Being in debt means using up the future in the present. Essentially, it’s about how we manage our time. Therefore, the most valuable resource for debtors is time, and it depends on which side time favors. Paying off debt is like repaying borrowed future time early. When the ability to generate wealth over time decreases, the future time becomes a burden, and the debtor faces the pain of bankruptcy. Taking on debt is costly. It may seem like borrowed money is repaid with money, but the irreplaceable resource of time is also returned along with interest. With the rise of postpaid credit cards as a common payment method, we’ve become less sensitive to the associated pain and cost. There are two ways to spend money: using present time or future time. The costs and pain are much higher when the future is spent as if it were the present. - Joseph’s “just my thoughts”
The scariest customers in the world are regulars, not picky or complaining customers. Regulars pay a fair price. However, there is no such thing as ‘natural’ in the world. When regulars change their minds, not only do businesses suffer significant financial damage, but they also suffer emotionally. There are traps in naturalness, seeds of failure, and wounds caused by conceit. The older and closer people are, the more cautious you should be. - Joseph’s “just my thoughts”