One of the most significant brain drains is the fear of missed opportunities. It can lead an individual to begin investing erratically for fear of their next missed opportunity. Opportunity cost is defined as "the loss of potential gain from other alternatives when one alternative is chosen."
In this blog, I will be detailing the strategy I use to help "deal" with opportunity costs. To be clear, this is the strategy that has worked for me; you most likely will need to adjust this so that it fits your lifestyle. There is no point in following a system that does not benefit you.
Focused Time Investments
- Creation of a to-do list for daily and weekly goals. This should be comprehensive enough to the point where if all actions complete, you will feel satisfied with your time.
- Combine the first tip with time tracking software, and you have a powerful tool to ensure that you dedicate effort on tasks that are valuable to you.
- Review daily and weekly progress, consider what could have been done better/ more efficiently, and course-correct if necessary.
Activities to be mindful of:
- Social media can be toxic to your mental health, especially if the feed you curated for yourself is full of people proclaiming they recently 1000x and/or the process to finding such opportunities is easy.
- Do not allow yourself to believe that success is easily attainable. The golfer who hits a hole in one once and constantly brags about their achievement is no closer to achieving greatness than the golfer who never plays.
- Surround yourself with people who are striving to improve themselves and watch closely the types of activities they deem "worthy" of their time.
With this relatively straightforward strategy, you are less prone to have your mind wander and harm itself thinking about missed opportunities.
Realize that especially in a space like Crypto, there are so many opportunities that are being thought up, worked on, or already launched. The possibility of you being able to catch every single opportunity is 0%. So there is no reason to waste mental energy worrying about impossibilities.
The same way you're able to invest with money, your time and energy are equally if not more valuable. Ensuring that you invest well revolves around ensuring that your priorities are straight.
In the end, the biggest challenge to overcoming perceived opportunity cost is yourself.
Take time to understand that when a man is fed a fish, he's full for a day, but when he's taught to fish, he's full for a lifetime. You do not want your main investment in life to be by chance or by handout, as these types of "winnings" are quickly gobbled up.
Take time to decide for yourself what you want your life to look like. Is making a 1000x really all you need to be happy? Or will being financially stable while being able to learn, create, and contribute to anything you find interesting more your style? Your goals are up to you to decide - and decide wisely because the only thing worse than not achieving your goals is to achieve your goals and feel nothing.