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Opportunity Cost: Master Your Options—Master Your Career - Darius Foroux
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Opportunity Cost
Saying 'yes' to something automatically means saying 'no' to other possibilities. This is known as Opportunity Cost. It translates into the potential benefits that we miss by choosing one option over another.
Subconsciously we are aware that we can't do everything we want at the same time. However, when we are more aware of this concept, we can make better decisions.
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Risks of Ignoring The Opportunity Cost
It's easy to overlook the cost of hypothetical opportunities. But if neglected, opportunity costs will negatively impact your life, career, and relationships.
- Working on autopilot means you put in the hours and get paid, but you end up with nothing: no important knowledge, experience, or assets. If you want to have a satisfying career, you can't afford this.
- Missed Return On Investments (ROI). Our time and resources are investments. Ask yourself if you could be spending your time on something more effective.
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Prioritize Your Options
If you want to become more aware of opportunity costs in your career, prioritize the important work.
Make a list of your top 5 priorities, keep it in a visible place, and live according to those priorities.
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Eliminate Options
Our first ideas are not always the best. At any given time, we have multiple options when it comes to spending our time.
We can't do everything. We have to make choices. When we get clear on our priorities, we will be able to eliminate many options and in the process, make better decisions.
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Ways to Say No
- The Indirect “No."Say no without feeling uncomfortable by explaining the reasons why you can't.
- The “Let me get back to you.”Buy yourself time to think...
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Key Ideas
Being “too nice” can cause you problems
You're asked to do something, and you feel you should say no. However, if you say no, you'll be resented, so you are tempted to say yes. If you say yes, you're going to be frustrated wi...
Saying NO without guilt
- Notice how often people around you say no to each other every day. Also watch how others handle these situations.
- When you feel pressured for a yes, ask for time. It will allow you to calm down and evaluate whether you really want to do it ( "I need to check my calendar; I'll get back to you"/ "I've got to think about that; I'll let you know.")
- Saying no comfortably requires you to think what your values are. When you live by clear principles, it's easier to make decisions. People are more likely to respect your responses.
- Keep telling them that you can't help them. Then stay on repeat, even if they bring new angles of reasoning.
- When you want to help but can't commit to the specifics, make a counteroffer. You can offer someone a different resource or the name of someone else who might help.