Let's Talk About "Opportunity Costs"!
Whether you have a more abundance mindset Or A more scarce mindset. When it comes to opportunities. It's important to understand the price we pay every time we choose to take or reject an opportunity in front of us.
Working Extra Hours
When you work extra hours at work, you are spending less time doing other things that you could be doing. And for some people, this is just fine. But I ran into this issue by getting my part-time job back.
While it makes me happy to work there again, And I love seeing my coworkers. Every hour I spend there, Is an hour robbed from growing my shirt business, And from writing Steemit posts.
It adds up every day. And while I don't regret my decision to go back, It's something that nags at me every day.
Just because you have a great opportunity in front of you, Doesn't necessarily mean you should take it.
Sometimes other opportunities will bring you a lot more. For example in my case, Growing my business and focusing on this blog will do more for me in the long term. While I decided to go ahead and take that risk anyways. It's something that I should think about.
Are You Missing Out On Other Opportunties?
Sometimes when we take one opportunity, we are decreasing the chance of another opportunity coming up for us.
For example, When you are in a relationship with someone, And everyone knows. This decreases the chances of you finding someone else. People you know that may like you, May not flirt with you.
While you are in a relationship and this shouldn't matter. This is a good example of you missing out on another opportunity.
This can also be applied to your daily job schedule. Who knows Maybe if you didn't have your current job, you may have been in a spot that was better, Because you could have met someone else that could have offered a better job.
This is something that could get out of hand, And get obsessive if you allow it. Which would be bad. But it's always something to think about, Especially if your full heart isn't into something. It may be better to cut ties with your current opportunity so it opens the doors for something that could be better.
Choose Wisely
But at the same time, Don't' take too long to make your choice. Some people wait and wait When sometimes you're just better off making a decision quickly. Sometimes you can go with the other decision if things don't work out.
But this isn't always the case. That's why I love the 10/10/10 rule whenever I make a decision.
- How will this choice affect you in 10 minutes?
- How will this choice affect you in 10 Months?
- How will this choice affect you in 10 Years?
While not all decisions you make will satisfy all the spectrums of this, you can get a pretty good idea when you compare choices to this formula.
I think it's very important to always think about opportunity cost. We can always make some more money but we can never get back lost time could also be one way of looking at it. Or focus on that which yields the most since 20 percent of input usually stands for 80 percent of the output.
Exactly! I Love using the 80/20 rule hehe.
It is something I always try to remind myself as well haha
In my opinion, the best way of going about making the right decision is.. to MAKE A DECISION and then make it right.
That is very true ! Things are what you make of them !
This is why we sometimes need to try new things just for the sake of it. We never know what we could find if we do that.
This is a simple way to mitigate opportunity cost don’t you think?
Right? I Love that too. When you try new things you can find better ways to do things.
Just like you said making one decision is also closing a better oppurtunity that come later.
The last time I made a choise I hardly think of the 10/10/10 strategy. I might made the wrong choise, but still a life to go through.
thanks for the strategy, better choise next time
Exactly! We all make the wrong choice sometimes, At least you probably learned something new in the process :)
indeed, 😃
thanks once again.
:)
Nice post. When you have passion and purpose about something, you are willing to "pay" any kind of cost.
Exactly :)
The only bad choice is the lack of choice.
Exactly!
great job @kaylinart
Choose wisely, indeed! What also has mattereed a lot-- at least for me-- is knowing myself in the sense of whether I feel like something is "risky" or "not risky."
I happen to be pretty cautious, so my opportunity cost often is the cost of NOT doing something new. Others are "variety seekers" and might jump from thing to thing, and their "cost" is being too scattered. Neither of these are "bad" things... but it's helpful to know on which side you're more likely to make your mistakes.
Well, opportunity cost is something I grapple with on the daily basis in whatever I'm doing. It's particularly hard if you've already put lots of effort into a project and yield nothing consequential. How do you weigh sunk cost and opportunity cost of a project? Just curious about your perspective.
So True. This is a great post. I am always working on being Self-Sufficient. It is the Corner stone of living off the grid. Being able to take risks is also key..... I am usually Risk-averse.
Thank you
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great writing and good job @ kaylinart. i like your post and following.
Thank you.