“My other piece of advice, Copperfield,” said Mr. Micawber, “you know. Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
Charles Dickens, David Copperfield (HT Cafe Hayek.)
A reasonable start, but quite insufficient for the long run. Sixpence savings on twenty pounds income is not going to insulate you from disaster, not even with nineteenth-century money.
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