Lets debunk the highly criticized topic of personal finance: will buying coffee make you poor? Enjoy! Add me on Instagram: GPStephan
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This is a highly argued topic between two completely opposite ends of the spectrum:
In the one corner, you have financial “gurus” blaming millennial’s poor financial decisions on the purchase of avocado toast and the habits of buying the daily coffee…
And, in the other corner, we have the mindset that you should just buy it and enjoy life, because $3 isn’t going to make a difference in your lifestyle, and you should focus…INSTEAD…on the bigger picture.
Well, regardless of what your OPINION is on the cost of coffee…research doesn’t lie:
According to the investment app, Acorns, more than 45% of 18-23 year olds have spent more money on coffee than investing in their retirement…and 35% of 24 to 35 years olds have done the same.
I think it’s safe to say, that regardless of the wage gap, inflation, rising cost of housing, and the skyrocketing cost of education…spending more on coffee, than you do on retirement, IS ridiculous.
And when it comes to the topic in question…COFFEE...the statistics DON’T LIE:
The average American is spending $20 per week, or almost $1100 PER YEAR…on coffee…
And even WORSE, is that those aged 18-34 spend $10 MORE per week on coffee than the 45-and-older demographic…
https://consumerist.com/2012/01/20/most-american-workers-spend-more-than-1000year-on-coffee/
Here’s the thing: A $5 cup of coffee every now and then isn’t going to make you poor. It isn’t going to make a big difference in your budget, and it isn’t going to prevent you from buying a property. However, I think the bigger issue isn’t so much a small purchase every now and then…instead, it’s the cumulation of MANY small purchases, scattered throughout your day, that you just don’t pay attention to, that can wreck havoc on your budget.
And this is where I believe most people get lost: they take the “don’t buy coffee” advice way too literally, without understanding the deeper metaphor of what they’re REALLY saying: that you CANNOT be frivolously spending money unless you can afford it, without being able to justify its value.
So will a coffee make you poor? It’s Debatable.
On the one hand, if you just invested that $5 cup of coffee every day for 45 years…and you got a 7% return adjusted for inflation…you’d have $557,000 left over at your disposal. That’s the power of meticulously tracking your spending, and realizing how much it’s worth in the long term - and that your $5 daily coffee is a splurge and should be treated as such.
But on the other hand, life is to be enjoyed. Life isn’t about looking at numbers on a computer screen and realizing you haven’t enjoyed yourself or experienced everything life has to offer. And if a $5 cup of coffee is going to make your day that much more fulfilling, I’m all for it.
And really, the whole point of all of this video is just to realize WHERE your money is being spent, determining if that’s a good use of your money compared to the OTHER alternatives - like making coffee at home - and then applying that to EVERYTHING else in your life.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1000): https://act.webull.com/k/Vowbik9Tm5he/main
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
This is a highly argued topic between two completely opposite ends of the spectrum:
In the one corner, you have financial “gurus” blaming millennial’s poor financial decisions on the purchase of avocado toast and the habits of buying the daily coffee…
And, in the other corner, we have the mindset that you should just buy it and enjoy life, because $3 isn’t going to make a difference in your lifestyle, and you should focus…INSTEAD…on the bigger picture.
Well, regardless of what your OPINION is on the cost of coffee…research doesn’t lie:
According to the investment app, Acorns, more than 45% of 18-23 year olds have spent more money on coffee than investing in their retirement…and 35% of 24 to 35 years olds have done the same.
I think it’s safe to say, that regardless of the wage gap, inflation, rising cost of housing, and the skyrocketing cost of education…spending more on coffee, than you do on retirement, IS ridiculous.
And when it comes to the topic in question…COFFEE...the statistics DON’T LIE:
The average American is spending $20 per week, or almost $1100 PER YEAR…on coffee…
And even WORSE, is that those aged 18-34 spend $10 MORE per week on coffee than the 45-and-older demographic…
https://consumerist.com/2012/01/20/most-american-workers-spend-more-than-1000year-on-coffee/
Here’s the thing: A $5 cup of coffee every now and then isn’t going to make you poor. It isn’t going to make a big difference in your budget, and it isn’t going to prevent you from buying a property. However, I think the bigger issue isn’t so much a small purchase every now and then…instead, it’s the cumulation of MANY small purchases, scattered throughout your day, that you just don’t pay attention to, that can wreck havoc on your budget.
And this is where I believe most people get lost: they take the “don’t buy coffee” advice way too literally, without understanding the deeper metaphor of what they’re REALLY saying: that you CANNOT be frivolously spending money unless you can afford it, without being able to justify its value.
So will a coffee make you poor? It’s Debatable.
On the one hand, if you just invested that $5 cup of coffee every day for 45 years…and you got a 7% return adjusted for inflation…you’d have $557,000 left over at your disposal. That’s the power of meticulously tracking your spending, and realizing how much it’s worth in the long term - and that your $5 daily coffee is a splurge and should be treated as such.
But on the other hand, life is to be enjoyed. Life isn’t about looking at numbers on a computer screen and realizing you haven’t enjoyed yourself or experienced everything life has to offer. And if a $5 cup of coffee is going to make your day that much more fulfilling, I’m all for it.
And really, the whole point of all of this video is just to realize WHERE your money is being spent, determining if that’s a good use of your money compared to the OTHER alternatives - like making coffee at home - and then applying that to EVERYTHING else in your life.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
No its not because the caffeine from coffee fuels your day so you can be productive it’s equal and starbucks had high caffeine coffee so its worth it
$1000 a year one coffee a day
THANK YOU SO MUCH I stopped drinking Coffe, water , etc. And I stopped eating since I want to save money. And thank you cause now i am 400 pounds under weight
Graham is going to be in his 80s in his deathbed with several millions and his kids will be able spend all the money he himself frugally saved.
watching this in 2023- the inflation is real. ouch
Americans we know u can't handle the truth, u all r privileged idiots.
$3 for a coffee in starbucks congrats …
i drink coffee too and its nescafe instant coffee. i enjoy tht coffee .
My only issue with this is what’s the end goal? When you keep on saving and saving, what will you do with that money? At least someone like Mr. Wonderful spends on things he loves.
If you were so cheap that couldn't afford some coffee everyday, what's the prospect of doing any business?
Just go to starbucks with valuable someone. Make it a must bigger event to splurge. Then it becomes normal to make your own v60 gayo cup daily.
the best way is to not drink coffee. Drinking coffee is a bad habit for health.
Until people learn how money and the psychological behind it works, they will keep spending it on stupid things with no limits. Major corporations know this.
Sorry, but, when it comes down to it coffee is just spending money on water twice, when you buy it, each flush of your toilet afterwards !
I never really thought about this until this video. I eat out once or twice a week and I'm so used to making coffee at home every morning or evenings sometimes. It was really about me being lazy wake up and start making coffee while I take a shower and get ready. By the time I'm done its all warm for me to drink. And here I am feeling bad about buying a new coffee machine when I realize I save a lot just from making it at home.
nice
Same can be said about consumerism and how avoiding it can help achieve financial independence/freedom.
When life hits Graham is here to help! Great rant!💯💪🏼💰
It’s not about making the sacrifice forever, it’s making the sacrifice when you’re young to set yourself up for the rest of your life, if giving up the expensive coffee pushes you a little bit closer to that goal then why not. That’s what these millionaires are getting at
Buying coffee at coffee shops is so stupid. It's more expensive than buying a good coffee machine and coffee beans and you waste gas and time driving to the coffee shop.
You’re the one person that when you ask me to like the video I always do 😘
st0P buYing $5 c0ffEes!!!!
Unless you're getting some frapalatasuperduper drink, it does not cost that much
I got you beat. Dollar store domino sugar $1 Juan Valdez's instant coffee(its actuallygood) $4 a jar, and some coffee creamer for $1. Lasts me like 2 months
And saves me a lot of time as well.
I go on a coffee plantation at night, pick the coffee beans, let my dog chew them up, he then spits the juice into a cup which I put into the microwave, it’s not only delicious but it also allows me to save money😂😂😂
Panera is offering free 3 month trial to their coffee subscription. Unlimited hot and iced coffee.
After 3 months it’s $8.99 month. Almost as cheap as $.22/cup
Probably comes in cheaper if you drink a large 20oz or several
Cups a day. -cheers.
I think registration for the trial ends tomorrow.
you forgot that eating out is super expensive and eating at home will save you tons of money
When's your coffee brand coming out though lol
Spending money on coffee like Starbucks and Costa is such a retrograde thing to do, you can use that money for better things. Don’t complain about being poor whilst you live in your daydream in a Starbucks Restaraunt. “No Valance you are so wrong we like Starbucks it’s cool”. It maybe cool but who are you trying to prove? You are just benefitting shareholders and franchisees who own the restaurants.
I am trying to not to go to Starbucks bc not only is it a waste of time and money but 7/10 times they get my drink wrong and it’s so irritating. Most of the time I don’t even say anything
There is a major difference in buying coffee 1x a month vs 30x a month. There was a recent study that more people are beginning to make thier coffee at home, which is good news. When I find it, I will post it.
Drinking my $3 coffee now as I’m watching this.! I need an intervention