What I spend is someone else’s income. Apple co-founder Steve Jobs discussed every morning at breakfast with his family about buying a set of Miele washing machines and dryers from Germany for two weeks. Why? Of course, it was to teach their children about economics and to illustrate a lesson about opportunity cost, a common trait among wealthy people. If you buy this washing machine, you cannot buy that one. That is the opportunity cost. It’s a form of relative value, based on the idea that choosing one option means sacrificing another, so the value of each can be compared within those limits. Wealth begins with training in understanding even trivial opportunity costs. To succeed in business, you need to learn how to measure opportunity cost first, rather than just how to make money. - Joseph’s “just my thoughts”
Marathon runners rarely smile before, during, or after the race and usually have a very serious expression. If there were aliens, everyone who participated in the marathon might be considered a criminal because they don’t look happy. Humans think they only enjoy happy and joyful work and avoid hard, painful work, but in reality, human motivation is more complex. Even if something is hard and painful, it’s not as simple as just participating in marathons. Humans do not act solely based on joy and happiness. If humans can find meaning in life and experience progress even when it’s difficult, they are willing to do it. - Joseph’s “just my thoughts”