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How to turn your daily coffees into a million dollars

By: Nadia Stefyn

Published On: November 18, 2014

A daily caffeine hit is simply non-negotiable for some–particularly students juggling full-time work with study. But if you're the type to pick up a strong morning latte on the way to the office or classroom and then again during your 3pm lull, you may want to hear what this former Ashton College graduate has to say.

Alex Chan, Certified Financial Planner at IDC Worldsource, holds five professional designations (two from Ashton College – the Certified Financial Planner (CFP) and Elder Planning Counselor Program (EPC)) and has 25 years' experience in the finance industry. Without a doubt, he knows what he's talking about.

Alex paints this picture to clients coming to him for financial advice:

“If you go to Starbucks twice a day, that's $10 a day, $300 a month. If from 25 years of age you save $300 a month and get a decent rate of return for 10 years, you could be a millionaire by the time you retire.”

If you're a java junkie, consider cutting down to one coffee, or making coffee at home and taking it with you in a travel mug. If you don't care for coffee, think about other expenses. Could you ride your bike instead of driving or catching cabs? Do you get your nails done every month? If Alex's advice sounds enticing, do an expense review and see where you could turn your spending into saving.


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