Day 6 — Identifying Opportunity Costs

1

min

December 2020

It can sometimes feel paralyzing to decide on which career path is best — there are so many options. This is especially difficult for me right now, which is why I’m writing about it. However, I view identifying opportunity costs as an important skill. It translates to becoming a better decision-maker — you learn what to prioritize.

Finding the choice that provides the lowest opportunity cost is difficult. Even harder is when you want to hit two or three birds with one stone (earning income, developing skills, building relationships, thinking long-term, etc).

My current stance is that I should find someone to work 1-on-1 with because that’s where I’ll check most of those boxes off. An apprenticeship with the right mentor can be life-changing.

What about long-term versus short-term? I’d say there are two components to long-term success.

- A strong network

- Your own assets

So if the apprenticeship provides the network, what about the personal assets? That's where side projects come in. If you can work on your own project daily, you’ll help out your long & short-term self.

Side projects for long-term benefit, apprenticeships for short-term (and long-term) benefit.

Look for the projects you can focus on right now that will benefit you in the short and long-term. What will have compound effects? What decision will give you the lowest opportunity cost?

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by Amaan