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We all know that we should be saving more. With rising healthcare costs, increased costs of living, higher taxes, etc., retirement is becoming a very, very expensive proposition. And even those investors with well-laid plans could still use some help to make sure they hit their golden years running.

One of the common pieces of advice on how to go about saving those extra-needed dollars continues to be one of the silliest and most misunderstood axioms in all of personal finance.

I’m talking about the ‘latte factor.’

The idea that your morning cup of coffee is what costs you serious dollars has been paraded around financial media for decades now as truth. But there is really more to compounding and your priorities than your daily caffeine addiction.

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