09 Apr Opportunity Cost, Forming Your Dream Team, and Delegating the SH*T Out of Your Life!
If you’ve read any book about economics (I think I read one in college?), you’ve undoubtedly come across the ever-present, and always subjective, concept of “the opportunity cost of your time”.
www.BusinessDictionary.com simply defines “Opportunity Cost” as: A benefit, profit, or value of something that must be given up to acquire or achieve something else. Since every resource (land, money, time, etc.) can be put to alternative uses, every action, choice, or decision has an associated opportunity cost.
So let’s cut to the chase and talk about the two resources that we all care the most about: Time and $Money$.
For the majority of us, the age old idiom “time is money” rings terribly true. From the time we wake up until the time we go to sleep our lives are governed by wall clocks, Google calendars, and if you’re really well heeled, an all gold Apple watch that’ll set you back approximately $10,000 (seek counseling). However, as precious as time and money are, I doubt many of us start our day by asking ourselves one very important question: “What’s the best use of my time today?”…
But what if we did? Would we allocate our physical and mental resources differently? I think the answer is yes (play along for the sake of this blog post).
So let’s talk about “Outsourcing”, a dirty little word that’s loaded with negative connotations and brings to mind horror stories about insanely frustrating conversations with “Peter” at the Amazon.com help desk. For the record, I will guarantee you his name is NOT Peter. Anyway, let’s put our past experiences aside and think about outsourcing differently for just a moment. Let’s think of it as simply forming a magical little dream team that gives you back free time, makes you more money, and ultimately increases your “happiness bottom line”. Your dream team can be local or virtual. And what you decide to “outsource” is completely up to you. (This may come as shock, but you can pay people to do just about anything- grocery shop for you, pay your bills, give your husband a foot massage once a week, whatever).
Once you create your dream team and find your star players you can get all sorts of fired up and delegate, delegate, delegate. If you’re OCD, like me, you can micromanage the sh*t out of everyone until you eventually find someone to delegate the micromanaging to. The point is, you delegate until you’re left with so much free time you may actually be forced to take a vacation!! It’s when your time has been freed up that you can ask yourself the most important question of them all: “What am I going to do today that makes me happy?”
The take home from today’s chat is this: spend the most time doing what makes you the most money, outsource the things that cost you your time, and take a vacation or something.
Peace, Love, Properties…