Friday bits: Harry Potter and his money, $10 cup of coffee, waiting for Social Security

Daniel Radcliffe is Living Below His Means – I have mentioned athletes who understand that their careers are fleeting. Several have been living below their means in an effort to make their money last a lifetime. Mashable discusses Daniel Radcliffe — of Harry Potter fame — and his earnings. Apparently, Mr. Radcliffe, who is arguably worth between £60 million and £74 million (that’s $76 to $94 million), is living well below his means. From the sounds of it, Radcliffe is essentially keeping his money as a buffer-zone in order to give himself as much creative freedom as possible when it comes to choosing acting projects.

Fancy $10 Coffee at High-end Starbucks – I have frequently suggested people spend way too much money on their daily coffee. I have assumed that people spend about $10 on their daily coffee habit. The was based upon the assumption that people were have two or three cups at a coffee shop. I have mentioned that you could become a millionaire simply by banking and investing the money that spend on java every day. Again, that $10 was assuming multiple cups a day. Now Starbucks is introducing their Reserve Bar offering high end coffee at $10 per cup! Not $10 for multiple cups. Ten bucks per cup of coffee. In my new book, I talk about a friend who, via peer pressure, purchased an $8 cup of coffee. I thought that was expensive. This $10 per cup coffee might be tasty, I don’t know, but I’d rather invest that money.

Social Security

While most people are still take their benefits as soon as they are able to, the trend indicates that this is changing. Fewer people are taking it as soon as it’s avaible. More people are waiitng until either their full retirement age or until they reach the maximum age they can begin taking their benfits, age 70.

Remember, the longer you wait, the more money you will have every year. Should you wait? If you have you choice, and you NEED the money immediately, you will have to start drawing upon your benefits. Why wait? Each year that you wait will increase your monthly payments.

source: Bloomberg

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