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
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 you need when the time comes. At worst, you’ll come up a little bit short, which still makes your purchase easier.
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MORE IDEAS ON THIS
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 ...
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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"
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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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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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Generalist. Great minds discuss ideas, average minds discuss events, small minds discuss people.
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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...
Always add 25% to your time estimate to get anywhere or do any task. If you think it takes 30 minutes to get to work, give yourself 40 (technically, 37 1/2, but let’s not be ridiculous here!). If you need 12 working hours to finish a proposal, give yourself 15. The worst thing that could happen i...
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