Can you think of starting your day without a cup of your freshly brewed coffee? I bet you can’t!
I can’t either. I love coffee. So … apparently do you. In spades.
But, take a minute and think…. is getting that morning buzz more important than creating your retirement nest egg? According to some recent research, coffee is the enemy of your retirement.
I’m sorry. It simply isn’t.
The Right Steps Don’t Discriminate Against Coffee
In my last post, I lamented the clickbait financial wisdom exclaiming how if we just gave up our latte, we’d be rich. Little did I know at the time that Acorn had based an entire survey question around the dreaded cup of coffee.
In their Money Matters survey, the findings reveal that 41% of millennials – my generation – spend more money on coffee than investing in our future. (1.)
The SAME survey of 1,911 Millennials (914 of the respondents were 24-35 vs. 18-23) also found that Retirement (at more than 40% of respondents) was the group’s top financial concern. It outpaced Daily Expenses and Debt.
Then I found this Forbes Fake News Fact Check gem bolstering the Millennial cause. Could Millennials actually be better at saving for retirement than previous generations? The article references an American Enterprise Institute study where, in 2015, Millennials reported that they first began saving for retirement at age 23, versus age 28 for Generation X and age 34 for Baby Boomers.
If you believe the anti-coffee hype, apparently my generation isn’t thinking rationally about saving for our retirement. That might be true, but we’d be placing the blame on the wrong thing.
The Right Steps Include Paying Yourself First
Just to set things straight, our advisor team doesn’t warn clients about the evils of coffee.