One of the key principles of money is ‘opportunity cost.’ It means that when I buy something, I have to give up something else in return. We think we buy because we need something, but we often forget that we could buy something else instead. We rarely consider ‘opportunity cost’ when making a purchase. We do not compare other values against our needs. Buying something means giving up something else, but we often don’t realize it. When we spend money, we should also consider the ‘opportunity cost’; yet, in reality, we aren’t trained to do so. By making a purchase, we bypass the value comparison that may not offer any additional benefits. Maybe it’s because we lack knowledge, or perhaps the idea isn’t appealing. - Joseph’s “just my thoughts”
The significant characteristic of a mistake when it has occurred once is that it tends to be repeated over and over again. Therefore, genuine mistakes are only the first ones. After that, each subsequent mistake proves a lack of wisdom. People rarely change, so instead of trying to change them, we should wisely change the system to which they belong. - Joseph’s “just my thoughts”