Opportunity Cost is what you must forego in order to get something else which you consider more valuable at the time. A simple example is when you give up looking a movie to study for a test in order to get a good grade.
The opportunity cost is the cost of the movie and the enjoyment of seeing it. Considering the value of opportunity costs can guide you to more beneficial and profitable decisions. The ability to value your decisions, when it comes to significant impact on your personal life, is the missed cost.
Decisions Based on Wisdom
Decision making is a process of selecting choices by identifying alternatives, gathering information, and assessing resolutions. The basis for wise decisions should then be short, medium and long term considerations.
Using a step-by-step decision making process can help you make deliberate, thoughtful choices by organising relevant information and defining alternatives. You then make conclusion or resolution after consideration.
Because by definition opportunities are unseen, its costs can be easily overlooked if you are not careful to make wise decisions. Understanding the potential missed opportunities foregone, by choosing one investment or action over another, allows for crucial value added ventures and actions.
The problem comes when you never look at what else or other alternatives that are available and consider the lost opportunities. Also you have to consider its impact on finance, relationships and self for both now and in the near future, rather than immediate consumption only.
Imagine if you are given 86,400 dollars each day with instructions to spend all of it because what is not spend is forfeited. There is no roll over in the plan and one day it will suddenly stop. We will all, I can safely say, endeavour to spend or utilize all within the 24 hours.
What you do with those daily reimbursement will ultimately determine your character, wisdom, mindset and priorities. The “who you really are” will spring to life.
A person is a “being” that has certain capacities or attributes such as reason, morality, and consciousness. A person is a part of a culturally established form of social relations, with responsibilities. Money or lack thereof has significant impact on “a person” and on all of these attributes and capabilities.
Someone said “Time is free but priceless, you can not own it but you can use it; you cannot keep it but you can spend it; once you have lost it you cannot get it back.”
Every morning at the start of a new day at 00.01 hour, you are given 86,400 seconds to use to the best of your ability. You have to use all of it, none can be rolled over or accumulated. The way you spend it will reflect “the person” in you and it has a direct co-relation with views on money matters.
Do you manage your time the way you would if it is dollars? Do you respect and value your time? Do you use (expend) it wisely?
The meaning of life is to live and be able to contribute to existence as you know it. It is a culmination of choices in a complex interaction. Yet life is a causal reaction that makes up your existence and sums up something that is both so simple yet very difficult to quantify.
However, the most important commonality among all your decisions is that every single choice has an alternative that you have to live with, knowing that you didn’t choose that.
There is an intrinsic cost attached to making choices so I pray that your decisions will be based on wisdom, knowing that money matters, time is of utmost importance and that one day your time will cease.
The Bible says in Philippians 3:13-14 (ESV). “Brothers, I do not consider that I have made it my own. But one thing I do: forgetting what lies behind and straining forward to what lies ahead, I press on toward the goal for the prize of the upward call of God in Christ Jesus.”
God has never been a fan of living in the past, even if it means looking to past successes. That’s not to say that you completely belittle or abandon gratitude and lessons learned, but that you always look forward to what lies ahead.
Sometimes when you look back on opportunities that you let slip through your fingers, you can feel a certain level of regret. The feeling can be benign or sometimes so heavy that it weighs on your current decision making ability. The Bible here is encouraging you to press forward with renewed wisdom.
Consider each opportunity, that comes your way, carefully and move on in life. Covid 19 has impacted all but some has risen above its consequences using this as a stepping stone to improve their lives regardless of what is going on around them.
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