Time Preference. It is a phenomenon where the more distant a result is from the present, the more rational decisions seem, while closer results tend to lead to more emotional choices. When thinking about the distant future, we usually approach it rationally. However, when making decisions right now, we often act emotionally instead of rationally. This time preference significantly impacts areas such as finances, health, work, sleep, procrastination, and texting. For example, dieting is hard when delicious food is right in front of you; people often say it starts tomorrow, not today, because weight loss doesn’t happen overnight but over weeks or months. - Joseph’s “just my thoughts”
There is no eternal depression or eternal boom. There is no everlasting suffering or peace. Everything follows a cyclical pattern of good times and bad times. The problem is that I can’t control the situation on my own. This means I need to change my attitude and behavior according to the circumstances. During a recession, we should prepare for prosperity, and during times of prosperity, we should prepare for recession. Our goal is not to guess or imagine but to stay aware of changing circumstances and their consequences. Do not settle for the current situation; instead, read and prepare for even minor changes. - Joseph’s “just my thoughts”