Joseph's "Just My Thoughts"

Even though $1 million of one’s own money and $1 million of others’ money are numerically the same, their characteristics will differ significantly. In other words, while money is represented numerically, it serves various purposes, and its usage remains unexpressed when distributed in the market. Money is accounted for to illustrate this situation because the purpose of its use is more significant than the number (amount). Specifically, double-entry bookkeeping is the most reliable method for reflecting both the amount and its use. Therefore, if a CEO doesn’t understand double-entry bookkeeping, it is akin to managing blindly. - Joseph’s “just my thoughts”

Let’s say someone bought a building with a bank loan. If the landlord fails to pay the interest, the bank is forced to pay the principal. If the principal isn’t paid, the bank can put the building up for auction, even though the landlord owns it. Interest is the cost of borrowing money over time. The reason I can purchase a building without using my own money is that I can leverage time through interest. When we say time is money, it doesn’t just mean to save time and live diligently. It emphasizes that time truly represents money. - Joseph’s “just my thoughts”

I think it’s not just that many people are living in this world; rather, their lives may come together to create this world. I believe everyone is born with their own destiny. Words express the heart, thoughts, and feelings, but spending money reflects a person’s morality. The way a person approaches and uses money embodies their faith like a religion. While money may not be faith itself, it serves as one of the most essential foundations for its external expression. Money is a fundamental element for survival and a symbol of value exchange. - Joseph’s “just my thoughts”

For entrepreneurs, making money is the most crucial aspect, but as the business grows, the nature of the money itself and accounting principles often determine its survival. Numbers represent money, but there is an invisible attribute accompanying it. Even with the same one million dollars, one million dollars in capital and one million dollars in debt represent fundamentally different attributes of money. Money has an invisible label attached to it, and understanding this can enable you to grow your business even further. - Joseph’s “just my thoughts”

It’s not that there is no money, but rather that people can’t find a worthwhile entity to invest in. The businessman misunderstands that he can’t do what he wants simply because he lacks money. However, just as water flows to a low place, money naturally gravitates toward where it’s valued, even if you have no cents. In other words, it’s not that they don’t have money; it’s that they don’t instill the kind of trust in investors that encourages spending it. No matter how dire the situation in the country may be, money doesn’t simply evaporate. You miss opportunities because the conditions aren’t right for investment. - Joseph’s “just my thoughts”

The essence of money is ‘credit.’ When individuals with no credit possess a significant amount of money, they use it less efficiently than those with credit who have the same sum. This inefficiency incurs additional costs, resulting in lower profitability compared to someone who is trusted. In our world, even an equal amount of money is influenced by credit. The most fundamental step in establishing credit is to honor your verbal commitments. Individuals who do not fulfill their verbal promises tend to experience slower growth or may even fail, regardless of having an equivalent amount of money. - Joseph’s “just my thoughts”

Money is largely divided into two categories: Standard Currency and Fiat Currency. Standard Currency’s value is tied to real goods, while Fiat Currency relies on legal enforcement for its value exchange. Standard Currency is termed convertible gold if it can be exchanged for gold and convertible silver if it can be exchanged for silver. However, for any currency to be created and circulated in the market, bonds must exist first. When the government issues Fiat Currency and distributes it, the central bank lends money to commercial banks; this process is effectively a loan. A loan is legally recognized as a bond and represents a debt that must be repaid. Without debt existing in the world, money cannot circulate. The government manages the economy by adjusting the money supply in the market, either by collecting or lending more of these loans. Many people aspire to make money, but few truly understand what money is. - Joseph’s “just my thoughts”

If the means of value exchange is recognized only in the fiat currency issued by the government, the accumulation of wealth that has taken place can only be expressed in terms of value versus fiat currency. Due to the limited quantity of money, if I make money, someone will lose it. In other words, my profit is someone’s loss. Of course, the opposite is also true. Therefore, it is said that currency possesses the property of ‘goods’ whose value changes according to market functions. So, is there a structure where everyone can gain profits, rather than a game where someone loses while someone else earns? This essence will not change, but the methods by which productivity grows and the ability to create added value will improve, creating the best win-win system in the current scenario. If we must share a pizza, making a larger pizza itself is akin to making everyone happier than before. - Joseph’s “just my thoughts”

Regardless of your earnings, spending is inevitable. Therefore, spending holds more significance than merely earning, and wealthy individuals emphasize teaching their children how to allocate money toward education. This highlights that human emotions and desires are central to economic theories. Spending can be categorized into two main types: “consumption” and “investment.” “Consumption” refers to expenditures on necessities or perishable goods, whereas “investment” involves acquiring assets aimed at production. Without grasping these distinctions, money spent may be seen as a “waste.” - Joseph’s “just my thoughts”

The exclusive power of the state to print money, rather than that of private individuals, creates a situation where we all must operate within a limited amount of currency. This limitation implies that because wealth is quantified and acquired through money, whenever one person gains money, another must lose an equivalent amount. It’s similar to the fact that when I settle my bank loan, another person has to go bankrupt. The opposite holds true as well. - Joseph’s “just my thoughts”

What happens if you have significant debt but also have the ability to issue money? In this case, the debt may become irrelevant. While the government can issue currency, the private sector lacks this capability. So, how does the private sector create money? There are limited methods, including adding value through production, establishing reasons for exchange that involve considerations, or receiving a gift, such as an inheritance. All other methods are illegal. - Joseph’s “just my thoughts”

Trust acts as glue, binding individuals’ needs, while money operates like a magnet; when distance is introduced, it attracts unwanted elements. Essentially, trust enhances efficiency, whereas money, in the absence of trust, leads to avoidable expenses. When money substitutes for what trust should fulfill, inefficiency and waste significantly increase. - Joseph’s “just my thoughts”

Business isn’t just about “doing something” — it’s about “building trust.” In running a café, my focus should be on fostering customer confidence in my service rather than simply selling coffee without consideration. Before making sales, establishing trust as a business owner should be a priority. Gaining experience by working part-time in another café can facilitate this trust-building process. When you create financial credibility, running out of money can harm your reputation. However, if you earn money through established trust, you can regenerate funds even after they have been depleted. Trust serves as the foundation of money and is central to successful business operations. - Joseph’s “just my thoughts”

There is a saying that bears perform tricks and their owners have money. Ownership, and thus rights, are powerful when they become a platform. The odds of making vast sums of money from video creators are small. However, most of them need video editing, regardless of their profits. In fact, rather than making money for video creators, video editing software companies make money. There are far more ads in job openings asking for editors than for video creators. The more online shopping malls there are, the more money delivery companies make. Since business is a competition within finite conditions, the primary virtue of business is to be in the best position above all else. It must be hard to get into the wrong line and compensate for it with something else. - Joseph’s “just my thoughts”

The lower the trust, the higher the economic and relationship costs. If performance is low beyond costs, efficiency is reduced. Trust is the most important asset in all areas where human intervention involves value. Higher trust increases the efficiency of the money use. Some people get high satisfaction even if they spend the same amount of money, but others get complaints. Don’t make the mistake of thinking that all money is the same. - Joseph’s “just my thoughts”

Extending a loan is buying time with money. However, banks turn time into money. Purchase time with cash makes you poor, but changing time with money makes you rich. To pay off your debt, you have to change your time into cash and buy money (debt) with that money. All economic activity is an attempt to turn time into money. - Joseph’s “just my thoughts”

Google founder Sergey Brin, one day asked a great question. “What will happen if we give this service for free?” The result was, as we know well, “MONOPOLY”. Google gives employees 100,000 meals a day for free. This is because Google found that providing free meals is more profitable for the company. Initially, a payment system was introduced in the cafeteria. Soon, however, Google changed its mind when it saw the people waiting in line. Google learned the “opportunity cost”. Google's technology is excellent, but they realize it is not about making money. Fate changed when they discovered that the Business Model for that technology made money. - Joseph’s “just my thoughts”

“Bian Que” is a doctor of ancient China. He met “Duke Huan”, the king of the country “Cai”, and asked, “You have a serious disease, but it is better if I only treat your skin”. Then “Duke Huan” thought that “Bian Que” was trying to cheat the skin disease to make money with the serious disease, and refused his treatment. Every 10 days, Bian Que went to give advice, but Duke Huan, who refused to treat the disease, eventually died. However, King Wen of Wei came to Bian Que and asked. “I've heard that your three brothers are all doctors, but which one is the best?” “The big brother is the best because he cures it with medicine before the disease is revealed, and the second brother is excellent because he uses acupuncture when the disease is small, and then I'm the third of them because I do surgical operations on the serious disease after it is revealed,” he replied. The king asked again. “Then who is the richest?” Bian Que also answered. “My big brother heals the disease without a...

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”

To succeed in business, you must have business skills. Business skills can only help you earn money, not create it. The success of a business lies in "dealing with people" rather than "business skills." Dealing with people is the hardest thing in this world. Commercial skills and techniques can lead to small successes, but to achieve great success, we must be able to judge and deal with people well. Above all, we must be patient and love people. - Joseph’s “just my thoughts”