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Opportunity Cost

Sol+Co_Jodie-41

One of my soul sisters asked me the other day, if your apartment burnt down and you lost all your physical belongings tomorrow, what would you really miss? While I would never want my place to burn down, I sat there pondering and trying to think of an answer. All I could come up with is the photographs that I have and a sentimental piece of my nana’s jewellery. The reality is if I lost all my physical stuff tomorrow but still had my family, friends and health then I wouldn’t be miserable.

 

I then started to think about the opportunity cost of the items I currently keep in my apartment. What if I sold some of my jewellery, my wedding dress, other items to help pay for my next holiday or a course that I wanted to do. What if I could sell a bunch of stuff I have lying around at home and donate that money to charity? What is my stuff really costing me? I don’t have a storage unit but I still feel like I am holding on to too much stuff. Holding on to too much stuff can cost us precious time and energy. Even having a closet packed full of clothes means I can waste time picking out an outfit. The more things you have the more your things control you.

 

The concept of opportunity cost was something I came across in my economics class in my first year of university. Opportunity cost is the loss of other alternatives when one alternative is chosen. So for me it means what you are missing out on when you choose to purchase/invest/spend time on something instead of an alternative. I started questioning how I choose different alternatives in my life, what was the opportunity cost of my decisions.

 
Have a think about what you are spending your time and money on now? Are there other things you could be doing that will bring more value to your life? Are you paying off an expensive car but not going on that dream holiday you have always wanted to go on? Are you spending on credit cards buying things you don’t really need? Is that goal to buy ‘X’ going to really make you happy when you buy it? I think we should all ask ourselves these questions and work out the true opportunity cost of what we spend our time and money on.

 

Love and Light JL

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