I’ve long felt awkward about this whole latte thing. It’s the quintessential metaphor for foolish spending of money. You know, as in, a latte a day costs enough over a year that you could go to Europe with the same amount, or better yet, put it into your RRSP.
Well, I’ve always had a weakness for lattes. And since moving to Yellowknife, I buy a latte every morning.
I spend $3.14 per latte = $722 per year (I reduced it by 6 weeks to account for 4 weeks holiday – perk of working up here – plus 2 weeks of days when I get freebies for giving them all that business)
If instead I invested the money, and it compounded at 8%, in 5 years it would be worth $1060.85
(If anybody cares to calculate how much I’d have in 5 years if I eliminated that cost for each of the 5 years, I’d be interested in the results.)
But as I used to say to my clients, there’s no law in the universe that says you can’t buy lattes all you want, as long as doing so doesn’t kaibosh your other priorities.
For me, lattes aren’t so much about the caffeine and frothy milk. More, it’s about
- a little mental and physical break from my work environment
- taking along a coworker and having that kind of informal chat that leads to good working relationships
- And to a certain extent, it’s even about the friendly interchange with the baristas.
Over the course of the year, I’m willing to pay that $700+ in order to have this as part of the fabric of my life.
Readers: I’m curious. How much do you spend on lattes/coffees each month? Do you feel OK about it?
photo credit: Robyn Gallagher