Welcome to PSL Shaming Season
Welp … it’s that time of year.
The nights are getting a little chillier, the garden is starting to droop a bit, school has started … and pumpkin spice lattes just hit the shelves.
Now, you know how we feel about our lattes over here at Ellevest … and also how we feel about a society that “latte shames” us.
You’ve heard it from a range of personal finance pundits: “Don’t buy the latte. It’s just p*ssing money down the drain. Invest the money instead and become a millionaire.”
Sounds good, right?
But let’s be clear: If you give up your latte and invest that money in the stock market, you will not become a millionaire. The math simply doesn’t work. Not on any planet that we know of.
That’s poor financial advice all year round. But just as September kicks August up several notches, so the pumpkin spice latte kicks latte shaming into overdrive. Now, not only are you “p*ssing money down the drain,” you’re doing it on something that “tastes like candles.”
Interesting, isn’t it, that we as a society mock the pumpkin spice latte, but not craft beer? And the cosmo, but not an aged whiskey. And rosé, but not cabernet. We heap scorn upon avocado toast, but leave Cheetos alone.
We can argue all day about whether this a gender thing or a generational thing. Regardless, it’s a shame thing: shaming some groups for their money choices — but not others — while acting like we’re all in on the joke.
Personally, I don’t love a pumpkin spice latte. And I’m honestly not all that crazy about fall (because it means winter is up next). But we’re all for getting past cultural bullying when it comes to money … and making smart money choices based on real facts, not made-up-latte-shaming-become-a-millionaire stuff.
PS: What could give you a better shot at becoming a millionaire?
Go after and get the raise you deserve. Invest steadily out of every paycheck. Keep the money in a diversified investment portfolio for the long term. Keep investing even during periods of volatility, like this one.
Now we’re talking.
Read the original article here.
CO-FOUNDER & CEO, ELLEVEST
Have more questions? Follow up with the expert herself.
Sallie Krawcheck’s professional mission is to help women reach their financial and professional goals (or, put more bluntly, to get more money into the hands of women), thus enabling them to live better lives and unleashing a positive ripple effect for our families, our communities and our economy. To that end, Krawcheck is the Chair of the Ellevate Network, a 135K-strong global professional women’s network; she is also the CEO and co-founder of Ellevest, a... Continue Reading
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