Opportunity cost is an economic term that means the cost of passing up the next best choice when making a decision. For example, if you choose to marry Helen, the cost would be losing Clara (your unrequited love)… Or something like that.

What I want to do today is to relate opportunity cost with how we spend our time.

That 24 Hours

Time is the same for everyone, it’s limited. Assuming that you work for 8 hours a day, plus minus sleep time, dinner, etc, normally you would be left with at least 6 hours to do whatever you want.

The question is – do you maximize your output (making money) with the extra time, or do you waste it instead?

Since it’s not necessarily a bad thing to catch up on the latest Glee or American Idol, I won’t be focusing on the latter, nor am I going to persuade you to give up on your personal entertainment.

How To Learn Your Opportunity Cost

If you’re still reading, I’m going to assume that you’re the former. In this case, you want to learn your opportunity cost since we are dealing with money. These are questions that you should ask yourself.

• Is your business model effective?
• Is your business model efficient?
• What else can you do besides x (x refers to the project you are currently working on)?
• Do you have a backup plan?
• Have you set a time limit?

My Story

I have been pondering on my opportunity cost for awhile now. Although my passion has always been about personal development, my blogging intention has always been about making money online. Sad to say, this is the main reason why I started this blog. So the first question I asked myself is, is my business model efficient, or even effective? No, it’s not.

Therefore, the next question would be, what else can I do during my free time, besides writing for PDPro. Build websites to try out different business models (at least for me).

I think what really help is the fact that I have set myself a time limit the moment I started this blog. Now I’m not saying that I gave up this blog (I will continue writing), nor am I suggesting that you should give up on your business model. What I’m saying is, one must know when to quit and seek other opportunities that are available.

The Mindset Of A Businessman

Here’s what I think - a good businessman must know when to quit.

Yep, I said it. Being a personal development blogger, I’m aware that the word “quit” is a taboo that I should be avoiding, but hear me out.

My field of study is accounting, and this is what have been ingrained in me. A business that is making a loss is a liability, not an asset. If you’re building a business, I think we all can agree that it’s all about making profit, in the end of the day.

Sure success doesn’t come to those who give up half way through, but that doesn’t mean you shouldn’t give up on what’s not working for you either.

I think what’s important is to rethink your business strategy from time to time.

What’s your opinion? Am I right? Perhaps you can prove me wrong? Please share it in the comment section below.

Intelligence is beauty and knowledge is power. So, seek knowledge and be intelligent. Here’s how you do it.

1. Think outside the box – Have you ever got stuck trying to solve a problem? Well, you’re not alone. “For every problem, there is a solution” seem very far from truth when we found ourselves in this situation. I used to remember what my father told me, and this is probably the best advice he has ever given me. “When you are stuck trying to solve a problem, take a step back and look at it from different angles.” I don’t quite get it at first. “Take a step back… you mean literally? How does that help?” Soon I realized that what he actually meant was to look at the problem from an outsider point of view, without any assumptions made, that had me reached the dead end. In short? Think outside the box.

2. Don’t make assumptions – We all seem to have a tendency to make assumptions (and yes, I do realize this is an assumption as well… ). It seems to be in our blood to relate everything based to our experiences and opinions. Don’t. Discounting ideas or solutions just because you find it ridiculous doesn’t mean it really is. Assumptions are the one that had us stuck inside the box. In order to think outside the box, we need to consider every possible explanation. But that can only be done once we get rid of our assumptions that hinder fresh insights.

3. Ask questions – In my opinion, this is the best way to gain knowledge. Ask questions. You can ask others or to yourself. I often use this method to come up with topics to write. If you put your brain into work by asking questions and actually try to solve it, I promise that you’ll be surprise of what you are actually capable of. Well, if you haven’t already. And this is exactly what every bright mind has in common. They ask tons of questions. Scientist, writer, entrepreneur and investor are just some of them. The 6ws (why, what, who, when, where and how) makes a great companion if you know  when to use it.

4. Ask the right question – But you can’t just ask any questions… Asking the right question gives us the answer we seek. Ask the wrong question however, and you’ll end up wasting your time. I find “why” and “how” very relevant to my work so I use it as often as I could. It might be the same for you, or it might not.

5. Dare to differ in opinion – We all have this herd mentality in us. Sure, they work to protect us. But there’s something you need to understand. The opinion of the majority doesn’t mean that they are right, it only means that they are popular, and nothing more. But Karlil, surely they have good reasons to have the same opinion.Fair enough. But you need to understand that, us men, are easy to be manipulated by statistical numbers, the authority (government, the mainstream media and the likes) and words like “the majority…”, “most people…”, etc. Sound familiar don’t you think. These days, I only believe what make sense to me. For everything else, I don’t bother.

6. Understanding the motive – For every action, there’s a motive behind it. Most are good, and cause no harm, and then there are some that are not. An example would be the time you’re helping your mother out with the dishes. Your motive would be for her to do less and make her happy. While it’s not important to pay attention to every motive behind an action, especially when it comes to people we can trust. After all, you don’t want to be a calculative person. However, it is still important to be aware of it. Just make sure you remember, that when things look fishy, always run the opposite direction.

7. Read books – Books are a great resource for knowledge. For the average price of a book, the things that we can actually learn from them are far more valuable. Besides, reading is always a good habit to instill, plus it’s convenient.

8. Know you are – We cannot escape from confident now can we? Even when it comes to being smart, you must first acknowledge that you are. It’s not about being overconfident or conceited for that matter. But in order to have the courage to differ in opinions, you must first have the confident to believe that yours are right.

9. Free of emotion – A good decision making is one which is free of bias and emotions. I think it’s safe to say that we all have acted on impulse at least once or twice up till now. It’s just like gambling. Sometimes, you got lucky and you hit the jackpot. Most of the time however, things don’t turn out pretty. Which is why, going through rational thinking process in making the final decision is always the best bet we can make. At the very least, everything is taken into consideration, unlike following our gut feeling.

10. Mix with people smarter than you – When it comes learning, nothing beats observing and getting the knowledge from our friends. A good example, if you often mix with people who have good sense of humor, you would, sooner or later turn into someone who also has good sense of humor. This is exactly what happened to me, not that I’m saying I have good sense of humor…. So, do try to spend some time with the people who have good knowledge in things you are interested in immersing, and you would bound to be knowledgeable in the area of your interest.

11. Learn from other people’s mistake – The best way to avoid mistakes is to learn from the mistakes of others. Be constantly aware of what and why things went wrong. This way, you won’t have to pay for the cost of ignorance to the order of how things usually work.

12. Find your mistakes – I have always tried to find new methods that can enhance my many skills. Recently however, I have come to learned that it is so much easier to find mistakes and improve them than to look for ways of doing things right.

13. Don’t put the blame on others – Usually, when we put the blame on others, we would be blind of our own mistakes. And if we don’t acknowledge or learn from our own mistakes, chances are high that we are going to repeat it. Therefore, it is always wiser to blame ourselves before finding the mistakes of others.

14. Free of prejudice – Prejudice makes us dumb. It put thoughts in our head. Thoughts that shouldn’t exist, and blind us from truth. It’s like shopping for a book. You can’t just pick up a book with a pretty cover and head to the counter can you? And then, there’ s title, author, reviews and excerpt to consider, which is why it’s always better to avoid judging based on first impression, whenever possible.

15. Have common sense – I think this goes without saying.

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Photo credit: George Jonathan

“Remember tortoise and hare?” The story on how a tortoise wins against the hare who is dumb enough to sleep in the middle of a race? A fable which works great in reminding the smart and motivating the mediocre on the importance of putting focus and working hard in life? Well, if that’s what mother has been telling you, you’re missing the full picture. I know I did for sometime.

The finishing line

Before he even bothers making his calm slow walk, tortoise makes sure he has a destination, a goal in mind. Say if you work hard, but you’re uncertain of what you really want, there’s a big likelihood you’ll end up getting to the wrong destination. A place you wouldn’t be fond of staying. Hint: Wrong career choice.

While we all have different goals in life, in the end of the day, we are all after the same thing, which is simply acquiring happiness. Sadly however, the common denominator for happiness in this age happens to be money. And although it’s true that as long as we have money, we can have all the things we want, that’s still too shallow a notion.

Think about it. If you spend most of your time trying to acquire wealth by working on a job you hate, how would you actually find happiness amid the stressful life? That’s like trading happiness in hope to gain happiness.

But let’s not focus on that for now. Instead, let’s focus on the possibility that one can actually get rich by working for others. Unless you’re one of a kind, climbing the ladder to the top of managerial position is frankly hard and time consuming for most people. The competition is stiff and stressful. And even if you did manage to make it happen, unless it’s something you enjoy doing, you’re still trading most of your time for the money. So where the hell is happiness?

On the other hand, you can get a job you enjoy doing, lead a simple happy life, and without all the stress, but granted you may take less home. Diving instructor, teacher, organizer, DJ, gym instructor, freelance writer, modeling, songwriter and blogger are all jobs that many would not recommend, but is still lucrative provided you don’t suck at it. And the best part, it’s something you truly enjoy doing.

We often complicate happiness. We seek, we search, and we fight for it, when in reality, it’s right under our nose all along. Its start with having the right mindset, follow by the courage to live the life you want, instead of what has been forced to you. You don’t need branded accessories, big house or expensive cars to be happy. That’s what the society, the media and the ads tells you. To be happy, simply do what you like doing and find a way to make a living out of it. It’s really that simple. If you’re willing to put up with working 9-5 every day on a job you hate for the rest of your life, this should sound like cake to you.

Moral behind the story: Before you even bother trying, know your finishing line.

The road

Now that tortoise has got a destination in mind, the next step is to find his way to reach it. Having a destination without a direction is like asking a blind to find his way to the grocery store without his stick and letting him ask for directions.

A month ago, I joined AListBloggingbootcamp (not aff. link). It was a 10 days course provided by one of the most influential blogger, Leo Babauta and Mary Jaksch which coach members on how to build a successful blog. Before I even started this blog, I have done my homework. I have made detailed plans, read on blogs that provide tips and pore over books on how to build a successful blog. I would be lying if I say I didn’t hesitate for long before joining the boot camp. At the price of $395 (3.5 conversion rate), it wasn’t cheap for me. But my blog at the time didn’t seem to get the attention that I was hoping. It was unknown to many and I have no idea where went wrong. So, I did what I had to do, and joined. Safe to say that it was the best service I acquired for a long time. Following the tips provided, my subscriber counts when from 1 digit to 3 digits in a month. Though with that said, I’m aware that money doesn’t always come easy for some. If you’re inspired to be a blogger, at the price of mere $19.95, 31 Days to Build a Better Blog (aff. link) by Darren Rowse is the second best option there is that I would recommend. I have the book myself.

And it’s not just blogging. The same should be for whatever you decide to do in life, if you wish to be successful. Frugality should never be in expense of opportunity.If you think you’re lacking in skills and knowledge, it’s always better to pay and acquire those skills than finding your way to success through trial and error. And that is assuming you actually found your way to success because the chances are more likely that you’ll give up way before finding it. There’s nothing more valuable in life than time. And from the way I see it, the less people are willing to set aside money to learn those skills and knowledge, the better for you because you would have an advantage and head start over them. Just make sure you don’t end up being one of them or it will be the other way around.

Moral of the story: Learning the path to success may not be cheap, but it’s essential.

Tortoise knows the art of healthy comparison

There’s an art of comparing most have no idea of, yet tortoise has seemed to master with ease.If tortoise were to compare himself with the hare, he wouldn’t even bother with the race in the first place. Comparison can either build us or break us depending on how we go about doing it. What makes a healthy comparison? If it’s something you can improve on, eg. writing or exam results, compare and doubt yourself. If it’s something you can’t improve on, eg. luck or good looks, don’t bother comparing because it’s pointless. But even with that said, comparing should be done with someone of similar level. Just don’t go way over your head or you will end up depressing yourself for no reasons. But the best is always not to compare and just focus on what you have to do. That’s yet another secret to simple happiness.

Moral of the story: Compare only when you have to.

Wrap up

The fable of tortoise and hare is never about working hard. Ok maybe it is, but that’s not the only point there is. No, it’s more than that. The story is about how one should live their life (find his goal, find the path to his goal, and work his way to reach it), written in a simple play. Now, remember tortoise and hare?

Your thoughts

I know I missed out on job security, but that’s only because I don’t believe in it, and hence to lazy to write on the subject. Please share your opinions or personal experience on job security, if you have any. Your thoughts and criticisms are always appreciated.

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Working on reaching goals can be frustrating at times. And it wasn’t the work needed that demoralize us, more the element of luck and uncertainties in making our dream come true.

Everything needs to fall in the right place, and if it doesn’t, you have to do something about it.

Regardless the element in which we have no control over, it is firstly important to have the right equipments before setting sail.

Did you make any of these mistakes with your goals?

1. You don’t have one – (Insert goal here).

2. You didn’t do your homework – Research your market, competitors and possible allies if you have any. What when wrong, what went right, location, marketing strategies and etc.

3. You don’t have a plan – Plan provides steps necessary to reach your goal. Without a plan, a goal is nothing but a dream.

4. You don’t have a detailed plan – How, where, why, who, when, what. These are all questions you want answers for, besides coming up with the appropriate questions. Smart people ask smart questions. *hint*

5. You plan too much – While detailed planning is necessary, if you spend too much time planning, the chance is high that you’ll delay the plan or worse, not carrying out the plan. The thing about planning, things always don’t go according to plans. It is therefore, better to work on the steps and prepare for the unexpected than spending time jotting down details after details of worthlessness.

6. Your goal has no stages – Feedback is essential to measure if you are doing everything right, for the most part, so any necessary changes can be made if it doesn’t perform as well as you wished. Without dividing your goal into stages, it’s hard to obtain feedback necessary to make changes and adapt.

7. Your goal has no deadline – Every goal should must have a deadline. This is because a goal without a deadline does not motivate and provide the stress level necessary to command action.

8. Your deadline is unrealistic – While it’s nice to be optimistic and confident, too short a deadline only encourages you to give up when the result doesn’t come as fast as you wish it would.

9. Your deadline is too long – The right deadline is the industry average, more or less.

10. You don’t have the confidence to make it happen – Instead of worrying about things you can’t control, you should be worrying about not putting your best into action.

11. You’re not persistent – Anyone who reached their goal had met setbacks along their way. Winners are those who are persistent. The majority however, are not. Which category do you fall into is a choice you have to make.

12. You lack focus – Focus is a constant work in progress. There is always distractions to hinder you from working on your goals. It is a responsible for everyone who wants to achieve success to get rid of these distractions.

13. You focus on taking (money) and not giving (services provided) – Money is the result of success. Providing quality services are the one which determine if you could make it in the first place, which is why giving should always be prioritized over taking first.

14. You didn’t put your heart into producing – Half assed is no assed. Either you go full assed or don’t bother.

15. You’re not passionate about it – It’s easy to lose focus if your goal is not something you are passionate about.

16. You didn’t tell anyone about your goal -If you have a goal, share it with your friends. This ensures you have sufficient stress level to work on the plan.

17. Your goal is too small – While it’s not wrong to have small goals, but it does not motivate you into taking action. The picture of you reaching the goal does not drive you into taking action, and that’s a big problem.

18. Your goal is too big – Too big a goal, and you will get overwhelmed and demoralized when things get tough. Have many stages if you wish to have big goals.

19. You focus on your goal and not on the steps – While it’s always nice to motivate yourself by picturing your success, focus should always be on the steps in making it happen. This ensures you don’t lose focus on what’s important.

20. You didn’t make contacts – Sometimes, it’s not about how good you are, it’s about having the right contacts. It’s almost as if you don’t have any, you are bound to fail. It’s therefore, important to established contacts, obviously not just for the sake of taking advantage of the relationship. Build friendships and sincerely help them with what they want that is within your power. Check out How To Get What You Want From Others for more details.

21. You don’t spend – While there are goals that may not require investment, there are some which work better with investment. Although frugality is a celebrated practice in this time of economy downturn, don’t mistake it as not spending at all. Check out Seth Godin: Pay For Stuff.

22. It ain’t your goal, it’s your momma’s goal – A career/goal is like marriage, you want it to be with the partner of your choice, or you’re going to marry your problem soon.

Having the right equipments and mindset ensures an easier and safer journey to your destination. Happy sailing.

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Life is made up of many different paths. Every choice we make bring us to a path with a different end. While some path can be overlooked, some play a significant role in our life. When it comes to personal development, it’s all about path that matters, to you at least.

As much as I would like to bore you with what it comprise of, it basically covers almost anything you would possibly want to improve on. And because of the broad subjects that were covered, saying things like “I want to improve myself” would be too vague and hardly gets you anywhere.

Instead, saying things like“I want to stop procrastinating”, “I want to have a goal in life”, “I want to be in control of my emotions” or “I want to be positive and productive” sets you a specific target to achieve.

Let’s be honest. People resent changes. You do, I do, and so does many others. Changes mean work and the work is tedious. Unlike a 9-5 job which you are required to put a certain amount of effort each day, you get paid to do it. The pay is a reality, meaning it’s certain.

Personal development on the other hand put no cash in your hands, at least not directly most of the time, and the reality is not certain yet. There’s no contract that says, if you do 50 reps of sit ups each day, God will bestow you with a sexy 6 abs. And what’s worse, there is no one ordering you or checking on your progress, which basically means you can opt not to work on that abs when you don’t feel like it.

Willpower

Which leads us all to will power, and not just any willpower but WILLPOWER. Everything that is without governed requires a certain amount of willpower to take its place. The reasoning is simple, without willpower, the discipline needed to make the changes won’t be met.

So how do we get willpower? Where does it come from and how can we attain it?

The good news is, willpower doesn’t come from thin air. The amount of willpower has a lot to do with reasons and how desperate you are for changes.

Reasons to change

Changes must come with a reason. Just like the design philosophy of Apple, “if there is no problem, don’t fix it” prove to be very handy in explaining the logic behind this.

Given enough reasons, one will convert those reasons into actions, which are necessary for the changes to occur. So what kind of reasons are we looking at?

1. You are not happy with yourself

2. You are not happy with your surroundings

3. You are not happy with your reality

As said earlier, changes require reasons. But having reasons alone doesn’t necessarily means there would be changes made. This can happen if the person is not desperate for the changes to occur.

I must change

Assuming you have reasons to change, either you are not happy with yourself, your surroundings or with your reality, unless you are desperate, you are most likely to continue with whatever it is you plan to do after reading this article.

This is because you are not desperate, or should I say desperate enough. You still feel like wasting time finding other solutions to your problem, like wishing and hoping.

The bad news? Wishing and hoping gets you nowhere except for wasting time. And time is not something even money can buy.

You are who you are not because of your plans or your intentions. It’s all about your actions. And unless you start realizing this, you won’t likely make any of the necessary changes anytime soon.

This is of course assuming if you have any in the first place.