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”
I believe Maslow’s “Theory of Needs” is a brilliant concept. Humans exhibit different behaviors based on their needs, prioritize satisfaction, and seek fulfillment at higher levels. This theory can also explain why artists often struggle financially. While art is not a necessity for daily life, it is an essential component of a fulfilling existence. However, it holds a high position in the hierarchy of needs, resulting in a small number of very famous artists accumulating substantial wealth within the art market. By analyzing people’s actions based on their needs, one can roughly predict the marketability and sustainability of their professions. - Joseph’s “just my thoughts”