THE SURE WORD FOR TODAY'S QUOTATION FOR THE WEEK:
GOD HAS GIVEN ME A DIVINE PURPOSE.
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The Cost of Time — Part 3.
To every thing there is a season, and a time to every purpose under the heaven.
Ecclesiastes 3: 1 (KJV).
The potential loss of a missed opportunity is opportunity cost. Opportunity cost is an economic term that refers to the value of what you must give up choosing something else. In a nutshell, it's the value of the road not taken. From an investor's perspective, opportunity cost is that your investment choices will always have immediate and future losses or gains. When deciding, you made it with the intention that your choice will yield better results regardless of what you might lose making that choice.
Since opportunity cost is not an exact measure, to quantify this cost might be to estimate the value in the future that you opted not to receive as you compare it with the value of the embraced choice. In hindsight, comparing these measures will make them appear more concrete, but keep in mind that such an estimation is only a theoretical difference.
One word you should be sick of hearing is procrastination. Have you ever asked yourself the meaning of time? Everyone will tell you that time is precious, and yet they waste it often than ever. People waste time because they don't know the actual worth of it. To find out the worth and value of your time, you must use the basic principle of economics: opportunity cost.
To rephrase what opportunity cost is, it is the benefit lost from the next best alternative foregone. That is a textbook definition. In simple terms: I spend 45 minutes travelling to work every day; however, that time could be used to have an extra hour at work or, even better, an extra hour in bed. Another scenario: imagine the government spending £20 million on building a new school. They could have used that money to develop a new hospital. There is always another alternative.
How much is an hour of your time worth? Time is the most valuable commodity. So how do you exactly make the most of your time? After all, there are only 24 hours in a day. How you choose to divide your day is your choice. Part of being an adult is making choices and living with the consequences. Time is precious. Waste it wisely.
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All Scripture quotations are taken from the King James Version of the HOLY BIBLE unless otherwise indicated.
‘The Sure Word for Today’ is a publication of ‘The Sure Foundation Transcend Ministries,’ registered in the United Kingdom.
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