Learn more about moneyandinvestments with this collection
The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
Choose your opportunities wisely
It is easy to focus too much time and energy on the wrong things. There are only so many hours in a day. We can't say yes to every opportunity. Instead, ask yourself, "which opportunity can give me the biggest possible return?"
Everything requires energy, whether you work on something big or small. You can perform the same job at a different company and get paid twice as much. You can spend all day trading stocks and end up getting market returns, or you can put that money in a passive index fund and spend your time building a business.
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Making better choices today
We can make smart choices now that will set ourselves up well for later. Choices that will improve your life.
It means you will have to do hard things today. If you're willing to look farther, you will make better choices today.
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Aim for being the best
It's obvious that the top performers in any industry always earn the most. How to become a top performer is not that clear.
Seth Godin says in his book, The Dip, that the reason most people fail is that when people are in the dip and things get very difficult, they often quit. The p...
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What being the best really means
Seth Godin defines the best in the world as:
- the best for the target consumers, right now, based on what they believe and know.
- in the world, as in their world, the world they have access to.
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Start today
The best time to plant a tree is 20 years ago. The next best time is today.
Building a business that earns a great income, or creating a career you enjoy, takes time. If you want to earn more, don't wait for the perfect moment. Start today. It's about taking that first step.
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More like this
Smart retirement planning boils down to a few simple truths.
- Time is on your side. The earlier you start saving money, the more time you give compounding to work for you.
- Take risks when you're young. Although stocks are three times more volatile than government bonds, it earns nearly twice the average annual return.
What is an Index Fund?
An index fund is an investment that tracks a market index, typically made up of stocks or bonds.
Index funds typically invest in all the components that are included in the index they track, and they have fund managers whose job it is to make sure that the index fund performs the same as t...
Choose Your Surroundings Wisely
A famous playwright once said "Tell me who you spend time with and I will tell you who you are." Your life comes to resemble its environment, so choose your surroundings wisely.
Who we surround ourselves with are the people we're going to become. We make often ma...
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