An economics book written truly simply. A book in which the heart of a father, who tells his two sons again and again that they must study economics, is imbued in every single word. Being in the form of letters, it is easy to read, and difficult economic terms are explained in everyday language after the author has understood them himself, so it reads smoothly.
p. 98 The four criteria by which taxes are classified, and the characteristics of taxes classified by those criteria: 1) By the entity that pays the tax, they are divided into direct and indirect taxes. 2) By the entity that levies them, they are divided into national and local taxes.
- By the purpose of levying, they are divided into ordinary taxes and earmarked taxes. 4) By the tax source, they are divided into income tax, consumption tax, and property tax. The taxes we need to know are income tax, consumption tax, and property tax.
- Life section — Wealth lies in the mindset
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You must know the principle of money in the present era; it is an age of low interest rates and high inflation in which the value of money declines. At such times, you must invest in assets that accumulate on their own. It could be real estate, it could be gold, it could be stocks. You must decide according to the circumstances of your money and your asset portfolio at each moment.
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Investment is a long game; set your strategy with the resolve to become the final winner. The thing to be most wary of is an impatient mind. 3) You must develop the joy of saving money through regular income. 4) Build an infrastructure of information.
p.255 How to change a person
— Kenichi Ohmae <"Quick Answers to Hard Questions">
There are only three ways to change a human being: to use one's time differently, to change where one lives, and to make new acquaintances. If not these, a human being does not change. p.260 Your choices become your life. Your present life is the result of past choices, and your future life depends on your present choices. If today's life is hard, you must look back on the wrong choices you made in the past.
And if you want to live tomorrow's life comfortably, you must make wise choices today without fail. 1) Choose the winding, two-lane country road. 2) Choose what your friends call "crazy." 3) You must choose the side that brings future benefit over present convenience.
- Choose the time the investment demands, not the time your situation demands. p.269 So that 30 years from now these words come from my son's mouth, I promise to cultivate my life as a father once more. I will be your friend, your teacher, and a father you respect.
Next book to read, Kim Hoon <"Boiling Ramen">