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Not misleading - you understood it.

Lifetime license does not necessarily equal lifetime updates. 2 years of updates is generous enough for $19.

It's similar to a lot of pricing plans out there. For example I purchased Home Designer Pro 2022 a couple years ago for $450 and I can use the HDP 2022 forever. They have, of course, HDP 2024 but I can't use that one. I can upgrade for an upgrade price. However I don't need to upgrade and am happy to just use 2022 for the rest of time.

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