Warren Buffett, who has amassed 99% of his wealth since the age of 50, revealed that the secret lies in “compound.” When you lend money, interest is added to the principal as income. Initially, interest is applied only to the principal, but compound interest is applied to both the principal and the accumulated interest. Therefore, at first, it seems negligible, but over time, significant wealth growth takes place. The same principle applies to reading: even if your reading speed is slow, consistently reading just a few books each day can lead to a wealth of knowledge. After a year, this accumulated knowledge creates a network effect, allowing you to quickly absorb new information. Consequently, your reading speed increases dramatically, leading to an exponential growth in the volume of material you can handle. This exemplifies the compound interest effect. Even small, consistent actions taken daily can build up and create a compound interest effect over time. Cartoonist Lee Hyun-se sta...
There are two key meanings in the world: abstract meaning and conceptual meaning. Abstract meaning relates to values and philosophy, while conceptual meaning pertains to methodology. A successful businessman effectively understands abstract meaning in a conceptual context. Some businessmen struggle to grasp abstract meaning, whereas others have difficulty with conceptual meaning. It is essential to enhance understanding by collaborating with external experts, regardless of whether it involves developing internal organizations. Businessmen should excel at creating both abstract and conceptual representations. - Joseph’s “just my thoughts”