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 Key Principle
The key is to save small amounts over relatively long periods of time so that you can then buy the things you want without any guilt or worry.
Computers and phones, for example, are two staple items that most of us tend to buy regularly. That means we can plan for it.
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Figuring Out How Much You Need to Save
If you want to buy anything, you first need to know how much it’ll cost. Most stuff will have a fixed price, but some things may fluctuate in price. If that’s the case, figure out a ballpark range for whatever it is you’re trying to buy.
At best, you’ll have exactly what yo...
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Automate Your Savings
Once you set up your savings goals, chances are, you won’t even notice the money getting pulled from your checking account on a weekly or monthly basis.
You just need to do the hard part of setting up your automated savings.
To do this, you'll want to use an app or bank accou...
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"Having to spend money all at once can be painful. But paying yourself, little by little, helps to ease that"
KEVIN HA
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Figure Out How Long You Have to Save
The best way to think about this step is to figure out when you’ll need to make your purchase, then divide that time period into months or weeks.
For example: If you tend to spend about $1,000 on a new phone every two years. If you do the m...
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Buy Whatever You Want
After completing the above three steps, the day will come when you can buy the thing you want, completely guilt-free!
There’s another added advantage with saving for the things you want to buy. Sometimes, you’ll find that the thing you thought you wanted so badly isn’t some...
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Adopting Diets Off The Shelf
We see many celebrities go on these "diets" and think to ourselves that it could work for us. However, these diets are only effective on a short-term basis, they're usually hard to follow and you'll eventually gain the weight back.
Adopt an eating plan you can afford. It is importa...
Send people — and yourself — nudges
Hybrid work means it’s easier to miss out on the small moments that make teamwork magical and spark innovation. Google News, for example, was the result of a casual conversation between two employees standing next to each other in line for lunch. In an office, these types of interactions...
The Average Investor’s Commandments
- Think Long-Term. It’s very rare for a sudden move in price to mean very much Things will balance out so be patient.
- Always keep a few months expenses around in case something happens and invest the rest.
- Buy What You Believe In. If you do not know or und...
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