If you’ve been reading personal finance blogs for any length of time, you’ve probably heard about The Millionaire Next Door. It’s an interesting book with some good insights, but what people often take away from reviews of it goes something like this:
“If I want to be a millionaire I have to live like a broke college student until I’m really old and then maybe if I’m lucky I’ll still be around to enjoy the money.”
Blog posts about the miracle of investments compounding over time and the value of saving money on the little things (you know, being frugal) often add to this perception. The perceived takeaway is often “Scrimp and save now, deprive yourself, and you’ll be better off later.” » Read more