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
“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.”
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MORE IDEAS ON THIS
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“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.”
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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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CURATED FROM
IDEAS CURATED BY
The cost of something is what you will give up to get it. This is opportunity cost.
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Related collections
Other curated ideas on this topic:
It occurs when we are in a “hot” state of mind and incorrectly assume that our current needs will be the same as our future needs. As a result, we tend to make decisions based on how we feel right now instead of how we might feel in the future.
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Sunk cost is about the past. Opportunity cost is about the future.
If you are scared to quit (which is absolutely natural), always think of the opportunity cost. Think of the brighter future, not the scary past, and often times that is enough to give you that extra push...
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