An asset is the foundation of all economic activity. If you have assets, you can run a business and settle your debts. The ways to create assets are ‘how one works,’ ‘how to receive gifts from others,’ and ‘how to purchase assets made by others.’ There is a way to steal, but it is a crime. If you don’t initially own an asset, the simplest and almost the only way to create one is to produce something with your own labor. Whether the product is a service or a good, it must be produced unconditionally. Trading products creates added value. Thinking about trading later and making products first is the fastest and most basic way to escape poverty. Therefore, produce even the smallest things every day. Knowledge, records, art—whatever! - Joseph’s “just my thoughts”
One common myth about money is falling into the fairness trap with value relativity . When the quality of work is hard to judge, we tend to value those who work longer and harder more highly. This is a fairness trap. A novice locksmith might take a long time to open a locked door, while an experienced one can do it instantly. People often pay higher wages to novice locksmiths who have spent more time working. Even if the lock is damaged due to clumsy work and they are charged for replacement, people might still tip because the locksmith worked hard and did their best for a long time. When paying for something that’s difficult to evaluate, people care about fairness. But the real reason to call a locksmith is to avoid the embarrassing situation of being unable to enter the house quickly. I don’t know if this is true, but a woman once asked Picasso to draw her portrait, and he did it in 30 seconds. When she asked how much she should pay, Picasso said her $500. She complained that this ...