Joseph's "Just My Thoughts"

Money is the most widely used medium of exchange worldwide, serving as a way to buy essential goods needed for life or to store wealth. Since the country guarantees the stability of fiat currency, it becomes possible to exchange ‘things for money’ instead of ‘things for goods,’ unless the country goes bankrupt. However, this amount of money cannot be increased indefinitely. When there is too much money in circulation, its value drops below the price of goods, causing those who hold wealth in money to lose that wealth. The key point is that money is limited in the market. Due to this limitation, money gains value. The government regulates this money supply through the ‘interest rate.’ Raising the interest rate reduces the money supply, while lowering it increases the supply. This helps control prices. Therefore, understanding the interest rate is crucial for managing and valuing wealth, making it essential to know the interest rate above all else in life. - Joseph’s “just my thoughts”

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”

When money interferes in a relationship, it changes the dynamic. Social norms and market rules come into conflict. For example, imagine a couple on a date, and when the man takes the woman home, he says, “I spent $100 on you today.” Suddenly, a romantic relationship shifts into a market transaction . Messages like “Next time, it’s your turn to pay” and “I did this for you today” appear. The benefits of social norms differ from those of market rules. Both are necessary, but the relationship is affected by when, how, and to whom they are applied. A person who fails to strike a balance between these two aspects risks damaging relationships and harming communities. - Joseph’s “just my thoughts”

Making money with money is called finance . Simply put, it’s a money trade. However, the most crucial asset in a business that earns money is ‘ time .’ Over time, money can grow into more money, whether through a return on investment or interest . So, what does time do? Time causes changes in value, shifting from low to high, and then back from high to low. Time is not equally valuable to everyone. It provides different returns for those who accurately estimate its worth and take action. The value of time varies from person to person, as each individual perceives it differently. - Joseph’s “just my thoughts”

Non-cash Temperament Assets . Words I made up. Whether you are running a business or making a living, there are situations where money cannot solve everything. Not money or knowledge, but a person’s personality, disposition, intentions, emotions, etc., often shape circumstances and results. No matter how good an idea is, if it is not put into action, it is useless. It takes will and courage to act. Such will, courage, and passion are vital temperaments for tackling areas that money cannot address, and they seem to represent a kind of asset that yields results in accounting. Sometimes, audacity is required to achieve something, along with courage that knowledge alone cannot provide. Our lives cannot be successful solely with money and expertise. Investors should be mindful of the temperament of others . - Joseph’s “just my thoughts”

Most successful wealthy people consistently say that “ wealth comes from the mind.” In a way, this notion seems like a luxury that only accomplished individuals can afford. However, it is true. The essence of money is merely a representation of the idea of credit . In other words, money is philosophical, and wealth is nothing more than the application of ideas. Wealth originates in the mind because it results from engaging with philosophies and ideas. Therefore, to achieve wealth, you must first learn to control your mind. Developing money-making skills follows next. - Joseph’s “just my thoughts”

One of the misconceptions people have is that they believe they ‘buy (get)’ things with money. However, in reality, it is an exchange of money for goods. You might question whether these two concepts are similar, but there is a significant difference between them. In other words, it leads people to forget that money is also a ‘good’ whose value fluctuates based on the amount available in the market. This creates an overconfidence in money . In terms of value, money is only as valuable as its role and mission in exchange. If the role of food is to ‘eat,’ then the role and mission of money is that it is endowed with ‘the power to exchange anything.’ If money can’t be exchanged for food, can you eat money instead of food? The standard that allows goods to exchange roles and missions with each other is called ‘ price .’ - Joseph’s “just my thoughts”

Money is essentially the same, yet it creates different qualities in how it is used and transacted. In other words, the quality associated with money varies. Not all debts are created equal; there are good debts and bad debts . The quality of these debts can also be classified as good or bad, impacting sales and profits. This is similar to how paying the same amount for fruits can yield different results: one box might contain delicious fruit while another may hold tasteless ones. Thus, even when spending the same amount of money, the pleasure and satisfaction derived from the taste can vary significantly. When these differences accumulate, the utility value of money significantly affects wealth distribution , making the gap between wealth and poverty even more pronounced. Earning well, spending wisely , and borrowing judiciously greatly influence our happiness in life. - Joseph’s “just my thoughts”

Making money, growing money, protecting money, and using money wisely are different issues. Being good at one does not guarantee success in others. The important thing is to earn, grow, and safeguard your money, and then care for the people around you. To win money at a casino , you just need to observe the successful winners and replicate their actions. You cannot engage in economic activities alone; you need a business partner to earn and manage money together. While it is possible to go solo, you may struggle to expand beyond a certain limit. That doesn’t mean I ignore the poor. If there are needy individuals around you, they might come to you to borrow money, or you might help them at some point. If you try to thrive on your own, it will be challenging to retain your wealth. You can safeguard your money by helping those around you become prosperous as well. However, some people disregard this idea. A person who believes in the power of money often flaunts that power. When these pe...

Little money makes people rich, while big money can make people poor. It’s about our attitude towards money . Money should neither be overlooked nor be ostentatious . However, what is certain is that if you ignore small amounts of money, high-quality money will not follow, and if you pursue only big money, there is a strong possibility of losing everything in an instant. A person’s attitude determines the nature of money, and the legitimacy of the way they make money affects the quality of that money . Not all money earned is equal; it varies in quality depending on how people treat it. - Joseph’s “just my thoughts”

When individuals perform tasks that money typically does, they become enslaved to money. Even when these means come to an end, they remain bound to money. Therefore, it is not the abundance or lack of money that enslaves humans, but rather ignorance and greed—qualities that fail to recognize the purpose and utility of money —that lead to this enslavement. Ultimately, it is a philosophical issue. - Joseph’s “just my thoughts”

Both a life in which money is the goal and a life that ignores money while focusing on the limitations of existence are enslaved to money. People are wary of greed for money but feel pity for a life constrained by its lack and filled with excuses. However, these two are essentially the same phenomenon, stemming from a misunderstanding or lack of knowledge about the essence of money . Both conditions prevent individuals from achieving the freedom that money can provide . That is why money becomes a source of unhappiness when it is viewed either as a purpose or merely as a means. There is nothing more precious than the freedom to exercise sovereignty over my life independently. The world divides into those who seek wealth for freedom and those who earn money to become slaves to it. There is no neutrality. - Joseph’s “just my thoughts”

The most common excuse for people who can’t save money is that they don’t have enough to spend. This is true, but it is also unacceptable. You don’t have enough to spend because you’ve pulled your future income into the present and spent it in advance. Taking a loan , getting an investment , and using a credit card all share one thing in common: they move future time into the present. There can be no investment that ignores the effect of time and no money management that does not consider time. Discounting the future means that there is no present income; instead, future income is drawn into the present and used. There is only one way out of this trap. Currently, the only way to reduce expenditure is through frugality . After that, you can only increase your income . - Joseph’s “just my thoughts”

When stating that prices have risen, it signifies that something else has decreased in price. If house prices are up by 10%, then something else indicates that the price is down by 10%. What is this “something else”? It is the value of money –a number derived from converting the value of an inflationary object into a currency. As the prices of goods increase, the value of money decreases correspondingly. If the object is compared in value to something other than currency, then something else that has increased in value compared to the object has depreciated in value. Most values are expressed in currency, so if the price of an object relative to currency rises, the value of the currency is relatively low. Therefore, if you receive cash from sales, wealth is created and preserved only when you exchange it for something else that is appreciating in value compared to cash. If you keep the cash intact, you will undoubtedly become poorer. Wealth is always a relative concept, not an absolut...

Trust must be created and maintained. Building and maintaining trust always comes at a cost. Even if the cost is not monetary, it must be paid in the form of labor or some other means instead of money. Cafe owners face the uncertainty of not knowing when their customers will arrive. Knowing exactly when customers are coming, the cafe owner will avoid turning on the cafe lights and machines unnecessarily when there are no customers. The owners only need to prepare for when customers arrive. However, due to this uncertainty, the owner must keep the lights and machines on. If the cafe owner turns off the lights and machines to save money and a customer visits the cafe, that customer may not return. An unprepared appearance undermines the trust between the cafe and the customer. Regardless of type or kind, there is always a cost to building and maintaining trust. Which part am I paying the cost for now? Or am I not paying for it? - Joseph’s “just my thoughts”

Even though $1 million of one’s own money and $1 million of others’ money are numerically the same, their characteristics will differ significantly. In other words, while money is represented numerically, it serves various purposes, and its usage remains unexpressed when distributed in the market. Money is accounted for to illustrate this situation because the purpose of its use is more significant than the number (amount). Specifically, double-entry bookkeeping is the most reliable method for reflecting both the amount and its use. Therefore, if a CEO doesn’t understand double-entry bookkeeping, it is akin to managing blindly. - Joseph’s “just my thoughts”

Let’s say someone bought a building with a bank loan. If the landlord fails to pay the interest, the bank is forced to pay the principal. If the principal isn’t paid, the bank can put the building up for auction, even though the landlord owns it. Interest is the cost of borrowing money over time. The reason I can purchase a building without using my own money is that I can leverage time through interest. When we say time is money, it doesn’t just mean to save time and live diligently. It emphasizes that time truly represents money. - Joseph’s “just my thoughts”

I think it’s not just that many people are living in this world; rather, their lives may come together to create this world. I believe everyone is born with their own destiny. Words express the heart, thoughts, and feelings, but spending money reflects a person’s morality. The way a person approaches and uses money embodies their faith like a religion. While money may not be faith itself, it serves as one of the most essential foundations for its external expression. Money is a fundamental element for survival and a symbol of value exchange. - Joseph’s “just my thoughts”

For entrepreneurs, making money is the most crucial aspect, but as the business grows, the nature of the money itself and accounting principles often determine its survival. Numbers represent money, but there is an invisible attribute accompanying it. Even with the same one million dollars, one million dollars in capital and one million dollars in debt represent fundamentally different attributes of money. Money has an invisible label attached to it, and understanding this can enable you to grow your business even further. - Joseph’s “just my thoughts”

It’s not that there is no money, but rather that people can’t find a worthwhile entity to invest in. The businessman misunderstands that he can’t do what he wants simply because he lacks money. However, just as water flows to a low place, money naturally gravitates toward where it’s valued, even if you have no cents. In other words, it’s not that they don’t have money; it’s that they don’t instill the kind of trust in investors that encourages spending it. No matter how dire the situation in the country may be, money doesn’t simply evaporate. You miss opportunities because the conditions aren’t right for investment. - Joseph’s “just my thoughts”