BLOG: What Does Opportunity Cost You?
Opportunity cost is a term typically used in the world of economics. It refers to the profit lost when one alternative is selected over another.
Said in simple terms, it refers to the lost opportunities that arise out of some of the choices we make. Although those opportunities are lost, sometimes losing one opportunity opens the door to a different one that we couldn’t have imagined, or asked for, and it ultimately serves us greater than if we had received what we originally set out for.
The concept of opportunity cost is useful as a reminder to examine all reasonable alternatives before making a decision, and sometimes leaning into something that we feel resistance towards because in the end we may find that it serves us better.
What happens inside of you when you have a difficult or new choice to make?
Do you have a feeling that you listen to inside of yourself,
or a process that you follow, or a mindset that you employ?
It is important to differentiate what is driving your choices so that you can make powerful choices, instead of feeling limited because of an unconscious or conscious fear of missing out, losing out, or making a mistake. I have seen this kind of fear limit people from reaching their next level of impact and success because they over analyze and end up not making a choice at all. They then find themselves spiraling in a sea of doubt, and they look for evidence supporting their limitations, rather than growing their flexibility and curiosity.
What is your opportunity cost of working out, of doing business, of relaxing, of achieving the success you want in work, relationships and for yourself? If you were to skip a day of work for the opportunity to read, to exercise, or to pamper yourself, you may feel loved and full at the end of the day, but will that be more important than the work you were meant to do so that you could be successful and keep your hard-earned job?
We are presented with choices that we need to make about how we spend our time, how we choose our friends, and how we take care of ourselves. With such a specific amount of awake and alert time each day, it is important for you to consider what is presented to you so that you can really assess your opportunity costs.
Begin by identifying clearly what you have to gain and what is the cost every time you make a choice about how you spend your time, money, attention, and resources. When you weigh the opportunity to live your best, most fulfilling life, or you avoid risking being in new unfamiliar situations, you play small, and question your self-worth, what really has the greater opportunity cost?
When you stop to consider that question, you may reveal that what you think is keeping you safe is most likely actually keeping you stuck.
The Opportunity to Grow
When you approach your life with a solution-orientation to it, you shift your neurology to support new ideas, new attitudes, new levels of focus and new action, thus opening yourself to discover and employ new solutions. Inevitably, you will end up with new results. If you do not take ahold of this opportunity, the cost can be stagnation, comparison and self-inflicted suffering.