Being in debt means using up the future in the present. Essentially, it’s about how we manage our time. Therefore, the most valuable resource for debtors is time, and it depends on which side time favors. Paying off debt is like repaying borrowed future time early. When the ability to generate wealth over time decreases, the future time becomes a burden, and the debtor faces the pain of bankruptcy. Taking on debt is costly. It may seem like borrowed money is repaid with money, but the irreplaceable resource of time is also returned along with interest. With the rise of postpaid credit cards as a common payment method, we’ve become less sensitive to the associated pain and cost. There are two ways to spend money: using present time or future time. The costs and pain are much higher when the future is spent as if it were the present. - Joseph’s “just my thoughts”
No matter how smart you are, if you don’t exchange values , you’ll starve to death. For one thing, being self-sufficient enables survival, but self-sufficiency is only possible if you have your own assets and can borrow from others. However, even with existing assets, one can only survive through minimal labor and effort, which means engaging in productive activities . Thus, having great intelligence and applying that intelligence to productive activities are two different things. Even if you aren’t brilliant, you can survive if you are productive. It’s essential to identify the productive activities in which I excel and those where I need improvement. If I understand that, I must act without looking back. - Joseph ’s “just my thoughts”