I did a basic calculation this morning… if I gave up drinking my morning grande latte, how long would it take me to lose 8 pounds? Assuming I drink 5/wk. at 360 calories per cup and there are 3,500 calories in one pound, it would take me 15.6 weeks to lose the 8 pounds, all other variables being equal.
Naturally, as a CFP® professional my next question was, “How much money would I save?” Assuming I spend $4.45/day, I will have saved $347.10 in the same 15.6 weeks it took me to lose 8 pounds. If I continue that savings for the period of the whole year, I would save $1,157, and potentially lose even more weight.
If I compound that annual savings over a 20 year period, invest it and earn an 8% return, I could have $52,946!
So… whose joining me in losing 8 pounds and saving $53k?!
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