Learn why it's the big mistakes that keep you from financial success, not the
small ones.

Here's another article about giving up coffee or cigarettes and how it will make you rich.

Business Insider: "Why your daily coffee is stopping you from becoming a millionaire."

There are sayings like, "Watch your pennies and the dollars will take care of themselves."

"A penny saved is a penny earned."

Just give up lattes and invest that money instead…and eventually you'll become a millionaire.

"The Latte Factor" was invented by author David Bach, whom I really respect. I believe it was a demonstration of compounding more than selling the idea of skipping coffee.

Over a long enough time, compounding even a small amount will grow into millions.

What the purchasing power will be is another question.

I disagree with this frugal focus. It's not the small stuff that gets ya, it's the BIG mistakes.

Moving costs/interest/commissions/remodeling costs from moving often will cost you a lot more than a few dollars.

Buying cars every 3 to 4 years is a mistake that will cost you thousands. Invest that and over 25 years it can be $250k.

Where people go wrong is not learning how to invest.

A friend has had success with real estate, which is great, but in 2008 almost lost everything because a luxury spec home they build which they thought would sell for $3 million at the peak, they had to let go for a $1.5 million, below their breakeven.

Instead of investing, I noticed their house it full to the brim - drawers in the guest room are full, guest closets are all full, the garage is too full for 2 cars, the basement is packed full of stuff!

That tells me there are no investing goals that are being followed, there's a lot of spending that's extraneous and things aren't being used. It's not for me to judge, but I do notice that there's no money for anything because there's so much clutter!

How many people are surrounded by clutter from small purchases that make you feel good or volume purchases at COSTCO that accumulates a lot of stuff you don't use.
These are the reasons you haven't reached your financial goals. That - and an investment plan that will help you compound at a higher rate (Step 5 of the 6 Steps to Wealth).

The reason why a home is the largest asset for a lot of people is not just because home prices has been one of the best performing asset classes for the last 20 years, but because of the "forced savings" that a mortgage causes you to have. Paying a payment for 30 years, is a forced discipline that is paying off your interest and principal monthly. As you pay down your debt, the equity in your home increases, thereby giving you more net worth every month.

Disciplined investing (in this case by borrowing), is a secret that will help you build wealth. Regular deductions into a 401k or IRA or mutual fund or brokerage account will provide systematic payments into investments that can compound at 8 to 10% over the long run, if history repeats.

So let's not sweat the coffee.

Watch the hundreds and thousands you spend, not the pennies.

I'll post the article on my website.

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