Is Your Daily Coffee Costing You Your Financial Future??
Wealthist
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Is your daily Starbucks a harmless lil treat or is it a thief of long-term wealth building?
We know, we know... this argument is tired. It's been done. No one wants to hear it ("OK, Boomer"), but we want to make sure that people at least know how much that little expense can cost you over time.
Check out the Starbucks opportunity cost calculator to see your personal “coffee opportunity cost.” Don't worry, we'll give you some alternatives if you can't stomach the thought of ditching that green and white cup with the fun, cardboard sleeve to keep your fingies safe.
Coffee Opportunity Cost Calculator
Weekly spend:
$
Annual spend:
$
Percent of your income: %
What if you invested it instead:
$
Actual Investment (cumulative coffee spend) and Interest Earned (total return minus actual investment) over 30 years at 7% ROI
So you're not cutting fancy coffee... now what?
This is just one example of dozens of things that you are spending money on that could be invested instead. Here's a list of potential subscriptions and expenses that you could cut out, and probably not even notice:
- Dating app subscriptions - Talk to people in real life instead. You won't give up coffee, so chat up that cute stranger at the coffee shop that always copies your order
- Streaming services - One or two at most. When you start paying for all of them, you end up spending money on entertainment you don't even have time to enjoy.
- Dining out - Cooking at home is actually fun. And if you cook for that special someone, my guess is they'll cover dessert.
- Gym membership - If you're not going regularly, ditch the cost and go for a walk or run outside instead. Are you a guy that needs "GAINS?" Push-ups, pull-ups, and squats at home work just as well. Invest in adjustable dumbbells and never pay for a membership again.
- Premium cable - Switch to basic. You probably won't even notice the difference.
- Subscription boxes - Meal kits, beauty boxes, clothing, there's something for every area or your life, but they all drain your bank account
- There's also energy drinks, bottled water, in-app purchases... the list goes on and on
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