Sallie Krawcheck: 'Don't buy daily coffee' is terrible advice—here's why investinyou (In partnership with acorns.)
If you love your morning Starbucks, Sallie Krawcheck wants you to enjoy it.
"There's this terrible advice that goes around: 'Don't buy the latte. Invest the money, and you'll become a millionaire,'" the former Wall Street executive tells"the latte factor." Some financial experts argue if you ditch your $5-a-day latte habit — or any small luxury you indulge in on a regular basis — you'd have quite a bit of money to contribute toward investing instead.
By Krawcheck's rule, nearly one-third of your money can be spent on whatever makes you happy. That could be travel, electronics, clothing or daily lattes. "We're only on this earth a short amount of time," she says. "We need to have fun." Don't get hung up on the idea of cutting back on small purchases, she adds. Focus on the bigger, societal inequities, like the wage gap, the pink tax, the student loan debt crisis and the investing gap.
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