Choices that we forego defines us. In every decision that we make, we sacrifice the alternative choice and that is the opportunity cost.
When you choose option A over option B, the latter is the opportunity cost. It is the alternative option that you choose to let go of. Every time you say yes to something, you are saying no to something else.
With the scared resources we are facing every day, especially time, we set things that we prioritize. Each of us obtains 24 hours a day to seize the moment of every hour to make things worthwhile.
But what is the real impact of opportunity cost in our life? It helps us to be firmed in the choices we make in our lives. To make life worth living, one should have courage to sacrifice something else.
Are you familiar with the Four Burners of Life Theory? It pertains to the four significant aspects of life namely, health, work, friends, and family. To live life, can we keep all these burners running? Obviously, we can’t.
We need to compromise for us to live. But there are various ways to keep these burners running but as mentioned, every decision has consequences to face. If you choose to prioritize your work, at some point your health might suffer. If you choose to make a meaningful relationship with your family, you will have to compromise your time for your friends. Despite the sacrifices, this does not mean that achieving the balance of all these burners are impossible. Here are ways to handle work-life balance.
In life, we are made to choose. If our ability to choose is taken away from us, we allow life to live for us and not us living our life. That’s why we should know what kind of life we want to live, so that it is easier to decide what choices to make. Assessing our opportunity costs help us decide what kind of life we want to live.