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”
Kenichi Omae (大前硏一) is a Japanese economist. He confidently asserted that there are only three ways to change our lives: 1. Spending time differently 2. Changing where we live 3. Making new people. Making new decisions is the most meaningless. Doing all three simultaneously is “marriage and divorce” and “changing occupation.” - Joseph’s “just my thoughts”