Milton Friedman – Four Ways To Spend Money
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Here's a little economic lesson for today. Milton Friedman, in his book “Free to Choose“, detailed the four ways to spend money:
- You spend your own money on yourself.
- You spend your own money on someone else.
- You spend someone else's money on yourself.
- You spend someone else's money on someone else.
You get the best value for your dollar if you stay within #1. Here's a video clip summarizing his economic theory.