There comes a point when humans can’t earn money from their labor. Whether it’s because we’re old enough to retire or we’re unable to work due to a disability, it’s simply a matter of timing, and the moment we must stop earning from our work has already been determined. That’s why we need to choose to become either investors or unemployed someday. Then, it’s beneficial to understand and actually practice investing while we are able to work. Working hard is good, but how we live our lives is more important. - Joseph’s “just my thoughts”
Time Preference Rate . “ The Marshmallow Tale ” by Joachim de Posada and Ellen Singer describes the “ Marshmallow Experiment ” at Stanford University. The experimenter left the child alone in the room and gave the child a marshmallow, instructing the child to eat it immediately. However, if the child did not eat it within 15 minutes, the experimenter would give the child another marshmallow. Some children waited the full 15 minutes, while others stopped waiting early. These two groups were followed for 14 years, and as a result, the more patient children showed better social and mental abilities. Those who cannot tolerate waiting are said to have a high time preference rate, while those who are patient are described as having a low time preference rate. In investment, high and low time preference ratios are not necessarily good or bad because many investments depend on luck. The key is to find and stick to methods and principles that match one’s own tendencies. - Joseph’s “just my th...