The Opportunity Cost
Opportunities abound us everywhere. There are opportunities at home, work, social situations, and education. Most times there are more opportunities than we can possibly decide which or what is best.
I just finished a great read that is a kick-off for a business learning book for my son. “Katie Bell and the Wishing Well” by Nephi Zufelt. Is a great read even for adults as a reminder of what we should truly be working for. As I read through the book, Katie Bell’s parents and grandparents were teaching her what the opportunity cost was to her doing business she was inspired to do in order to get rich. They shared how making one choice, even a choice running a business, takes away from an opportunity.
It struck such a chord with me as I seem to always juggle too many irons in the fire and gave me a great reflection on what choices I was making and the opportunities that I was losing. Yes, I don’t always have it together!
We all have to work or make financial decisions to live on less. However, a person does need to write out what their opportunity costs are to truly know what they are giving up. It is simple. Make two columns on a piece of paper. One side for items related to work, board commitments, and all other obligations. The other side is the opportunities you give up with family, self, health, hobbies, and more.
One may be surprised to see how heavy the demand side is versus the opportunity. We lose time with loved ones, time with God, and time for self-care to name a few. As seasons of our life change, we always need to reevaluate the opportunity costs we are giving up. I encourage you to look at yours and find a good balance in your life.
Contributed by Jessica Clemens