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1.1Basicproblemsofpersonalfinance
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Realassetisaphysicalitemthathasvalue.Inpersonalfinance,ahouseandacar
(amongothers)aretypicalrealassets.Afinancialassetderivesvaluefromaclaimof
theholderofthisasset.Inpersonalfinance,financialinstrumentsareregardedas
financialassets.
Humancapitalderivesitsvaluefromknowledge,skills,experience(andsimilar
features)ofaperson.Itisclearthatpersonalfinanceisthisbranchoffinancewhere
humancapitalplaysaparticularlyimportantrole.
Thetheoreticalanalysisofhumancapitalismoredifficultthanfortheother
assets.Theconceptofvaluationofhumancapitalisratherstraightforwardfromthe
theoreticalpointofview.Itisgivenbythepresentvalueformula:
HC
=
∑
tK
=
N
(1
+
r
I
)
t
tK
−+
1
,
(1)
where:HC-humancapital;I
t-labourincomeatamomentt;K,N-lowerandupper
boundofprofessionalactivityperiod;r-rateusedfordiscounting(contains
inflationrateandriskpremiumforlabourincomerisk).
Theinterpretationofthisformulaisratherobvious:humancapitalisestimated
asthepresentvalueoftheexpectedincomefromwork,discountedattheratewhich
reflectstheexpectedinflationandtheriskofthelabourincomefromwork.Ofcourse,
thepracticaluseofthisapproachisverydifficult.
Therelationbetweenthehumancapitalandthefinancialcapitalisgivenin
Figure1.
Figure1.Relationbetweenhumancapitalandfinancialcapital
Source:Ibbotson,Milevsky,Chen,&Zhu(2007,p.20).
