Maintaining even a small annual profit is advantageous in investing. Survival remains the most critical factor in business. People have sought the secret to Warren Buffett’s success, which is the power of compounding, but they overlook the real key: he has invested consistently for 75 years without pause. You can indeed succeed in your business endeavors through sheer survival; conversely, you cannot survive solely because of your success. Survival is only achievable if you have the strength to keep going, even with minimal returns. To do this, you must do what you love. Invest in stocks you like, and continue investing even if it is volatile. Next, you need to secure a “margin of safety.” Even a small margin ratio is crucial because a business can’t survive without margins. Frugal spending, flexible thinking, loose schedules—anything that helps during tough times—can all contribute to building a margin of safety. - Joseph’s “just my thoughts”
Happiness and satisfaction are two distinct concepts. It is a fact that poverty deprives happiness. What is also a fact is that earning more than a certain amount of money does not increase happiness. Social science research has proven this. But satisfaction is a different matter entirely. Satisfaction is directly linked to achieving social goals. It is a myth that more money will make you happier. Happiness is about having the right money and friends. But satisfaction comes from achieving your goals. It is a simple fact that humans live a completely different life depending on whether their living standards are happiness or satisfaction. - Joseph’s “just my thoughts”