Risks of Ignoring The Opportunity Cost - Deepstash

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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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MORE IDEAS FROM THE SAME ARTICLE

Our first ideas are not always the best. At any given time, we have multiple options when it comes to spending our time.

We can't do everything. We have to make choices. When we get clear on our priorities, we will be able to eliminate many options and in the process, make...

If you want to become more aware of opportunity costs in your career, prioritize the important work.

Make a list of your top 5 priorities, keep it in a visible place, and live according to those priorities.

Saying 'yes' to something automatically means saying 'no' to other possibilities. This is known as Opportunity Cost. It translates into the potential benefits that we miss by choosing one option over another.

Subconsciously we are aware that we can't do everything we want ...

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It is the estimated value of the best alternative or the best option that one misses out as a consequence of picking one particular option.

Example: Spending a limited resource, like Money, on healthcare, comes with the 'opportunity cost' of being unable to spend that amount on ed...

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  • The Indirect “No."Say no without feeling uncomfortable by explaining the reasons why you can't.
  • The “Let me get back to you.”Buy yourself time to think if you could do it and come up of a way to say no.
  • The Conditional “Yes.”With...

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The Principle Of Authority

According to the author and psychologist Robert Cialdini, people resort to ‘fixed-action patterns’ in this fast-paced world, and authority plays a huge factor in the science of influence and persuasion. People listen to and trust an authority figure, as they are too busy to study everythi...

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