Time management (1): Opportunity cost of time
March 28th, 2008 Ugonna Maduagufor || ugonna@stockmarketnigeria.com
by ugonna MADUAGUFOR
The term “Opportunity cost” in general Economics represents the alternative foregone for any economic choice made. Lets understand it better as the comparative or absolute value you attach to an answer to any question you ask- “What amount of money/advantage/reward do you stand to loose if you choose to embark(timewise) on/invest on any act at all. Talking about choice, preferential scaling of options comes into play which you can value in terms of: urgency level/monetary value/importance etc.
Time is the only asset available to all at an equal measure: same 24 hours per day, 60 minutes per hour, and 60 seconds per minute. How ever what we choose to do today determines our rewards tomorrow. “He who wastes today lamenting tomorrow will certainly waste tomorrow lamenting today”. The real cost of the relevant training forgone today is the required skills you will lack tomorrow. The real cost of challenges/obstacles you chose not to overcome today is the repeated defeats /frustrations you may suffer tomorrow. The true cost of investment information you chose not to acquire today is the wealth you may loose tomorrow. Opportunity at any given time often hangs around dressed in an unfashionable manner.
There is rarely a better option to consolidating on previous achievements/efforts, that would make you a champion/expert in your chosen field. In other to make the best of time, you must decide to be in the right place, at the right time doing the right things in the most diligent way you can. The worst opportunity lost is failing to ask the right question at the right time.
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