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carnold03
3d ago  Financial Independence

An Inquiry into the Nature and Causes of the Wealth of Nations

The book offers one of the first accounts of what builds nations' wealth. It has become a fundamental work in classical economics, and has been described as "the first formulation of a comprehensive system of political economy". Reflecting upon economics at the beginning of the Industrial Revolution, Smith addresses topics such as the division of labour, productivity, and free markets.

The Wealth of Nations was the product of seventeen years of notes and earlier studies, as well as an observation of conversation among economists of the time (like Nicholas Magens) concerning economic and societal conditions during the beginning of the Industrial Revolution, and it took Smith some ten years to produce. The result was a treatise which sought to offer a practical application for reformed economic theory to replace the mercantilist and physiocratic economic theories that were becoming less relevant in the time of industrial progress and innovation. It provided the foundation for economists, politicians, mathematicians, and thinkers of all fields to build upon. Irrespective of historical influence, The Wealth of Nations represented a clear paradigm shift in the field of economics, comparable to what Immanuel Kant's Critique of Pure Reason was for philosophy.

Five editions of The Wealth of Nations were published during Smith's lifetime: in 1776, 1778, 1784, 1786 and 1789. Numerous editions appeared after Smith's death in 1790. To better understand the evolution of the work under Smith's hand, a team led by Edwin Cannan collated the first five editions. The differences were published along with an edited sixth edition in 1904. They found minor but numerous differences (including the addition of many footnotes) between the first and the second editions; the differences between the second and third editions are major. In 1784, Smith annexed these first two editions with the publication of Additions and Corrections to the First and Second Editions of Dr. Adam Smith's Inquiry into the Nature and Causes of the Wealth of Nations, and he also had published the three-volume third edition of the Wealth of Nations, which incorporated Additions and Corrections and, for the first time, an index. Among other things, the Additions and Corrections included entirely new sections, particularly to book 4, chapters 4 and 5, and to book 5, chapter 1, as well as an additional chapter (8), "Conclusion of the Mercantile System", in book 4.

The fourth edition, published in 1786, had only slight differences from the third edition, and Smith himself says in the Advertisement at the beginning of the book, "I have made no alterations of any kind." Finally, Cannan notes only trivial differences between the fourth and fifth editions—a set of misprints being removed from the fourth and a different set of misprints being introduced.

You can find mention of this book on Wikipedia, Standardebooks, Librivox, Youtube, Bitchute, and other websites.

#1776 #AnInquiryintotheNatureandCausesof #TheWealthofNations #AdamSmith #World #UnitedKingdom #Scotland #Books #Audiobooks #eBooks #Economics #Trade #Commerce #Productivity #Consumerism #Business #Money #Taxation #Government #Philosophy #Ideology #Populism #Nationalism #Liberalism #Fascism #Baizuo #WhiteLeft #Atheism #Marxism #Socialism #Modernism #Internationalism #Communism #Feminism #Humanism #Conservatism #Progressivism #Globohomo #Globalism #Paganism #Freemasonry #RabbinicalJudaism #Satanism #MentalIllness #MoralIllness

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carnold03
2mo ago  Financial Independence

The Black Man's Guide Out of Poverty: For Black Men Who Demand Better by Aaron Clarey

If you're a black man and have had enough and want more out of life then please consider "The Black Man's Guide Out of Poverty". Not just a book on personal financial management, "The Black Man's Guide Out of Poverty" is specifically tailored towards the plight of black American men. It addresses the sociological, economic, and political forces that hold them down. It shows you the path out of poverty. It lays out the road map towards a better life. And makes sure your one and finite life is a happy, well-lived one.

Demand a better life than what politicians and society PERMIT you to have. Read "The Black Man's Guide Out of Poverty" and truly set yourself free.

You can find mention of this book on Youtube and available through online libraries like libgen.

#2015 #TheBlackMansGuideOutofPoverty #ForBlackMenWhoDemandBetter #AaronClarey #Books #Faith #Christianity #World #US #America #eBooks #Black #Labor #Jobs #Employment #Trades #PsychologicalWarfare #SpiritualWarfare #BiologicalWarfare #CultureWar #EconomicWar #BureaucraticWarfare #KineticWarfare #UnrestrictedWarfare #Improvement #Strength #Men #Males #Politics

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carnold03
2mo ago  Financial Independence

How an Economy Grows and Why It Doesn't

"Irwin A. Schiff, America's leading expert on the Federal Income Tax, presents economics in his thoroughly informative, yet always entertaining manner; proving that the only thing -dismal- about the "dismal science" must be those who normally teach and write about it. Without a doubt, anyone reading Schiff's hilarious allegory will have a far better understanding of economics than many who have pursued the subject full time at our nation's universities."

The comicbook is mentioned on Youtube, Bitchute, and available through online libraries like libgen.

#1985 #HowAnEconomyGrowsandWhyItDoesnt #IrwinASchiff #VicLockman #Comicbook #World #US #America #Books #Economics #Trade #Commerce #Productivity #Consumerism #Business #Money #Taxation #Government #Ideology #Ideology #Nationalism #Populism #Fascism #Baizuo #WhiteLeft #Atheism #Marxism #Socialism #Modernism #Internationalism #Communism #Feminism #Humanism #Conservatism #Progressivism #Globohomo #Globalism #Paganism #Freemasonry #RabbinicalJudaism #Satanism #MentalIllness #MoralIllness

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LSDparade
1y ago  Financial Independence

@Durek_The_Bald Save in bitcoin

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Durek_The_Bald
1y ago  Financial Independence

Wanted to put some more money into my index funds today, but then I see they're all doing very well lately.

Anyone here know of any sort of public panic I should be paying attention to for the next couple of weeks? America, Europe, Asia, Africa, South America, doesn't really matter where.

My goal is to hit those little 5-10% drops (or more) that tend to follow bad news and uncertainties that make normies panic.

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carnold03
1y ago  Financial Independence

@paul_ernst

Thanks mate, like the idea of the lists ;)

If we're unable to figure that a guy smart and disciplined enough to build $100k in savings over a handful of years may also be smart enough figure out how to use it, then it shouldn't be too hard for that guy to realize that those people were too stupid to offer advice worth the time to read.

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Kloi
1y ago  Financial Independence

@MentORPHEUS

BRICS has the potential to replace the USD as the world currency.

Considering it formed in 2010ish(?) it's a replacement option for the current competitor's collapse, not competition.

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MentORPHEUS
1y ago  Financial Independence

A new storm brewing in Residential RE. BlackRock and Vanguard appear to be unleashing a new scheme to push more owners out of homes so they can own them and rent them back to the previous owners or deeper pockets. They own big stakes in the biggest insurers. Many insurers have cancelled existing policies and stopped writing new ones in large geographic areas. Prices for policies are skyrocketing by hundreds of percent in many cases.

Mortgages REQUIRE the homeowner to carry property insurance as a condition of holding a mortgage. If your coverage lapses, the mortgage holder finds this out quickly and either buys lender-placed coverage at your expense that covers only the bank's interest in the event of a loss. In many cases they are not doing this at all but going straight to foreclosing on the mortgage and will end up taking the property.

People living in paid-off condos and HOA properties are getting HOA insurance costs passed on to them, and face losing their PAID OFF property by this scheme.

If you OWN property, pay careful attention to your insurance. If you're looking to BUY property, this is another reason to wait till a wave of insurance-driven foreclosures hits the market, and try to beat BlackRock at their game buying them up at a deep discount. Be sure to price insurance into your investments carefully, even if you're going in with all cash!

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MentORPHEUS
1y ago  Financial Independence

@Kloi

USA will be the last to collapse because they're currently the world currency.

BRICS has entered the chat

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Kloi
1y ago  Financial Independence

@RedPirate751

Rural area in the Midwest: did some work on Mom's house in 2014/15 and it was appraised at 112k. Up from 86k in 2012. Last year the house sold for 169k. 9k above asking with multiple bids over the 155k asking price.

While individual states may be better or worse than others it's still one nation.

The Fed is hunting for more and more wealth from your average American. Example's being the fact Biden wanted to go after anything over $600 via Vermo and similar apps for digital transactions. The sixty some thousand extra IRS agents hired recently.

USA will be the last to collapse because they're currently the world currency. Hard times have caused foreign money to flea to the USA, which propped up stocks during covid while other countries bottomed out.

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Financial Independence

Created By Spartan

Financial Independence (FI) means not needing to work for money. The core concept is to increase your savings rate and buy assets that provide a stream of passive income.


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How?

Spend less than you earn and invest the difference. Stock index funds, bonds and investment real estate are common paths to financial independence. Your time to retirement depends on basically one factor: your savings rate as a percentage of your take home pay.

Reading List

Required Reading:

  • Your Money or Your Life
  • The Bogleheads' Guide to Investing OR The Coffeehouse Investor

Recommended Reading:

  • Early Retirement Extreme - a difficult to read book that covers very advanced FIRE concepts.

Blogs:

  • https://www.madfientist.com/
  • http://earlyretirementextreme.com/
  • http://www.mrmoneymustache.com/
  • https://jlcollinsnh.com/

Podcasts:

  • https://www.choosefi.com/podcast-episodes/
  • https://www.madfientist.com/podcast

Calculating an approximate time until you are Financially Independent or Retired:

  • https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
  • https://networthify.com/calculator/earlyretirement?income=60000&initialBalance=0&expenses=30000&annualPct=7&withdrawalRate=4
  • http://cfiresim.com/

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