565: Price and Value by Jacob Lund Fisker of Early Retirement Extreme

Optimal Finance Daily - Financial Independence and Money Advice

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🗓️ 27 April 2018

⏱️ 9 minutes

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Summary

Jacob Lund Fisker of Early Retirement Extreme shares the difference between price and value. Episode 565: Price and Value by Jacob Lund Fisker of Early Retirement Extreme (Financial Independence & Retirement). Jacob Lund Fisker was a nuclear astrophysicist who retired at 33 with what he believes to be enough savings to last the rest of his life — even if he never works again. His "claim to fame" is the Early Retirement Extreme site, which is effectively a philosophy of life. ERE is a set of values and principles that gives readers the freedom and opportunity to live an exciting and interesting life. The original post is located here: http://earlyretirementextreme.com/price-and-value.html Please Rate & Review the Show! Visit Me Online at OLDPodcast.com & in The O.L.D. Podcasts Facebook Group! and Join the Ol' Family to get your Free Gifts Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, episode 565, price and value by Jacob Lundfisker of Early Retirement
0:08.1	Extreme.com.
0:09.6	And I'm Dan, your host, and welcome to the Friday edition of the show where I read to you from some
0:14.4	of the best personal finance blogs on the planet.
0:17.8	And thanks as always for listening and hope you're having a happy Friday.
0:21.3	If you didn't know, we give away books to random people on our mailing list
0:24.8	and this happens on the first of the month which is coming up in just a couple of days.
0:28.4	So if you're not on that list yet, now's a great time to join. It is totally free. Just come by old
0:34.1	podcast.com to sign up and I will give you another quick reminder about that at
0:38.6	the end. So for now let's get to today's post as we optimize your life.
0:45.0	Price and Value by Jacob Lundfisker of Early Retirement Extreme.com.
0:55.0	There is an enormous amount of confusion between price and value.
0:59.4	This problem was resolved a couple of centuries ago.
1:02.2	I'm sure someone with a recent college
1:03.8	degree in economics can tell me who finally solved it, but for a long time there was
1:08.0	great debate over whether price and value were the same thing.
1:11.1	Kind of like there is still a debate in physics about
1:14.1	whether gravitational and inertial mass are the same thing. First, if money is
1:18.8	exchanged by spending time and possibly additional happiness or opportunity cost or whatever dimensions you
1:24.8	may wish to add to your cost vector, you can see exactly how much extra stuff is worth.
1:30.2	Conversely, employers exchange stuff for employee time.
1:34.0	Second, whether you are willing to make the exchange comes down to your marginal value, loss, of doing work.
	...

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