Here is an interesting article that examines personal finance from the point of view of economics and guides you to start planning for your financial independence day.
“Here’s the big idea: In economics, we learn that there are only three ways to produce income–land, labor and capital. If you want to stop laboring (retire, reach financial independence, whatever), then you need to acquire other two.”
“Land creates income in all kinds of ways. You can rent it to others, sell the trees or other resources on the land, farm it, or just let its value appreciate over time. Labor, we all know about. Capital is all the other “stuff” that can be used, rented, or put to work. Physical capital is stuff. For example, if you own a tractor, you can use it to produce value on your land, or you can rent it out to someone else. In both cases, the physical capital is creating value for you. Intellectual capital is the value of any assets you have based on legally protected ideas, like patents or books. Financial capital is just money itself.”
“Your needs fall into three categories: past, present, and future. Your current labor income is divided up into payments toward money borrowed in the past, meeting the needs and wants of the present, and investing in income for your future. Directing your “future” funds into land or capital slowly over time builds up income sources to eventually replace your income from labor.”
https://www.morningstar.com/articles/948748/a-simple-plan-for-financial-independence
Financial Therapy with Elaine Korngold
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