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The theory behind financial independence is simple. Spend less, save more, invest it into income-producing assets. The reality is complex, full of daily decisions about balancing income and spending. The Morningstar article (yes, M* is writing about early retirement too now) A Simple Plan for Financial Independence presents this simplified graphic of your “personal economy”.

Income can come from labor, capital, or land. Expenses can be put toward your past (debt), present, or future (investing in capital or land).

I’ve been thinking about this “past, present, and future” mental model for expenses, it meshes will with the simple rules that I want to teach my children: Avoid debt whenever possible, and seek out income-producing assets.

Present. There is countless advice to save money on current expenses. Call it prioritizing, call it frugality, call it whatever. These are important, but I’d rather focus on the added ideas of past and future.

Past. While debt is an important part of the economy, I hate that going into debt for non-essentials is so readily accepted in today’s society. Using home equity lines of credit for a kitchen remodels. Credit cards for vacations. The entire microloans trend where you buy a $100 pair of jeans for $10 a month times 12 months ($120) is a dangerous mind game. Debt is having compound interest work against you, and thus making someone else rich. Debt should not be normalized. Debt is an emergency!

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Future. If you look at people who have really achieved financial freedom, where they truly spend the day doing whatever they want and without money worries, they have all have collected a big pile of income-producing assets. It could be rental property, commercial real estate, a laundromat/car wash/business, dividend-paying stocks, municipal bonds, a pension, Social Security or even just bank CDs if you have enough. In most cases, they collected them with purpose. They didn’t just put the minimum into their 401(k) and call it a day. They would shovel whatever extra money they had into their favorite money-making machine. When I buy more stocks, I see a future income stream:

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When you buy one of these income-producing assets, it should get you excited!

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I’m still not sure exactly how to create this distaste for debt and this desire for money factories, but I’m working on it. If you have these two in place, that should help with everything else – earning more income with labor, spending less on the present.

Oh, and here’s a funny-but-sad representation of the paycheck-to-paycheck lifestyle.

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Mental Model For Expenses: Past, Present, and Future (With Animated GIFs!) from My Money Blog.

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"A record number" of U.S. schools are now accepting nearly all of their students without requiring an SAT or ACT test score, reports the Washington Post: Robert A. Schaeffer, public education director of FairTest, which opposes the misuse of standardized tests, said the past year has seen the "fastest growth spurt ever" of schools ending the SAT/ACT test score as an admission requirement. Over the summer, more than one school a week announced the change. Nearly 50 accredited colleges and universities that award bachelor's degrees announced from September 2018 to September 2019 that they were dropping the admissions requirement for an SAT or ACT score, FairTest said. That brings the number of accredited schools to have done so to 1,050 -- about 40 percent of the total, the nonprofit said. While the test-optional list has some schools with specific missions -- there are religious colleges, music and art conservatories, nursing schools -- it also includes more than half of the top 100 liberal arts colleges on the U.S. News & World Report list, FairTest said. Also on the list are the majority of colleges and universities in Maryland, Pennsylvania, Virginia, the District of Columbia and the six New England states... Research has consistently shown that ACT and SAT scores are strongly linked to family income, mother's education level and race... The University of Chicago, which abandoned the requirement last year, reported in July that its decision, along with an increase in financial aid and outreach, led to a 20 percent increase in first-generation, low-income and rural students and veterans to commit to the school.

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Patch Awaited For A Critical Four-Year-Old Linux WiFi Vulnerability  Cyber Security News

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Though people can still leave voicemail messages, "Some AT&T customers say they have not had access to their voicemail since the beginning of October," one local news site reported this week: An AT&T spokesperson sent the following statement to ABC11 about the issue: "We're aware that some customers may be having difficulty retrieving their voicemail due to a vendor server problem. We're in contact with the vendor as they work to fix it and apologize for any inconvenience this may cause." ABC11 received several messages from frustrated AT&T customers. "I have been told multiple times that it would be fixed the same day. Today I was told there is no estimated repair date. I don't know what to do. I am a psychologist and people who have mental health issues call me," one said. "They get my message and leave me a voicemail. There is no indication that I won't be able to access it." "Voicemail is a crucial function on most people's devices. Having it down for weeks is unacceptable," another said. "If they don't fix this issue they will be losing lot of customers. I am been calling daily, but no result." Slashdot reader amxcoder writes today that AT&T eventually cited their vendor's server issue back on October 9th in their help forum, and that in the 11 days since, "the problem appear to be spreading." After contacting Tech Support on October 20th, it appears that Level One tech support is not aware of the problem, and Level Two reports the problem is affecting Alabama, Louisiana, Arkansas, Maryland, Florida, Mississippi, Georgia, Kentucky, North Carolina and Tennessee. However California and possibly other states seem to be affected as well. Because AT&T is being tight-lipped about this outage, even to it's own customers that it is affecting, it's difficult to know how many customers this is impacting. No official statement is being sent to customers, nor are customers being updated on progress or given an ETA on resolving the problem. Some online chatter is wondering if AT&T is trying to keep this "under the radar" as long as they can because of something more nefarious, such as a data breach, hacked servers, or even ransomware. Anyone's guess is a good as another without official public statement from AT&T.

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Counterfeits aren't the only problem when shopping on Amazon, reports CNBC. The grocery section is "littered" with expired foods. From baby formula and coffee creamer to beef jerky and granola bars, items are arriving spoiled and well past their sell-by date, Amazon customers say. Interviews with brands, consumers, third-party sellers and consultants all point to loopholes in Amazon's technology and logistics system that allow for expired items to proliferate with little to no accountability. Consumer safety advocates worry that as the marketplace grows, the problem will only get worse... CNBC scanned the site's Grocery & Gourmet category, finding customer complaints about expired hot sauce, beef jerky, granola bars, baby formula and baby food, as well as six-month-old Goldfish crackers and a 360-pack of coffee creamer that arrived with a "rancid smell." A data analytics firm that specializes in the Amazon Marketplace recently analyzed the site's 100 best-selling food products for CNBC and found that at least 40% of sellers had more than five customer complaints about expired goods.... Amazon's spokesperson said the company uses a combination of humans and artificial intelligence to monitor the 22 million-plus pieces of customer feedback received weekly for product quality and safety concerns... Sarah Sorscher of the Center for Science in the Public Interest says Amazon's technology is clearly coming up short. "Expiration dates are a red flag for what else is harder to see," she said. "If you can't do something as basic as check an expiration date, then what else are you missing...? They've chosen to set up a business model where they don't take responsibility for the food that they sell," said Sorscher. "Traditional grocery stores have a lot of products, but they don't put it on the shelf if it's not safe."

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Samsung discontinues its Linux on DeX beta  Notebookcheck.net

Project Trident is moving from FreeBSD to Void Linux, reports Its FOSS: According to a later post, the move was motivated by long-standing issues with FreeBSD. These issues include "hardware compatibility, communications standards, or package availability continue to limit Project Trident users". According to a conversation on Telegram, FreeBSD has just updated its build of the Telegram client and it was nine releases behind everyone else. The lead dev of Project Trident, Ken Moore, is also the main developer of the Lumina Desktop. The Lumina Desktop has been on hold for a while because the Project Trident team had to do so much work just to keep their packages updated. (Once they complete the transition to Void Linux, Ken will start working on Lumina again.) After much searching and testing, the Project Trident team decided to use Void Linux as their new base. More from the Project Trident site: It's important to reiterate that Project Trident is a distribution of an existing operating system. Project Trident has never been a stand-alone operating system. The goal of Project Trident is enhancing the usability of an operating system as a graphical workstation through all sorts of means: custom installers, automatic setup routines, graphical utilities, and more... The more we've tested Void Linux, the more impressed we have been. We look forward to working with an operating system that helps Project Trident continue to provide a stable, high-quality graphical desktop experience.

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A publicly-funded group of designers, artists and privacy experts from Amsterdam have designed a smart home system prototype to "prove it's technically possible to build a privacy respecting smart home while maintaining convenience." Its controller uses an Arduino Nano to disconnect the system from the internet during times when it's not in use. They're building everything on Mozilla's open smart home gateway software. The system's microphone is a separate USB device that can be easily unplugged. For extra security, the devices don't even use wifi to communicate. "The Candle devices offer the advantages of a smart home system -- such as voice control, handy automations and useful insights -- without the downsides of sending your data to the cloud and feeling watched in your own home," explains their blurb for Dutch Design Week, where they're launching their prototypes of trust-worthy smart locks, thermostats, and other Internet of Things devices: Most smart devices promises us an easier life, but they increasingly disappoint; they eavesdrop, share our data with countless third parties, and offer attractive targets to hackers. Candle is different. Your data never leaves your home, all devices work fine without an internet connection, and everything is open source and transparent. One of the group's members is long-time Slashdot reader mrwireless, who shares an interesting observation: Smart homes track everything that happens inside them. For developing teenagers, this makes it more difficult to sneak in a date or break the rules in other subtle ways, which is a normal, healthy part of growing up. Candle is a prototype smart home that tries to mitigate these issue. It has given its sensors the ability to generate fake data for a while. In the future, children could get a monthly fake data allowance. Some of the devices have "skirts", simple fabric covers that can be draped over the devices to hide their screen. If you own a dust sensor, this can be useful if your mother in law comes over and you haven't vacuumed in a while.

Read more of this story at Slashdot.