The relativity of values causes us to use money irrationally. I go to the supermarket to buy a $15 pen, and the clerk smiles and says, “You can buy this pen for $7 if you walk 5 minutes from here.” Then, most people walk five minutes and buy a $15 pen for $7. But if you want to buy a $1,000 jacket and the clerk smiles and says, “You can get a $992 jacket in five minutes from here,” most people simply buy the $1,000 jacket. Reasonably, walking for 5 minutes equals the effort, and the profit of $8 is the same. However, people might go to a store that sells pens cheaper, but not for the jacket, because the discount rate is too low. In other words, the relativity of comparing values makes us act irrationally. The pen’s discount rate is 55%, and the jacket’s is only 0.8%. Yet, the total amount is the same for all $8, and the effort to gain that profit is identical. Attitudes and misconceptions about consumption influence how we build wealth. - Joseph’s “just my thoughts”
Cognitive science states that humans communicate with 30% of "linguistic information" and 70% of "non-linguistic information." Suppose you study something to acquire information, focusing on it with conscious awareness. In that case, any activity you engage in unconsciously throughout your daily life is "playing." It is challenging to maintain focus on a task for an extended period. However, engaging in play adds enjoyment to intellectual pursuits, allowing for sustained attention. Studying in a limited capacity will only make you proficient in specific areas, but play can facilitate a more comprehensive and nuanced understanding. Parents often err by separating study and play, they are two sides of the same coin. - Joseph’s “just my thoughts”