It also means that if I have been fortunate in the way I have lived up to now, misfortune may come one day. Management involves looking at both sides of this coin. When business conditions are good, we need to prepare for tough times, and when business conditions are bad, we need to prepare for better times. If you have experienced misfortunes so far, you should hope that the opposite can also occur. Nothing lasts forever. The universe also changes from time to time, and we must abandon the notion that the society we live in will remain the same. Management is the act of converting uncertainty into certainty. - Joseph’s “just my thoughts”
We often overlook the financial concept of “opportunity costs” because there is no immediate cash expenditure involved. Typically, we invest more time and effort in purchasing cheaper products. In contrast, wealthy individuals do not have to exert as much effort as those with fewer financial resources. When we factor in opportunity costs, we often find ourselves spending a similar amount of money on the same items, regardless of wealth status. For instance, if Bill Gates picks up a dollar that someone has dropped, he actually detracts from his financial standing due to the opportunity costs associated with the value of his labor. In this regard, he might save more money by choosing to rest instead of working. Ultimately, opportunity costs are the hidden expenses that can keep us in financial distress in the real world. - Joseph’s “just my thoughts”