No, I don’t recommend reading and following the Automatic Millionaire book by David Bach who trademarked the tern The Latte Factor(tm), There’s a 20th Anniversary edition of his book that I read when it first was published.
Bach claims that by not buying a latte every day and saving the money you’ll become rich. There’s a false comfort in this assertion as when you analyze the mindset it’s shot through with Swiss cheese holes.
First, why would any of us want to become a millionaire if we have to scrimp in order to become well-off? Should having a million dollars in the bank be the goal for everyone to begin with?
We don’t need to accrue a million bucks to be happy and have a rich, prosperous life in terms of the meaning of wealth that is abundance.
We can have an abundance of health and happiness without needing a million dollars to live on.
Plus, if we saved up a million dollars what should we do with the money once we get it? Are we supposed to keep scrimping and not buy lattes once we’re rich?
And if the purpose of getting a cool million is to be able to use that money to buy lattes then technically we’d go broke again by buying lattes.
Far better to exercise and eat well to maintain our health. Because what’s the purpose of being in ill health if we have to use up this cool million dollars on healthcare and medical costs?
It’s true that money doesn’t buy happiness. Research indicates that up to an income of $75K people can be happy. Earning more than $75K per year doesn’t guarantee that a person will become happier. Our happiness level tops off at $75K.
The fact is that likely you and I will get tired of drinking lattes every day at some point. Those coffee runs might be initially savored. Yet drinking lattes all the time it wouldn’t feel special to have a daily cup anymore.
Even if we won’t become millionaires sipping coffee. Even if we won’t get palate fatigue tasting the same old coffee. The fact is the world can be cruel, and life can be hard. So, enjoying a 3:00 p.m. run to Starbucks shouldn’t be ruled out.
And hey, I’m not a fan of the unhealthy drinks served up at Starbucks. You might go there though.
The choice is your sand mine how we spend our money.
I say Cheers! To do what you want with your cash when elsewhere you’re cutting back on spending.
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