Wealth is not just government-protected assets, it is all you have.

funtraveller (71)Group Majorin Account Booster 👍 • 2 years ago

What is money and why do some people value it more than anything else? In the past, people regarded the power to control other humans as the most valuable thing in life. But today for many in industrialized societies money appears to offer a better chance of happiness. For example, opportunities for personal freedom, free time, and travel that were unavailable to pre-industrialized societies are today only affordable for those who are financially secure (Harvard University).

As people age, they gain more knowledge and will reflect on the past and see where their life has gone or could have gone. Simultaneously, someone who started out poor but became rich will end up giving back to society or it can go from being a philanthropist to someone who destroys others' wealth.

Wealth is not just government-protected assets, it is all you have. Everyone's economic (in)security has different reasons for it, some are by birth, others due to zero-hours contracts. If you don't work then you won't earn money and then maintain your independence; money isn’t everything but it's pretty important

Financial responsibility is key to financial success even when dealing with good money that can lead to bad. Values should build personal finance objectives; they are all about who you are and what your values are.

The four things that can take care of the future are a suitcase (taking care of the future is your responsibility), a complete set of five books (we read stories about people, literally and figuratively), idleness, and laziness which we have to find time for (a time to do nothing) and, finally, money.

What I’ve written so far is not true. I make it my mantra. It’s something that can make me feel better or terrible after I read it when my mood swings.

Often there comes a point where money is so tight that just having enough money for rent leaves no room for luxury goods like the meals I enjoy or the occasional large purchase.

Financial success is a real challenge. A good portion of people increases their chances to improve their financial status by taking up a career on Wall Street as traders, bankers, or analysts. Enticed by big sums of money on the other hand makes little difference ;)

Knowledge is the most important thing in life. Those who know can do anything and those who have this knowledge are the ones that lead successful lives.

"An ounce of prevention is worth a pound of cure" -Benjamin Franklin

Successful people value their time and use it only for the most fruitful activities which provide them both knowledge and money. That's why they prefer to work a 9-5 hour jobs rather than go to college (~40 hours/week) or try entrepreneurial ventures (~100 hours/week). Knowledgeable persons waste less time because they know what to focus on.

In such a case, should he give up all his time for education or self-employment with no guarantee of success, would be an irrational thing to do. My first year at Harvard did not really give me much elbow room in terms of my time but I was rewarded with a job at Goldman Sachs. The question asked is whether such a person should give up all his time for education or self-employment with no guarantee of success, which would be an irrational thing to do. It seems that in this case, he would need some assurance that he could expect to make a living in his chosen line of work. The passage says that this person would be irrational to give up all his time for education or self-employment with no guarantee of success. It does not imply that a guarantee is needed, but presupposes the risk of failure.