What I spend is someone else’s income. Apple co-founder Steve Jobs discussed every morning at breakfast with his family about buying a set of Miele washing machines and dryers from Germany for two weeks. Why? Of course, it was to teach their children about economics and to illustrate a lesson about opportunity cost, a common trait among wealthy people. If you buy this washing machine, you cannot buy that one. That is the opportunity cost. It’s a form of relative value, based on the idea that choosing one option means sacrificing another, so the value of each can be compared within those limits. Wealth begins with training in understanding even trivial opportunity costs. To succeed in business, you need to learn how to measure opportunity cost first, rather than just how to make money. - Joseph’s “just my thoughts”
To draw a picture well, you must practice frequently. To write well, you need to write a lot. Quantity surpasses quality. In some cases, improved skills or methods are necessary for growth and development. However, anyone aiming to achieve remarkable progress can only do so through extensive training and repetition. Notably, learning a foreign language is more about training than studying. Without diligent practice in speaking aloud, you will struggle to progress beyond a certain level.
- Joseph’s “just my thoughts”
Comments
Post a Comment