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”
One characteristic of the wealthy individuals I have met so far is that they complete their work on time, rather than merely finishing tasks by the deadline. Being on time for a task involves calculating the necessary amount of time in advance based on the task’s size and nature, then striving to complete it within that timeframe. In contrast, finishing work at the last minute means postponing tasks until the deadline looms. The habit of delaying work is referred to as ‘ procrastination ’ in psychology; it’s associated with perfectionism or the tendency to derive greater satisfaction from concentrating energy on tasks as the deadline approaches. Anxiety underlies this behavior, and it proves to be entirely counterproductive in any case. - Joseph’s “just my thoughts”