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
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 op
portunities.
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342 reads
MORE IDEAS ON THIS
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 ...
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“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
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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.
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229 reads
“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
24
401 reads
CURATED FROM
CURATED BY
The cost of something is what you will give up to get it. This is opportunity cost.
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The "Opportunity Cost" mindset
Opportunity cost is the loss of potential gain from other choices when one alternative is chosen.
Every time you decide to buy something, you choose to lose out on investing that money. If you buy a brand new car you don't need for $30,000, you're missing out ...
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.
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 ...
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