Some people are poor but live with a rich mind, while others are rich yet live with a poor mindset. Poverty compounded costs, and wealth compounded profits. All of them operate on the principle of compound interest. Poverty costs a lot. So, what’s the difference between a rich mind and a poor mind? Their attitude toward time varies significantly. Not everyone, but when a poor person suddenly becomes rich, they still pay the cost of poverty. The most common form is installments. Thus, even if people are rich, they often live with a poor mindset, sometimes thinking of it as savings. Even if you are poor, you can live with a rich mind, which increases your chances of getting wealthy. Debt pulls the future into the present. Drawing the future ahead of time makes people slaves. They say they are slaves of money, but in reality, they are slaves of time. If you gradually change the habit of bringing future time into the present, your attitude will shift, and your behavior will change. We want...
Unless you are self-sufficient, you must trade your products for those of others to survive. An exchange economy was established for the efficient survival of humanity. Economic activity leads to wealth accumulation , so for wealth to exist, there must be a counterparty . This means you cannot thrive on your own. However, having many counterparties also means that some of them could compete with your business. Exchange becomes straightforward only through the establishment of a price, which acts as an indicator of competition . Trading at a high price could generate significant wealth, but competition can hinder success. In other words, I survive because of others, while my survival is also threatened by them. Business inherently involves competition. This is why any business plan must include a strategy that considers competition. - Joseph’s “just my thoughts”