Showing posts with label opportunity cost. Show all posts
Showing posts with label opportunity cost. Show all posts

Wednesday, 8 January 2020

Excellence Means You Can't Live a "Balanced Life"

In a previous post, I outlined the simple, 2-step formula to become good at anything:
1) Practice a lot
2) Put in a lot of conscious effort to what you're practicing

Here's a revised version of the formula, if you want to become THE BEST at anything:
1) Practice exponentially more than before
2) Practice with conscious effort and nearly singular focus
3) Be lucky


Assuming you have the luck required, you will also need to drastically increase the amount of practice you do.  Because of the increased amount of practice required, you'll have to sacrifice time for other things: social life, sleep, time with family, leisure activities, etc.  You are focused almost entirely on whatever it is you're trying to be the best at.

This is true no matter what profession or field you want to become the best at.  Whether you want to become the most renowned neurosurgeon, the funniest stand-up comedian, an Olympic gold medalist, the most successful CEO, an elite professional hockey player, the most published and cited academic, or a world-champion MMA fighter, you will have terrible "work-life balance".  You'll need to sacrifice a lot of time not only to reach the pinnacle of your field but also to stay at the elite level.

This goes beyond the level of a hobby. You can't clock out at 5pm. Having the goal of being the best at something for a certain amount of time will come at the expense of other things in your life. If the concept of "work-life balance" is important to you, you will never become part of the elite in your field.  The truth is, at one point or another, we all wanted to be excellent something.  Becoming excellent requires an unbalanced lifestyle. For most of us, living that way for a long time is unsustainable.

Wednesday, 4 December 2019

Become Good at Saying No

If you've ever taken an Intro to Economics class, you would have probably heard of the concept of "Opportunity Cost". Briefly, the opportunity cost of making a choice are the missed benefits of choosing one alternative over another.

Because everyone has limited time, energy and resources, that means that when you agree to do something, you will miss out on other things. By saying "Yes" to do one thing, you're indirectly saying "No" to doing other things.

This is why one of the most important (and difficult) skills everyone needs to develop is how to say "No". Whether it's a business opportunity or friends and family members asking you to do them favours, you will receive requests that will require you to give up a combination of your time, energy and resources.


When thinking about saying "Yes" to any of these requests out of guilt, an unhealthy need to please others or perhaps a miscalculation of financial gain, remember what you're potentially giving up. Just ask yourself how much whatever you're being asked to commit to is going to cost in terms of your sanity, time away from loved ones, your physical health and/or your financial well-being. Then you'll realize why "No" can be one of the most valuable words in your vocabulary.