OPPORTUNITY COST

LEVERAGE 005
May 3, 2017
You, Your Finance, Your Future!
June 20, 2017

OPPORTUNITY COST

Opportunity Missed and Taken Green Road Sign

Extract from LEVERAGE 006
By Blessing Ayemhere, President; i-Xtra

Opportunity cost is simply put as the cost of a forgone alternative. A key aspect about life is decision making especially when there are multiple options, each of which comes with different results or consequences. The unfortunate thing about this is the uncertainty of the outcomes of taking these decisions. We are faced with the challenge of whether it would work or not!

This leaves us with the task of figuring out for ourselves what we really want to achieve as clarity of purpose is key in achieving results. Key questions you must ask yourself:

  • Am I really convinced about the decisions I am about to make?
  • What do I want to achieve by taking these decisions
  • Am I ready to take responsibility for the outcomes I get especially if it turns out negative?

Life is a risk. You have to hope for the best and prepare for the worst!

If what you look forward to is having everything figured out and be given the certainty of achieving success in it before taking steps, you will suddenly realize that you may not ever move!

Three things are key in achieving success in life: Clarity, Discipline and Purpose.

CLARITY OF PURPOSE (understand the essence of your being): Ensure the clarity of what you want to achieve per time as without clarity there can be no commitment. What do you want to achieve? Are you willing to solve problems? If yes in what areas? How relevant are these areas? Purpose gives you a life time assignment, creates passion. Make very clear your purpose! This helps you build a sound character, credibility and integrity.

DISCIPLINE: Check to determine the sustainability of your present involvements, can these benefits last you for life? Would you suddenly become irrelevant and out dated when you clock a certain age?

PURPOSE: Purpose once discovered, is a compelling force. It set you on fire and engender commitment and sacrifice. People easily give excuses in life and one of the reason for that is lack of identification of life purpose. Purpose is what you are willing and ready to live and die for. It is a burning desire that no person, circumstances or event can quench. Purpose gives clarity and enforces discipline.

Remember the comfort of today may become the challenge of tomorrow. Don’t get distracted by it!

Be disciplined in your savings, saving is not a function of prosperity, it only shows a sense of responsibility and purpose.

Learn to put your plans down in writing. Write about what you want to achieve in the next 5 years. Map out a workable plan around your career, finances, investments, personal developments among other key aspects.

I wish you great success as you thrive to live a purpose driven life.

 

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