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”
Some question the need for ethics and a mission in business, even when the company is profitable. A transaction involves meeting needs and recognizing values, both of which connect to “morality.” Trust underpins all transactions, and morality is its foundation. While anyone can err, it is our moral obligation to make amends. Though it may be tempting to disregard that morality by persisting in trade, there are decisions that, without an ethical framework, can lead to irreversible consequences. This is not merely a mistake. - Joseph’s “just my thoughts”