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”
Need and desire are distinct concepts. Instagram serves to fulfill desires rather than needs. For example, saying “I want to eat because I’m hungry” illustrates a “need,” whereas “I’m hungry, so I want a beautiful table setting for the family meal from my mom” depicts a “desire.” If you cannot differentiate between these two ideas and grasp their fundamental meanings, consider stepping away from Instagram for marketing purposes. - Joseph’s “just my thoughts”