Milton Friedman on the four ways you can spend money

  1. You can spend your own money on yourself. When you do that, why then you really watch what you’re doing, and you try to get the most for your money.
  2. You can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost.
  3. I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch!
  4. I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get.

Leave a Reply

Your email address will not be published. Required fields are marked *

Basecamp running on a laptop

Hey, have you tried Basecamp lately?

Used an earlier version, but moved on? Heard of it, but never signed up? Today's Basecamp will surprise you! It's all-new, thoroughly modern, and unlike anything else. Now you can ditch Slack, Asana, Trello, Jira, Dropbox, or some other messy jumble of products. Simplify and centralize around Basecamp instead. It's all you need for project management and internal communication. Try it free today and see what you've been missing.