An asset is the foundation of all economic activity. If you have assets, you can run a business and settle your debts. The ways to create assets are ‘how one works,’ ‘how to receive gifts from others,’ and ‘how to purchase assets made by others.’ There is a way to steal, but it is a crime. If you don’t initially own an asset, the simplest and almost the only way to create one is to produce something with your own labor. Whether the product is a service or a good, it must be produced unconditionally. Trading products creates added value. Thinking about trading later and making products first is the fastest and most basic way to escape poverty. Therefore, produce even the smallest things every day. Knowledge, records, art—whatever! - Joseph’s “just my thoughts”
Money and attention affect how we experience pain and joy. People tend to feel worse when paying in cash than when using a card . If a restaurant charges you $1 for a spoonful of food, your enjoyment diminishes because you focus more on the cost than the food itself. To reduce spending , you should make spending feel painful . For example, paying with cash rather than a credit card usually leads to less spending. Automatic debit can become a trap. A study shows electricity use increases by 4% when bills are paid via direct debit . Managing spending involves controlling how much importance you give to it. Ultimately, to reduce expenses, we need to change the system and its structure. - Joseph’s “just my thoughts”