“The opportunity cost of an unlived dream is not only that dream, but also the dreams the dream was meant to inspire.” – Ryan Lilly
We live in a world of scarcity and must therefore make choices. You cannot avoid regret since there are opportunity costs for every choice you will make. 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 other 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 wise choices, but also better understand the world in which you live.
Whether you are choosing a career path or switching from one to another, starting a business, investing your money, buying a car, or throwing away your evening watching TV, considering the value of lost alternatives will help you make better decisions.
Make the lens of opportunity costs the underpinning of your decision-making processes.To maximise your potential, you must effectively use your time.
Here’s what you should do:
Before doing an activity, I mean any activity; ask yourself this question, “Is this the best use of my time”? “What else could I do with this time”? For instance, you might be thinking of spending the evening binge-watching a TV show or anything of that sort. But here you should stop and ask yourself,
“Is this the best use of my time”? “What else could I best use this time for”? You might come up with other ideas such as reading a book or working on a side project.
Remember, your uniqueness is what makes you special, don’t compromise it, that’s what sets you apart. You have the power to live your dreams!
