It's More Expensive to Be Poor Than to Be Rich

It’s More Expensive to Be Poor Than to Be Rich

Terry Pratchett had a really perfect explanation for one of the many reasons why it’s more expensive to be poor than to be rich:

“Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of ok for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars.

But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that’d still be keeping his feet dry in ten years’ time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet.

This was the Captain Samuel Vimes ‘Boots’ theory of socioeconomic unfairness.”

-Terry Pratchett, Men at Arms

By this model, one reason the rich are so rich is because they manage to spend less money… and not just on boots.

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The First Time I Asked for a Raise

The First Time I Asked for a Raise

Story time. When I was 23 and only about six months into my very first big kid job, I got a promotion. It was great! I got to take the word “assistant” out of my email signature, I got to stop identifying as an entry-level employee, and best of all, I got a 22% raise.

I know, right? All was right with the world.

Fast-forward three years and my company had just merged with another company and in the resulting restructuring of the org chart I got another promotion. A big one.

But I didn’t get a raise.

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63% of Millennials Are Making a Big Mistake With Credit Cards

63% of Millennials Are Making a Big Mistake With Credit Cards

Millennials are an extremely debt-averse demographic, so it’s not surprising that they’re also ambivalent toward credit cards. 63% of people aged 18-29 have no credit card whatsoever. And 23% have only one.

I’m of the opinion that it’s extremely wise to have one credit card. I myself fall into the one-card group; it’s a valuable tool in my financial toolbox.

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