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”
Humans understand the notion of “expectation time.” It’s crucial to confront the issue that is tacitly accepted. This tacit acceptance becomes problematic regardless of whether the “expectation time” is brief or lengthy. For instance, if a meal takes five hours, something must be amiss. Conversely, if a haircut lasts just one minute, people might suspect dishonesty. Effective communication hinges on precise expression, but it is equally essential to manage expectation time appropriately.
- Joseph’s “just my thoughts”
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