#14: The Boots Theory
Terry Pratchett was a treasure: a funny, wise, and prolific writer who left behind a large body of work that is still loved the whole world over. But you may not have known that his wisdom extended even into the realm of personal finance!
This passage, from his 1993 novel Men at Arms, provides a simple and concise explanation of how being poor can actually cost you more money in the long run. People often give the advice to buy a fewer number of higher quality items, both for financial and environmental reasons. That’s tricky, though, if you don’t have enough money to buy the more expensive items. Instead, you have to buy cheaper items that wear out more quickly, which will cost you more money in the end.