Recording and storing purposes include reloading, confirming, and recalling memories and data when needed later. There is nothing more foolish than when recording and storage become ends in themselves. The same applies to money. When frugality and saving become ends in themselves, the function of generating profit through investing money and creating surplus by spending turns into foolish storage that fails to achieve a positive function. Such a person will engage in activities that neither they nor others can benefit from. We should always examine whether the ends and means have been interchanged. - Joseph’s “just my thoughts”
We often overlook the financial concept of “opportunity costs” because there is no immediate cash expenditure involved. Typically, we invest more time and effort in purchasing cheaper products. In contrast, wealthy individuals do not have to exert as much effort as those with fewer financial resources. When we factor in opportunity costs, we often find ourselves spending a similar amount of money on the same items, regardless of wealth status. For instance, if Bill Gates picks up a dollar that someone has dropped, he actually detracts from his financial standing due to the opportunity costs associated with the value of his labor. In this regard, he might save more money by choosing to rest instead of working. Ultimately, opportunity costs are the hidden expenses that can keep us in financial distress in the real world. - Joseph’s “just my thoughts”