People talk a lot about passive income. This is not a thing. Look, there's two ways to get wealthier and passive income is not part of that equation, but what's really important for people is how we should spend money.Cuz I've written about money and finance and investing for 20 years. And I can tell you the correlation between how much you spend and how happy you are. It can exist, but it is not as simple as you think.Like if you're unhappy with your life, it is a very easy assumption to make that if you h ...

Financial Health of Young People - The financial health of some young people may be improving [1] Spending Habits - Criticism over spending on things like avocado toast and expensive coffee has been a concern [1]

Financial Perspective - Americans on average say they would need $520 thousand a year to feel rich [1] - Americans making under $50 thousand felt they needed $157 thousand a year to feel comfortable [1] - Those making $100 thousand or more said they would need $246 thousand [1] - About 14% of all US households make $200 thousand or more every year [2] - 62% of people with salaries over $300 thousand a year struggle with credit card debt [2] Behavioral Analysis - Earning doesn't actually make you feel rich, spending does [2][3] - When in accumulation mode, it's very difficult to feel rich [3] - Earning more and feeling like you're still on a hamster wheel is what a lot of high earners, not rich yet (HENRYs) experience [3] - High earners may have been living above their means when they weren't nearly making as much money and now they're just continuing to add more and more [4]

Financial Advice - The industry views spending $28 on lunch for individuals earning $70,000 annually as financially imprudent [1] - The industry suggests considering the potential 8-10% annual return from investing that money over 50 years [1] - The industry advises young individuals to avoid wasteful spending habits [2] Consumer Behavior Analysis - The industry observes that individuals often wear only 20% of their wardrobe regularly [2] - The industry notes that 80% of clothing purchases are often underutilized or wasted [2]