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Episode 2579:
Nick Maggiulli's article "The Biggest Lie in Personal Finance" exposes the oversimplified notion that reducing expenses is the key to wealth. He argues that for many, especially those with lower incomes, cutting costs isn't enough without addressing the core issues of insufficient income and systemic financial constraints.
Read along with the original article(s) here:
https://ofdollarsanddata.com/the-biggest-lie-in-personal-finance/
Quotes to ponder:
"The only 'secret' that I know to get rich is to grow your income and invest in income-producing assets."
Episode references:
Consumer Expenditure Survey, Bureau of Labor Statistics: Consumer Expenditure Surveys - U.S. Bureau of Labor Statistics.
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