Opportunity Cost - Tuesday Reflections
Hello worldwide WA community and, depending on your time local zone, Happy Tuesday [the 13th...of August],
This is a very brief post which was inspired by an E-mail I got from Dan Henry, a 2 Comma Club Member at ClickFunnels and owner of his own online marketing consulting agency.
So, straight to the point, what exactly is the term "opportunity cost" and we see that is it defined as: "the loss of POTENTIAL gain from other alternatives when one alternative is chosen."
As in...
If we choose to do the A thing [chosen alternative] we may stand to lose a potential gain we could have had if we chose to do the B,C and D [other alternatives] instead.
Yes, it is a very broad topic and concept and yet a very real thing, one which affects all o of us on a daily basis.
Some "chosen alternatives'" aren' real choices but rather more like things outside our control for the most part, things we have no choice but to do.
A quick example would be this. In the past I lived in the Northeast and as such I had to put up with various seasons [some yet to be clearly defined] and shoveling snow was part of it. not just my driveway but my car, often many times during the same day or week. Point was, but for the time wasted doing that, I could have spent time relaxing or working on my own side projects. Was that situation fully beyond my control? Not really, for various reasons I had chosen to live and work there, hence the good and the bad stemming from that climate.
Another example, sorry TV sports, movies, soaps, Facebook fans, etc., but could that time you had watched and some even "binged" on all of that "content" could have been used for your own personal development, to increase your own online marketing knowledge or to otherwise promote your online business? Aside from some temporary entertainment [which we all need] was there any real long term value in the time spent on those former activities?
The cost of opportunity is loosely computed, because it is mostly based on "what if' kind of scenarios, and I think compounded over time it can lead to a life of regrets premised by "if only I..".
Of course each chooses their own path, but like any other major cost we have to consider,in life, should we not reflect on the "opportunity cost" and what it will prevent us from achieving, only if we...
"Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude." -Thomas Jefferson
Blessings!
Recent Comments
9
Sometimes thinking about these things just melts my head 🤪
The quote from Jefferson is a wise one though and is a great attitude to aspire to
Thanks, Dave,
I have seen another on point great quote from Teddy Roosevelt:
In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing. Theodore Roosevelt
Most of this stuff is common sense, the problem is mindset which is many trainings out there (see military basic training as well) start with mindset adjustment before any real in-depth training take place).
Blessings!
Thank you,
This is a great reflection and a sharing of success mindset.
Short, sharp and golden nuggets here. Thanks again
John,
Thank you for the kind comments.
It is not my wisdom but that of others I have learned if from and which I gladly share here in the hope of adding value to our community.
Blessings!
Unfortunately, the world is full of "lost opportunities". Some never return, while some dangle in front of us begging us to grab them. Let's grab them!
Thanks
Joe
Joe,
Thanks for the kind comments.
Also, thanks to your reply, now my average and massive 1.23 views and 1.26 comments counts have been reached so I can coast for the rest of the day, calculating the "opportunity cost" of typing that blog post....
Blessings!
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Thank you - another great post.
Oh, how many times I have looked back and wish I had taken a different course of action.
I prefer to use - " I am glad I did - rather than I wish I had"
Denis
Denis,
Thanks for your comments.
Blessings!