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5min chapter
2579: The Biggest Lie in Personal Finance by Nick Maggiulli of Of Dollars and Data on Retirement Myths
Optimal Finance Daily - Financial Independence and Money Advice
The Impact of Low Income on Saving and the Biggest Lie in Personal Finance
Examining the Consumer Expenditure Survey data, this chapter reveals how low-income households struggle to save due to spending most of their income on necessities. It challenges the belief that cutting expenses is enough to build wealth, emphasizing the need to increase income and invest in income-generating assets.
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