Summary - don't drink coffee (cut down on something unnecessary), save that money everyday in a bank, and at the end of the year invest it all in index funds. Do this every year, and you can be a millionaire in 15 to 20 years. Sound advice for the disciplined. (Also pitches you to buy Nio Inc stocks which the autor feels will be the next Netflix or Amazon :).
These sort of articles often come off as pretentious to me, and this one is unfortunately no different.
The first and the biggest issue I have is that the article presents poverty/a poor financial situation as a consequence of being irresponsible with money. Which is in a lot of situations simply not true.
Then the article goes on to give you this super easy solution, just save 5 pounds a day, anyone can do that. The reality is however that a lot of people can't do that. A lot of poor people literally only spend on bills and food, telling them to just save more is hardly advice. And the amount isn't as miniscule as the article presents it to be, it's 150 pounds a month. For people who are already saving money, this article basically tells them to spend 5 pounds a day.
I won't even get to the latter half of the article which essentially boils down to save up and start investing.
These sort of articles have a fundamental problem. If someone were rich, they would presumably be doing other things than hawking referrals links through personal finance advice. And if the author isn't rich, why should the audience listen to their advice?
The other aspect is that even if it can be a good idea for a given individual to invest their savings, there is a reason why this sort of budgeting advice is often satirized as a form of propaganda. It happens to be paradoxically both actionable and ridiculous at the same time given how systemic issues affect people far more than their own small scale scrimping and saving.
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[ 1.6 ms ] story [ 18.6 ms ] threadThe first and the biggest issue I have is that the article presents poverty/a poor financial situation as a consequence of being irresponsible with money. Which is in a lot of situations simply not true.
Then the article goes on to give you this super easy solution, just save 5 pounds a day, anyone can do that. The reality is however that a lot of people can't do that. A lot of poor people literally only spend on bills and food, telling them to just save more is hardly advice. And the amount isn't as miniscule as the article presents it to be, it's 150 pounds a month. For people who are already saving money, this article basically tells them to spend 5 pounds a day.
I won't even get to the latter half of the article which essentially boils down to save up and start investing.
The other aspect is that even if it can be a good idea for a given individual to invest their savings, there is a reason why this sort of budgeting advice is often satirized as a form of propaganda. It happens to be paradoxically both actionable and ridiculous at the same time given how systemic issues affect people far more than their own small scale scrimping and saving.