The World's Best Book Summaries
What do you consider to be money well spent? What standard do you use to evaluate your personal spending? In Your Money or Your Life, Vicki Robin and Joe Dominguez offer four questions to ask yourself about your expenditures. The questions seek to determine what is money well spent for you. Ultimately, this can help you make better personal spending decisions. Read more to learn how to figure out what is money well spent in your life.
Have you thought about what money means to you? How does your definition of money impact your life? People think about money in four basic ways. One of these four stands apart as the most useful because of its consistency. What money means to you makes a difference in how you live your life. Read more to learn what money means.
How do tariffs impact the economy? Does imposing import tariffs help or hinder the country’s internal industries? According to economist Henry Hazlitt, tariffs are not as benevolent for the economy as many people believe. Tariffs shift money, manpower, and productivity away from efficient industries in order to support inefficient industries. In this article, we’ll consider Hazlitt’s argument on the negative effects of tariffs on employment and the economy at large.
Do you track your money down to the penny? Do you know your real hourly wage? When you track your money, you gain a clearer picture of your finances. Ultimately, you gain more control of your spending and your life in general. Tracking every penny and calculating your real hourly wage are the two parts of this practice. Read more to learn how and why you should track your money.
What is the purpose of price setting? How does artificial lowering or raising of prices for goods/services affect the economy? Sometimes the government’s efforts to help businesses include raising or lowering the prices of goods. As with other government interventions, price setting throws off the balance of supply and demand and, thus, creates ill effects. In this article, we’ll take a look at some of the most common price setting strategies and how they affect the economy.
How does saving affect the economy? Do you think keeping your money in a saving account or in investments has a positive or a negative effect on the country’s national wealth? Saving is generally seen as a bad thing for the economy because savings deprive spending on goods and services, thereby hurting national wealth. However, this is a fallacy—savings do the exact opposite in the long run. In this article, we’ll take a look at what actually happens when people choose to hold on to their money.
Why is investing for the future important? How do millionaires go about investing for the future? Investing for the future is important because the wealth you build through your investments will provide financial security and additional income. Millionaires invest for the future by putting their savings in investment vehicles like stocks and allowing them to grow. Read on to learn more about how millionaires are investing for the future.
Do you have an effective system to analyze expenses? Did you know that there is a budget alternative for managing your spending? In Your Money or Your Life, Vicki Robin and Joe Dominguez show how to use a tabulation system to analyze expenses. It serves as a budget alternative, avoiding two pitfalls of budgets. Ultimately, it provides a more holistic view of your spending. Read more to understand this effective way to analyze expenses.
Why is The Millionaire Next Door‘s most popular car not a flashy, high-status vehicle? What car do millionaires drive the most? In The Millionaire Next Door, the most popular car is not a high-status vehicle because millionaires understand that flashy cars are overpriced, they prefer to buy quality, used cars. Millionaires prefer full-sized American-made vehicles like Ford, Cadillac, Lincoln, and Jeep. Read on to discover why The Millionaire Next Door‘s most popular car is a regular, affordable vehicle.
Does the free-market system help or hinder the national interest? Do you think it’s better to let the economy run its course or to intervene? Many people believe that a free-market system—one in which supply and demand dictate prices for goods—serves the desires of greedy businesses rather than the consumers and the national wealth. But the price system naturally diverts capital and manpower to the industries that produce most efficiently and contribute the most to national wealth. Here’s why the free-market system is actually better for both consumers and the national interest.