While doing my morning routine and I saw this deal on slickdeals. I must admit, I don’t have a lot of tools, especially good tools, so this seemed like a good idea to purchase. As I clicked away to another tab while the home depot page was loading, I became distracted by something else. When I clicked back to the home depot page, I forgot why I was there. Those quick seconds that passed in between wanting it, being distracted, and seeing again — a different light was all the difference.
I’m reminded of a suggestion I heard (I think it was from an old neighbor), If you’d rather have that money, cash, in your pocket right now, you shouldn’t buy whatever it is you’re looking at. It’s a great illustration. So often I get swept up in the moment of purchasing. I want that thing so badly. I want to be the guy who walks out of the store with that thing under my arm. I forget that it costs me something. It costs me a trip to NYC. It costs me a coffee from a local shop. It costs me to have that thing and not anything else with that money.
So what of it? I didn’t buy the screw drivers. I’d rather have $10 in my pocket right now. I think most people have similar system that they go through when purchasing something new. It may not be as literal as mine, but that’s what works for me. I’m imaging some questions people ask are: Can I afford these payments? Will they fit into my budget? Do need to have this new TV? What am I missing out on by taking this trip?
I’m interested in how this principle applies to situations outside of money. What is the opportunity cost of owning a home? Not the actual cost, but what else are you giving up by owning a home? Can opportunity cost apply to relationships? What do you give up by entering into a relationship? What do you gain? What do you lose? Would you rather have $10 in your pocket right now, or be in a relationship?
While that’s simplifying the decision, this is how I’m beginning to think about things. What am I giving up? Am I giving up anything? Everything? Nothing?
The side question: How do you deal with situations that you didn’t decide to be in: the ones that are stealing the $10 out of your pocket? Anger? Frustration? Pity?