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Reasons Why Labor Creates Wealth

Posted by Joe Wallace on Sep 24th, 2020 · 0 Comment

Many have studied the reasons why labor creates wealth. There are many economic theories–some in vogue, some not–that address this issue. Karl Marx And The Value Of Labor Karl Marx and other economic theorists including Adam Smith and David Ricardo believed in something known as the labor theory of value, which Investopedia describes as the notion that “the value of a commodity...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

Reasons Why Labor Creates Wealth

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