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”
Not all of them, but conservatism seeks to maintain vested interests, while liberalism aims to reform them. Although most wealthy individuals tend to adhere to conservatism, the poor generally support liberalism. However, when it comes to voting, the poor often choose conservatism because liberalism presents a realistic view, whereas conservatism embodies the future that the poor envision in reality. The world is not so simple.
- Joseph’s “just my thoughts”
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