A ‘transaction’ is an act of debt between parties. The seller owes goods to the buyer (performance debt), and the buyer owes money to the seller (monetary debt). A transaction is considered complete when the debt is settled and the promise to owe each other is called a ‘contract.’ Thus, a good trader or businessman excels at making and repaying debts. When it comes to debt, the type of debt matters. Anyone who misjudges this should not engage in business. - Joseph’s “just my thoughts”
Understanding what one belongs to is knowledge derived from personal experience. In fact, the experiences of others can provide a more accurate understanding of your place in the world. A third-party perspective is crucial for problem-solving. The viewpoint and position of an outsider, rather than my own, enable me to comprehend my situation most objectively. A solution lacking objectivity is likely to lead to the repetition of problems and may render them unsolvable forever. When I ascend the mountain and gaze down at the town I live in, I notice things I’ve never seen before. Significant progress occurs when a third-party perspective is applied. - Joseph’s “just my thoughts”