Everything in Life Has an Opportunity Cost - Right Attitudes - Deepstash

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CHARLIE MUNGER

“Opportunity cost is a huge filter in life. If you’ve got two suitors who are really eager to have you and one is way the hell better than the other, you do not have to spend much time with the other. And that’s the way we filter out buying opportunities.”

CHARLIE MUNGER

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269 reads

Doing One Thing Makes You Sacrifice the Opportunity to Do Something Else of Value

  • Life is all about values and priorities. You face trade-offs. Life requires that you make choices among mutually exclusive alternatives. Every time you select something, you forfeit other alternatives and the concomitant benefits. The cost of something is what you will give up to get it. This is opportunity cost.
  • In economics, opportunity cost is the cost of not choosing the next best alternative for your money, time, or some other resource.
  • Resources are scarce. When resources (time, money, mindshare, autonomy, and all that) are scarce, selecting one opportunity necessitates forgoing other opportunities.

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Opportunity Cost: You Can Do Anything but Not Everything

When mulling over multiple choices, the quality of any option cannot be assessed in isolation from its alternatives. The price you pay (or the sacrifice you make, or the benefits you give up) for doing what you’ve chosen to do instead of doing something else is the opportunity cost.

In sum, an opportunity cost is the cost of passing up the opportunities that a different option would have afforded.

Many costs are calculated in terms of money. However, just because you don’t have to spend money to do something does not imply that the options you face are without their costs.

There’s an opportunity cost to even reading this, at this moment. You could have been watching TV, taking a nap, calling up a friend, or moving on to another article in the time you’re devoting to reading this article.

In a nutshell, even decisions that appear to be no-brainers carry the hidden costs of the options you will decline.

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CHARLIE MUNGER

“The right way to make decisions in practical life is based on your opportunity cost. When you get married, you have to choose the best spouse you can find that will have you. The rest of life is the same damn way.”

CHARLIE MUNGER

18

159 reads

Learn to Evaluate Life Choices Via the Lens of Opportunity Costs

  • You live in a world where you must therefore make choices. You cannot avoid regret since there are opportunity costs for every choice you will make.
  • Everything in life is about opportunity costs. Every time you say “yes” to a choice, you are also saying “no” to everything else you may have accomplished with your time, money, and resources.
  • Opportunity cost is a commanding tool that you should be wise to apply to all decision-making. If you integrate this concept into your thought process, you will not only make judicious choices, but also better understand the world in which you live.

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CURATED BY

waylon_x

In our dreams we only see faces that we already know.

The cost of something is what you will give up to get it. This is opportunity cost.

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