday is what they want, it is nobody's business to tell them they shouldn't.

 

 

I agree an ira or something is at least some sort of return on your money, as apposed to "pissing it away" HOWEVER, most bond, ira's etc are totally useless, as is a house (as far as ROI) The bond short term long term inversion a couple weeks ago tells the tale on house useless they are. 

 

 

Buying equity on the other hand, where you can have some sort of control is a far better choice. 

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https://www.marketwatch.com/story/this-is-the-stupidest-comment-suze-orman-has-ever-read-2019-04-17?mod=mw_theo_homepage

 

:LOL:

 

Quote

Orman, who has 1.5 million Twitter followers, blocked Roseman. “That was quick!” Roseman responded. “I’m probably part of a large group of people who offended her by quoting articles she disliked.”

 

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20 hours ago, hegemony said:

“This advice sounds good because the latte factor is catchy but it’s not useful advice,” he wrote. “If a coffee a day is going to ruin your retirement you have much bigger financial troubles to worry about.”

 

And THAT says the individual misses the point being made.  In effect, Orman's article is on par with CV's thread about paying down the mortgage, even with rebate checks that were literally just pennies. 

 

Taken as an individual amount, a $5-7 purchase is not impacting retirement.  However, across life and accounting for the compounding effect, it DOES add up. 

 

Nobody is telling the $tarbux addicts that they have to quit wasting money on overpriced crap.  It is simply pointing out that it DOES have a fiscal consequence.  But in an age where millennials don't think long-term because they are still living at home with mommy and daddy, the message is lost.  Once one has BECOME fiscally comfortable, it becomes far easier to engage in frivolous purchases, but this is because the retirement house is well in hand.   

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I wouldn't trade two homes, three cars, no debt, and enough money to retire before we leave our 40s for 1,100 gallons of Caramel Macchiato®.

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Posted (edited)
On 4/16/2019 at 10:22 AM, XScottX said:

HOWEVER, most bond, ira's etc are totally useless, as is a house (as far as ROI)

 

 

I have mixed feeling about the this comment (most negative, however), considering that DW and I have done exceedingly well in our 30 years of home ownership. 

 

In particular, the fact that (as an investment) real estate can be considerably leveraged with debt while being a low-to-moderate risk investment, plus generating a mortgage interest deduction and tax deferral/avoidance on gains offers an opportunity for handsome returns.

 

We bought in 1989 for $121k (with a $12k down payment and approx $5k of closing costs), sold at the near-bottom market of 2011 at $375k.  Bought in a new location in 2011 for $440k (no new cash down), and recent sales suggest a sale of $620k-$650 is a very realistic prospect were we to put the house on the market.

 

Even considering net interest costs and escrows plus maintenance/upkeep costs, we're well ahead of the game.  Then add in the negative cash flow avoidance for the alternative of renting (est $600k in our case), and ownership is a no-brainer.

 

------

 

That said, I'll own up to being very fortunate.  I'll take some credit for being very careful and deliberative about choosing where to live and what to buy (both homes have yielded appreciation that is stronger than the regional average).

 

By a considerable proportion, our friends and relatives have fared more poorly (significantly so in some cases).  However, no one owning for more than 10 years has a current value below purchase.  And in every such case, I'd estimate that their out of pocket housing cost (interest net of tax benefits, escrows and upkeep) is smaller than the equivalent rental expense.

 

So, even in the more dour instances over the longer-term, I'd deem their ownership advantageous over renting -- a positive return they'd unlikely be able to match otherwise.

 

 

 

 

Edited by hdporter

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