(ie stock are real assets)
As a share of stock represents a claim against future profits of a company, I do not consider it a "real asset".
have you ever notice that some folks that make very little money acquire quite a large nest egg over their lives and that some folks that make huge salaries seem to acquire little beside whatever is the current fad and a large debt?
Absolutely, my guess is that those people that acquired a large nest egg lived below their means and likely avoided taking on very much debt.
Honestly I am not sure that it matters for me to figure out what would happen if everyone took the authors advice (assuming it is correct for the individual) as clearly that will never happen. We pretty much know that smoking is bad for you, and yet lots of people still choose to smoke. tecumseh, do you have an opinion about what would happen if "everybody" took the advice of the author?
Tecumseh, lastly can you give me a specific example of an Austrian economic principle that you view as naive? I would very much appreciate a specific example as it is very hard to know if I agree with what you are saying as it is a broad generalization (may or may not be true).