Opportunity cost

Opportunity cost, "The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action." (http://www.investopedia.com/terms/o/opportunitycost.asp)

Through my economics class at Cleary, we have learned about opportunity cost from a business stand point. However, we all experience this whether in our personal lives or through business. When you really sit down and think about what it truly means, you really begin to appreciate its value. Example, going to class to finish your degree or staying home with your family. Both are important and offer value to your life but one will be forgone to pursue the other. 

The past few weeks (after learning about opportunity cost) I have taken a look at the choices I have made in my life and the value each choice held. You don't know what the future holds for you so making the choice isn't easy. All you have to go on to make the best choice is history of past actions and your heart. You are the only one that knows what is best for you. Therefore, you are the only one that can make that choice. Although you will miss an evening with your family to attend your class, in the long run it will receive a higher reward. I don't necessarily mean "higher reward" in monetary state, but in self accomplishment as well. Accomplishing a goal or doing something for yourself can be very rewarding even if you sacrifice an evening with the family. And if you look at it from another perspective, you have now lead by example for your children. They see how important eduction is and will follow in your foot steps. So the choice you made has now had a domino effect onto your children for success. 

Opportunity cost adds chaos to our lives. And that's not a bad thing. It gives us the ability to make choices for ourselves and accomplish things we may not have other wise. Without risk there is no reward. Don't be afraid to add chaos to your lives. It lets you  know you are human and that you are alive. Plus, it will give back more than it takes!