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The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of 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 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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MORE IDEAS ON THIS
“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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195 reads
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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“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
20
314 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...
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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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Related Collections
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Design Your Life: Life Choices
- We need to make the right choice, as with every choice there is lost opportunity (called opportunity cost) and a time, energy and resource commitment.
- Making the perfect choice is arduous and will consume a lot of time, while still not feeling satisfactory, due to regret, second gu...
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 know...
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