This quote by Austin Phelps is a pointer to prioritize our spending and to be mindful of our resources. It encourages us to be frugal and to think about what we actually require. By wearing the old coat, we are advised to make use of what we currently have and to not be inefficient. The new book, on the other hand, is a reminder to purchase our education and to continue learning. It is a tip to purchase our future and to not be complacent. This quote is a pointer to be mindful of our spending and to prioritize our resources. It motivates us to be penny-wise and to think of what we really need. It is a reminder to make use of what we already have and to purchase our future.