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 value of one piece of bread is greater when you have only two pieces than when you have ten. The same principle applies to how we use our time. Age serves as a significant measure of how we perceive the quality of time. As people approach death, they tend to place a higher value on time. In other words, the quality of time spent varies with age. While mistakes made in your twenties can be overlooked, tolerating the same mistakes in your fifties or sixties indicates a different quality, despite the same amount of time passing. Growing older means gaining a deeper understanding of responsibility and acceptance. - Joseph’s “just my thoughts”