"By ca.2400 BC it already appears to have been common practice on the part of local officials, or wealthy merchants, to advance loans to peasants who were in financial trouble on collateral and begin to appropriate their possessions if they were unable to pay." (Chapter 2)
I made it a rule for myself to not borrow money. I do not want to be in the position of peasants in financial trouble. Even Proverbs 22:7 (NIV) says: "The rich rule over the poor, and the borrower is slave to the lender." I liked the explanation at http://www.letgodbetrue.com/proverbs/commentaries/22_07.php about it from a biblical perspective.
Created: 2019-09-27 21:43:10 Last updated: 2019-09-27 21:43:10
"Anyone who has taken a basic course in economics or who has thought about markets of any kind understands that markets operate on the basis of supply and demand. When a certain good is in high demand and has a low supply, the cost of that good goes up." (Chapter 2)
The demand for my labor derives from the demand for what my labor produces. A strong demand for what I produce creates a demand for my labor to continue producing more. If I continuously improve my skills, I can improve the demand for my services, since the improvement of my skills gives me the capacity to be more productive to my employers. This is something I learned from https://smallbusiness.chron.com/laws-supply-demand-affect-labor-market-58242.html. All of this reveals that I must continue improving my skills constantly. That is an investment to put myself in a position where my labor is in high demand and has a low supply, resulting in the cost of my labor going up. For that reason, I am always learning from books, courses and videos. I publish on my website how I apply or practice what I learn. In that process, my personal website becomes my portfolio.
Created: 2019-07-29 07:41:49 Last updated: 2019-07-29 08:03:50
"Very low rates of unemployment can lead to inflation due to pressures on wages and the search for talent." (Chapter 2)
Since I am currently an employee and I want to receive higher wages as an employee, my employers should feel pressure on my wages. They should see me as gold, meaning that I am someone in high demand and low supply. This pressure has to be real, not theoretical or hypothetical. This means that I should participate in job interviews and eventually receive job offers that force my current employers to increase my wages or let me move to new jobs with higher wages. My talent should be expensive and in high demand. This means that I need to be open to new job opportunities and actively searching for jobs so that my wages can go up. If someone with my talent, skills and level of expertise is in low supply and high demand, my wages will increase and the search for my talent will be fierce.
Created: 2019-12-30 19:14:04 Last updated: 2019-12-30 19:14:04