One of the key principles of money is ‘opportunity cost.’ It means that when I buy something, I have to give up something else in return. We think we buy because we need something, but we often forget that we could buy something else instead. We rarely consider ‘opportunity cost’ when making a purchase. We do not compare other values against our needs. Buying something means giving up something else, but we often don’t realize it. When we spend money, we should also consider the ‘opportunity cost’; yet, in reality, we aren’t trained to do so. By making a purchase, we bypass the value comparison that may not offer any additional benefits. Maybe it’s because we lack knowledge, or perhaps the idea isn’t appealing. - Joseph’s “just my thoughts”
Genghis Khan, emperor of the Mongol Empire, had a remarkable subordinate general named Yesun Bei. Although Yesun Bei was an extraordinary warrior, Genghis Khan refrained from giving him military authority to command. This decision stemmed from Yesun Bei’s belief that others were similar to him; he became frustrated when they couldn’t perform as well as he could. Without empathy, individuals cannot show respect, and without respect, people do not follow their superiors. - Joseph’s “just my thoughts”