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Rant ThreadThere is 1 topic that I think the majority of money Twitter gets wrong.
...And I’m going to bring some statistics to back it up.
I want sincere opinions on this, maybe I’m wrong?
The topic is “small expenses.” I constantly see people downplaying the need to reduce small expenses and I think it’s plain wrong for the majority of Americans.
Before you disagree... let me explain and also justify why I “get” why so many people say it here:...
Before you disagree... let me explain and also justify why I “get” why so many people say it here:...
First, I think so many people take jabs at cutting small expenses here because it isn’t applicable to them.
Money Twitter is a successful community that, for the most part, doesn’t have to sweat the small stuff anymore....
Money Twitter is a successful community that, for the most part, doesn’t have to sweat the small stuff anymore....
I feel like the negative attitude around “cutting Starbucks” is applicable to money Twitter, but not most of America.
Let’s remember that a lot of us have THOUSANDS of followers. I’d venture to say most aren’t doing what we are doing, but they like the idea of it.
Let’s remember that a lot of us have THOUSANDS of followers. I’d venture to say most aren’t doing what we are doing, but they like the idea of it.
They are here because they either like what we say or want to learn from us and what we do.
For the most part, we aren’t talking to a pool of people who are all ultra millionaires. We are talking to people who could really benefit from cutting back on small expenses...
For the most part, we aren’t talking to a pool of people who are all ultra millionaires. We are talking to people who could really benefit from cutting back on small expenses...
I’d venture to say out of my 16K followers... 15K could benefit from cutting small expenses across the board.
So why does Money Twitter keep belittling it?...
So why does Money Twitter keep belittling it?...
Expenses I’m talking about that we could reduce:
-Starbucks
-Streaming services
-Eating Out
-Leisure Spending
-Many more
-Starbucks
-Streaming services
-Eating Out
-Leisure Spending
-Many more
Most Americans don’t have $400 dollars for an emergency! $400!! In fact, this study shows that 40% can’t cover that kind of an expense! https://www.google.com/amp/s/www.cnbc.com/amp/2019/07/20/heres-why-so-many-americans-cant-handle-a-400-unexpected-expense.html
I can’t even imagine what % don’t have $1000 in savings.
This is a systematic failure of credit & poor budgeting.
Small expenses are part of what’s eating the every day American alive!
This is a systematic failure of credit & poor budgeting.
Small expenses are part of what’s eating the every day American alive!
You know what could fix the $400 problem?
Cutting small expenses.
Even if just for a month or two. I’d venture to say most Americans could find $200 in their budget of just waste. I’d say most could find more, though.
Cutting small expenses.
Even if just for a month or two. I’d venture to say most Americans could find $200 in their budget of just waste. I’d say most could find more, though.
I’d also venture to say that these expenses could be used to fund a Roth IRA. Maybe not fully fund, but significantly fund.
The fact is most Americans really could benefit from the reduction of expenses if they really want the financial freedom they see from MT.
The fact is most Americans really could benefit from the reduction of expenses if they really want the financial freedom they see from MT.
I will agree with you 1000% that increasing income is what will really make you wealthy. I agree with all of you that say that!
However, I just feel like as a group we continue to downplay the importance of budgeting early on if you really want to succeed.
However, I just feel like as a group we continue to downplay the importance of budgeting early on if you really want to succeed.
I’ve watched people with strong income fall victim to lifestyle creep because they never took the management of their money seriously.
They only took the creation of money seriously and were still just as pressed as people with a quarter of their income.
They only took the creation of money seriously and were still just as pressed as people with a quarter of their income.
Those with a $242 Starbucks exp at the end of the month but it didn’t even account for 1% of their income don’t need our advice.
Those whose Starbucks exp was $112 and 7% of their income NEED our advice and they need to understand money management.
Those whose Starbucks exp was $112 and 7% of their income NEED our advice and they need to understand money management.
There comes a point in the life of successful people where you can literally live without even blinking at these kinds of expenses. I’m all for that.
I just don’t think that’s the advice people need who are just starting their journey.
I just don’t think that’s the advice people need who are just starting their journey.
Wealth starts with an incredibly strong income or a strong foundation.
I’m not looking to take shots, I’m really not! I’m just curious if most of the people giving this advice forget about who the majority of their audience is?
Curious on opinions?
Am I off on this?
I’m not looking to take shots, I’m really not! I’m just curious if most of the people giving this advice forget about who the majority of their audience is?
Curious on opinions?
Am I off on this?
This thread wasn’t intended to sell anything at all. However, if there is someone out there who really wants to get your budgeting together and doesn’t know how, my friend @finance_hipster wrote a wonderful guide to help you get a grip!
(Affiliate) https://gumroad.com/a/769815667
(Affiliate) https://gumroad.com/a/769815667
