I just read the article of the day "What is an Opportunity Cost" and loved it! I can buy this new pair of jeans I don't really need or put that money aside for a summer trip. I'm going to start thinking that phrase whenever I'm buying a "want." In the long run, what does this cost me? Does it cost me an experience that I really want? Is this a short-term feel good buy or a long-term life changing purchase? Such a great way to rethink spending.
I like this topic. This is a new way to think about saving my money. If I could just stop buying the little things that I don’t need all that money could be added up to buy me the car that I really need.
And it doesn't have to be money. It applies to other things like time spent, for example, spending too much time on video games when the time could be used for brushing up some new skills.
I'm currently a stay at home mom. My youngest child will be starting 4K next year, and everyone keeps asking me if I'm going to get a job outside of the home. I think of opportunity cost in terms of what will a job outside the home cost me, and my family of seven. Just because the children are at school for 8 out of 24 hours, doesn't mean that a job outside the home is best option. I'll still have seven people worth of cooking/cleaning to do, seven people worth of appointments (dentist, doc, eye doctor ect) and five children worth of homework to help with, athletic events to attend, and a lot of other things to tend to. I know it would be nice for my family to have more money, but the opportunity cost, of me being stressed out, missing out, and having to take off from work for every sick child, every doctor appointment, and missing out on after school activities really puts things in perspective.
It seems as though you have weigh your options and it is feasible for you to continue working at home for the benefit of your family and an opportunity of time, something you cant get back once it has passed.
