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The Latte Factor - Two Sides to the Story |
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If you are reading a website related to budget living, you are probably familiar with "The Latte Factor". For those of you who may not be familiar with it, this is the definition from David Bach's Website, Finish Rich:
The Latte Factor™ is based on the simple idea that all you need to do to finish rich is to look at the small things you spend your money on every day and see whether you could redirect that spending to yourself. Putting aside as little as a few dollars a day for your future rather than spending it on little purchases such as lattes, fancy coffees, bottled water, fast food, cigarettes, magazines and so on, can really make a difference between accumulating wealth and living paycheck to paycheck.
A few days ago, my friend Cheryl offered another aspect to The Latte Factor™ time. Cheryl is budget savvy and we often have conversations regarding the subject. Her story began when the grocery store near her home ran out of her favorite Tazzo Green Tips tea. Knowing that Starbucks carried it, she stopped by on Thursday morning at around 7:00 am to pick up a box. She tried to quell her irritation that there were three people in line ahead of her when she arrived. Cheryl isn't the most patient person when it comes to things like standing in line.
After much searching, the woman behind the counter found an entire box of Cheryl's tea and rang her up: 20 tea bags for $4.95 or approximately $.25 a cup.
When Cheryl turned around to leave, she was astonished to see twelve people waiting in line behind her. As she related the story to me, she couldn't help but think how much money that 12th person earned per hour and how much of his time he was wasting by standing in line. As Visa has several buildings around the corner, my guess is that individual makes, at minimum, $60 an hour. If he waited in line for five minutes, his mocha now cost him $9: $4 for the coffee and $5 in time.
But wait! There is another side to the story. Ironically enough, I found myself in that same Starbucks yesterday with Budget Savvy's photo editor, Janna Scott. We were picking up a "traveler" to take to our Budget Savvy offsite meeting that was to be held at Fearless Fitness which is just around the corner. Originally, I had planned to make coffee to take to the meeting, but convenience overruled thrift.
As we stood waiting (we were about 9th in line) I reiterated Cheryl's experience to Janna. As we continued our discussion, I noticed about 10 women sitting at tables pushed together chatting. I watched couples with dogs enjoy coffee outside on the patio. As I continued looking around, Janna mentioned to me that many Starbucks and Peet's display artwork from local artists in their stores. Some even display artwork from local school kids.
I then realized that Starbucks isn't just about a caffeine addiction. It's about grabbing a coworker at 3pm and taking a break for a few minutes. It's about meeting friends for a cup and getting away from the kids. It's about entrepreneurs having a place to meet as they plan their new business venture. It's a social destination.
I believe in the latte factor and that if you are frustrated because you can't seem to save money, scaling back on your Starbucks habit is a great place to start. At the same time, I'd like to give the coffee house (all coffee houses for that matter) props for offering Americans a place to grab a cup of coffee and interact with our neighbors.
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