(WWBT/WXIX) - Some money mistakes start out small and build in a big way over time. One little tweak to your routine could really pay off.
Go to any public place and you'll spot plenty of people walking around with gourmet coffee, but that three or four dollar coffee every day adds up in a very big way.
A survey from money app Acorns finds more than one in three Americans spent more money on coffee last year than they invested.
So what's the big deal about ten or twenty bucks a week on coffee?
Well, let's do the math. Let's say you spend $20 a week on coffee - that works out to $1040 a year.
If instead of buying the coffee you invested that $1040 each year, starting at age 25 until retirement at age 65, assuming a six percent rate of return - you'd end up with $170,000 more for your retirement!
If, instead, you continue to spend that $1040 every year on coffee, at age 65, you'll have spent $41,600 on drinks - with literally nothing to show for it.
The problem isn't the coffee, really - it's buying things without thinking about how those purchases add up, or what else you could be using that money for.
If you don't know where to find the money in your budget to invest, or how to get started, an appointment with a certified financial planner could be a great start.
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