Everything in Life Has An Opportunity Cost July 20, 2017 – Posted in: Everyday Living
“The opportunity cost of an unlived dream is not only that dream, but also the dreams the dream was meant to inspire.” – Ryan Lilly
In the past month, I’ve started to weigh the opportunity cost of doing something and this is how I decide what to give my time and attention. Simply put, Opportunity cost is the loss of other alternatives when one option is chosen. It is a benefit that a person could have received but gave up to take another course of action.
You’re here today reading my post, the opportunity cost of this action is every other thing you could have been doing but gave up to go through my blog. Sure it’s only going to take a few minutes to go through the blog and you can go back to doing anything else you want to do but note that this exact minute you’ve spent reading this paragraph can never be regained. It’s gone forever.
The things you give your time and attention to play a huge role in how your life turns out therefore in the pursuit of success it must be taken into strong consideration. I was out for drinks last night with a few friends; I knew I had to stay in and write in order to meet my deadlines but I hadn’t been out in a long long time so when I got the invitation to, I accepted it. I ended up having such a good evening but the opportunity cost of me going out was that I didn’t write any articles or meet my deadline. What was good for my soul was bad for business.
There’s an opportunity cost to everything. Even in your finances. I also apply this rule in my business. What’s the opportunity cost of spending N10,000 on item A? In other words, if I don’t buy item A, what else would I do with the money? This is a rule that I have recently started to apply in my expenses also and it’s made me a smarter spender.
These are the kind of decisions that we make every single day in all areas of life with every action. How do you decide what to give your finances, time and attention to? What are the short term and the long term effects of your decision? Success takes a lot of discipline and smart work so my advice to everyone on the journey to find success is to be smart with your management. You can’t do your bare minimum and expect to see great result. Put in the work that you need to, spend time doing worthy things, spend money wisely and generally manage the areas of your life smartly and success will be inevitable.
TGIT, it’s officially one more sleep to Friday.Weekends are good because you have a chance to rest but remember that on this journey, there are no cheat days. Do something everyday (even on the weekends) that leads you closer to your dreams. If you look closely, you’ll find that the people you aspire to be and your mentors work just as hard every day of the week.
Manage your money & time effectively, fill your time with worthy doings & events and learn to weigh your opportunity costs before taking any action.
Love x Light,