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”
The biggest crisis for CEOs is the financial crisis . However, symptoms precede this financial crisis; staff around the CEOs stop offering advice. If the staff believes that giving advice is futile and will only worsen the relationship, they will refrain from providing further advice. Nevertheless, most CEOs perceive their aides differently when they remain silent. The CEOs interpret the staff’s silence as a resolution to the conflict of interest . Ultimately, the staff’s silence inevitably precedes a financial crisis. - Joseph’s “just my thoughts”