I used to never understand it when I heard it, but now I can explain it.
Promise: This can instantly change your outlook on things.

Here we go ! Costs you incur to achieve something or simply buy something are a fact, right?

You can only spend your money once.

If you have money for a pair of shoes, you should choose 1 pair. You can't buy two pairs because you want them both. So you have to choose between those two that you both like.

The one pair you buy ensures that you can no longer buy the other pair.

Purchasing one pair deprives you of the opportunity to purchase the other pair. Voila ! Opportunity cost.

You can put on the Opportunity Cost glasses when you want to buy something. That is why many people carefully choose which washing machine they are going to purchase.

You only need one and once you've bought that one you can't and don't want to buy the other one - which might have turned out to be better after all. By the way, we deal with this through 'cognitive dissonance'.
We rationalize our behavior or purchase afterwards so that we can sit back in our comfort zone and it's never our fault :)

But it becomes much more exciting when you put on the opportunity cost glasses for the time you spend on something.

Especially time and therefore attention can only be spent once. In the so-called 'now' after that no more and never again. Spend time is over and it won't come back. Ever. Costs are made !

The costs have been incurred. You can no longer invest this time in something that is more 'useful' to you. That's not to say that a whole day of binging isn't useful! And with that I don't mean to say that 6 hours a day Yoorsen isn't useful for you either. And everything has to be useful ?! That's not what today is about.

It's just that you can only spend your time once. If you keep holding one job because you're afraid to change jobs, you'll never know what that other job feels like. Opportunity Cost !

One girl or the other boy? Opportunity Cost !

Long-term relationships or affairs? Opportunity Cost!

Business owner or a safe job ?

Comfort zone or UNcomfortzone.

That's why we often choose 'cost' instead of 'opportunity'

And think about this.

Or better do not think too much.

It will cost you a lot opportunities ...



ChatGPT examples :


Sure, here are 10 examples of opportunity cost:

  • If a student decides to spend time studying for a test, the opportunity cost is the time that could have been spent hanging out with friends.
  • If a business owner decides to invest in a new product, the opportunity cost is the potential profits that could have been earned from investing in a different product.
  • If a person decides to buy a car, the opportunity cost is the money that could have been saved for a down payment on a house.
  • If a homeowner decides to remodel their kitchen, the opportunity cost is the money that could have been invested in the stock market or a retirement account.
  • If a company decides to expand into a new market, the opportunity cost is the potential profits that could have been earned from staying focused on the current market.
  • If a person decides to take a vacation, the opportunity cost is the money that could have been saved for a future expense or investment.
  • If a business decides to offer a discount on its products, the opportunity cost is the potential profits that could have been earned by not offering the discount.
  • If a worker decides to take a job with a lower salary but more flexible hours, the opportunity cost is the higher salary that could have been earned with a different job.
  • If a government decides to invest in education, the opportunity cost is the money that could have been spent on healthcare or infrastructure.
  • If a person decides to spend time watching TV, the opportunity cost is the time that could have been spent exercising or learning a new skill.

Opportunity Cost.  An eye opener for me .

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