RoR: Forum

Luke,

Bravo. This was absolutely fascinating. Sanction.

I use Quicken myself, and I try to follow the financial guidelines and advice of gurus (where applicable.) But this idea of yours, to truly engage in spiritual (Objectivist) economic management at the micro level using your financial software*, is fantastic. (I haven't read any of Suze Orman's books, but from what I know of her, she throws in a little pop psychology with her practical financial advice, designed to help people understand why they make the decisions they make, and so forth. But Orman, to my knowledge, is no Objectivist, so naturally, I'm more interested in your ideas.)

Creating categories within Quicken such as "investor", "producer", and "benefactor" (lol!) was a stroke of genius! If watching where your money goes through those filters doesn't provide a wake up call, then nothing ever can! :-)

It is no secret that many self-identified Objectvists intellectually embrace the philosophy wholeheartedly, but haven't fully integrated it into many aspects of their real, daily lives. (I know I certainly fall short in some areas.)

Thank you, Luke, for reminding us once again that Objectivism ain't just for arguing on message boards.

I look forward to your completed book.

Erica

*(regarding the financial software: as I stated, I do happen to use Quicken myself, but I have to believe that these ideas you've presented would work just as well with MS Money or whatever software someone is using, no?

Post 1

Monday, July 23, 2007 - 6:20pm

Thank you for the kind words, Erica. Yes, Microsoft Money or any software that accepts categories will do. I also use these "fundamental role" categories for my browser bookmarks and my Microsoft Outlook functions as well as My Documents on my hard drive. If you or anyone else decides to employ them in analysis of personal finances, please post your resulting insights.

Post 2

Monday, July 23, 2007 - 9:12pm

Luke, very interesting. I'd be interested to see you incorporate the idea of the "prosumer" as described by Alvin Toffler, if possible at this stage.

Post 3

Tuesday, July 24, 2007 - 5:49am

That is a good idea, Joe. I found the term on Wikipedia at

http://en.wikipedia.org/wiki/Prosumer

which tells me it has entered common parlance enough to warrant mention. I would even use "prosumer" to describe anyone who lives and trades productively -- a more general use of the term than the Wikipedia article suggests. Ayn Rand herself rejected the term consumerism as misleading since anyone who consumes must necessarily produce -- or rely on someone who produces -- in order to trade for consumable products.

Post 4

Tuesday, July 24, 2007 - 9:51am

Cash Equivalences

In this exchange with Eve I suggested that single people can actually enjoy more liberties with their cash flow than can those married people with children. I agree with Eve that family situations can put people into rotten financial situations they would not normally face as single adults with no children. However, I do not have an easy answer beyond suggesting people not get themselves into those situations in the first place.

Family courts can decree what they will but one cannot draw blood from a stone.

If someone has suggestions how best to apply this Quicken model to family situations that optimize individual rights in a familial context, especially property rights, please share. Unlike Harry Browne in How I Found Freedom in an Unfree World, I will not simply wave my hand and suggest putting up one's own children for adoption. This still begs questions about how the adopting family will handle these very real challenges.

Post 5

Sunday, July 29, 2007 - 6:06am

See also my review of the book Your Money or Your Life by Joe Dominguez and Vicki Robin.

Post 6

Sunday, May 4, 2008 - 4:04am

This is a nice piece of work. I am sorry that I missed it and I am happy that I followed the link.

Altruists say that you cannot live your life according to a ledger. As you say, Luke, that is a failure of public education, to teach any mode of thinking like a capitalist. If you have not read Benjanim Franklin's Way to Wealth, you will enjoy it. From the perspective of your work, his is a foundation, just as the ideas of the Enlightenment (Locke, Smith) were predecessors to Rand.

Post 7

Sunday, March 29, 2015 - 5:26pm

I noticed many "free" classes offered in the Events section of Craigslist.

I wonder if a class on values-based financial management along the lines of this article would draw much interest with the locals.

Post 8

Monday, March 14, 2016 - 6:08am