What I spend is someone else’s income. Apple co-founder Steve Jobs discussed every morning at breakfast with his family about buying a set of Miele washing machines and dryers from Germany for two weeks. Why? Of course, it was to teach their children about economics and to illustrate a lesson about opportunity cost, a common trait among wealthy people. If you buy this washing machine, you cannot buy that one. That is the opportunity cost. It’s a form of relative value, based on the idea that choosing one option means sacrificing another, so the value of each can be compared within those limits. Wealth begins with training in understanding even trivial opportunity costs. To succeed in business, you need to learn how to measure opportunity cost first, rather than just how to make money. - Joseph’s “just my thoughts”
Speaking negatively to others stems from my discomfort. Positive language fosters respect and happiness in relationships. This isn’t merely due to the “power of positivity”; it’s how our brains have evolved to interpret it. When asked, “Why don’t you study?” the negative framing prompts the brain to release cortisol, which ramps up stress. Consequently, the brain associates “studying” with unpleasantness. Conversely, if you say, “I appreciate your studying even while you play,” the message shifts. Parents shape children; husbands influence wives, and wives impact husbands. - Joseph’s “just my thoughts”