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finances

Education

The 25-year-old money-saving 'bible' that millennials and Gen Zers absolutely need to read

This book has saved me thousands of dollars and changed my entire perspective on "frugality."

Photo by Josh Appel on Unsplash

"The Complete Tightwad Gazette" offers timeless money-saving advice.

Let me start by saying that young adults these days absolutely do have economics stacked against them. There's no question that stagnant wages, the unaffordability of housing, outrageous college costs, post-pandemic inflation and good ol' American corporate greed have all combined to create a tough financial reality for us all, but particularly for the millennials and Gen Zers who are starting off their adult lives feeling already underwater.

If you're in that boat, allow a Gen X auntie to give you some sage advice. Absolutely, rail against the man and shake your fist at the skyscrapers and vent on TikTok if it makes you feel better. But also, none of that is going to change super soon, so you've got to own what you actually have control over, and that's managing the money that you do have (however little it may be).

When my kids were little back in the early 2000s, my husband and I were living on one not-at-all-amazing income. I had been raised quite frugally, so I was comfortable penny-pinching as needed, but I was looking for more creative ways to stretch our dollars.

I had no idea how much one book would change my entire view of saving money—or how much money it would actually save me over the years.

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Pop Culture

Woman flawlessly breaks down how luxury bags—and other designer brands—keep people 'poor'

"They're targeting the people who want to look rich—middle and lower class folks who don't have a lot of money or savings. That is the bread and butter of designer brands."

Cara Nicole/Youtube

Not worth it.

It feels safe to say that we are all hoping to be more mindful about how we spend our money these days, whether it’s to be kinder to the environment, align better with our values, improve our finances or simply exercise free will against the siren call of consumerism.

That’s why this video essay created by Cara Nicole (who gives all kinds of financials and sustainability education on her Youtube channel) feels so timely.

In just under twenty minutes, Nicole astutely breaks down how luxury brands like Hermes, Louis Vuitton and Rolex create the fake illusion of wealth through “manufactured exclusivity” and getting free marketing from celebrities and influencers—who often don’t even pay for the products themselves. Meanwhile, most real rich people wouldn’t be caught dead in the flashy brands, and in reality consider them "overrated." But still, the illusion persists. Because advertising.

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Bengals wide receiver Chad Johnson in 2006.

A startling number of professional athletes face financial hardships after they retire. The big reason is that even though they make a lot of money, the average sports career is relatively short: 3.3 years in the NFL; 4.6 years in the NBA; and 5.6 years in MLB. During that time, athletes often dole out money to friends and family members who helped them along the way and can fall victim to living lavish, unsustainable lifestyles.

After the athlete retires they are likely to earn a lot less money, and if they don’t adjust their spending, they’re in for some serious trouble.

In a candid interview with NFL Hall of Famer and TV personality Shannon Sharpe, Chad Ochocinco (legally Chad Johnson) revealed that he saved 80 to 83% of the $48 million he made in the NFL by faking his lavish lifestyle because it made no sense to him.

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@litcapital/Twitter

The IRS requires criminals to report their illegal income.

You know how sometimes you see something come through your social media feed and you think, "There's no way that's real," only to then have your mind blown when you find out it actually is real?

This is one of those times.

Twitter user @litcapital shared a post that appeared to be a screenshot from the IRS website with two entries on it:

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