It is clear that those from the Austrian school have proved they were correct regarding the economic trends and current financial crisis. However, how does the average wage earner apply these Austrian economics lessons practically to one’s life?
I would love to be better equipped to apply this knowledge correctly to help ensure a more stable financial position for my family and myself.
Can anyone recommend any books or materials that help translate this knowledge to the world of personal finance and money management? Also, I would love to break out of the wage earner cycle. Any suggestions or recommendations in that area are most welcome, as well.
I realize this site is a wealth of knowledge, but I was looking for something more focused on this subject matter.
Any input is appreciated.
Mr. P
Minimize your debt, maximize your job stability. There’s a lot of books on getting out of debt. I like Dave Ramsey’s approach. Last year I paid off $35k with his approach. It entirely comes down to discipline, and his approach seems to take your mind off some of that pain.
You can maximize your job stability by improving your skills and finding a company/sector that is managed well and is established enough to weather the business cycles. For breaking the wage earner cycle, find some hobbies that are relatively cheap to get into and you can make some money at. I make additional money via photography, producing music, playing music, and doing computer work/programming. For me, I have a skill at all of those, there is not much up front capital investment, and I can easily fit all those into my regular work/family life. If I wanted to, I could do that stuff full time and work at my leisure. However, I rather enjoy my day job right now, even if I am a wage slave.