Sallie Krawcheck uses the 50/30/20 formula to explain why we should go ahead and enjoy our daily cup of coffee WednesdayWisdom
Earlier this year, Suze Orman, with a net worth well into eight figures, said she wouldn’t insult herself by buying a daily cup of coffee.
“You are peeing $1 million down the drain as you are drinking that coffee,” she said. “Do you really want to do that? No.” According to her math, that extra $3 a day spent on a caffeine fix could balloon into $1 million after 40 years in a Roth IRA.But without pointing specifically at Orman, Sallie Krawcheck, the longtime Wall Street exec who now runs Ellevest, tells CNBC the idea that we should skip our daily coffee is “terrible advice” and there are “layers of things” wrong with it. ‘We’re sitting here talking about lattes, when, with young women, we really do need to acknowledge the gender pay gap that exists.
Shawn Langlois Shawn Langlois is an editor and writer for MarketWatch in Los Angeles. Follow him on Twitter @slangwise.
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