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
Buying Time
We all, rich or poor, have the same 24 hours in a day. But we can use our money to buy more time. For example, by eating out, you don't have to decide what to cook, shop for ingredients, cook, and clean it all up.
If you can carve out more time for yourself, you can use it in other ways that will improve your life. You can start a side hustle, exercise, read, or spend time with family and friends.
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523 reads
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Wealth In Terms Of Prestige
Some people view wealth in terms of prestige and not dollars. They would rather have a job that requires years of education than learning a trade, even though they may earn less with their Master's or Doctorate degree.
But less than half of those who start college...
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349 reads
How Much You Need to Become Wealthy In Dollars
According to a Modern Wealth Index Survey, the amount needed to be comfortable in America is $1.4 million. To be wealthy, you'll need a net worth of $2.4 million.
An average pre-tax yearly salary of $389,436 is needed to be in the top 1%, although it varies by state.
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609 reads
Wealth Inequality
If you just want to have a comfortable life, it is increasingly out of reach. If you earn the minimum wage of $7.25 an hour, you can't afford a two-bedroom apartment anywhere in the US. In 1963, wealthy families had $6 for every $1 of families in the middle. By 2016, it was $12 t...
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375 reads
Wealth In Terms Of Owning Things
Housing should be no more than 30% of your income. Warren Buffett's house is worth .001% of his total wealth.
The possession of things differentiates the rich from the wealthy. Wealthy people don't flaunt their money; they save and invest it.
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410 reads
What Money Can Buy
Money can actually buy happiness. It takes less than you think and it depends on what you buy.
It takes between just $60,000 -$75,000 for emotional well being and happiness. Earning more than that can make you unhappy, because you have more demands on you,...
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438 reads
Jobs And College Education
By 2020, 65% of all jobs will require postsecondary education and training beyond a high school diploma. But with the cost of college education, this is out of reach of many people.
A college degree has increasingly become something only available to the wealthy. The rest have to take out ...
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537 reads
You Don’t Need Money To Be Happy
Living and enjoying life is not dependent on money. Some of the happiest states in America are also some of the poorest.
For example, Lafayette, at the heart of Acadiana, which is better known as Cajun country, is said to have delicious food and drink, which makes thin...
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411 reads
Wealth Is A Relative Term
The definition of wealth is personal. It may mean something different to everyone.
To some people, wealth is always going to mean money. But it's not that straightforward. 41% of people feel "wealthy" if they have meals out or food delivered. Services such...
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737 reads
Related Collection
MORE LIKE THIS
Save Money On Food
- Cook large batches of food, freeze for later meals and take some for lunch at work.
- Reduce or stop eating out or getting take-out. Instead, find options to make dining at home more convenient.
- Buy non-perishable items in bulk and use coupons.
Buying Time
Buying time can increase our sense of control and, ultimately, our feelings of well-being. For example: hiring someone to clean the house for us, ordering takeout instead of cooking, or paying extra for a direct flight.
But we are less likely to benefit from buying time wh...
Change your definition of time
Spread out your interests/passions over seven days instead of 24-hours. Assuming you are awake for 16 hours a day, you now have around 112 hours to tend to everything.
We box our decision making into a 24-hour window. We feel like we have to accomplish all our tasks wi...
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