How to make better decisions?

Hello human

💡Have you heard of the concept of opportunity cost?   

It is defined as the cost of an alternative that must be forgone in order to pursue a certain action. Put simply, it's the tradeoff between two choices.

📚 For example:

A student deciding whether to work or attend college: the opportunity cost of attending college is the money the student could have earned if he or she worked instead.

To apply this concept in a business setting, consider the following scenario: you have an opportunity to invest in two different companies, but you can only invest in one.

To decide which company to invest in, you must consider the opportunity cost of passing on the other option.

Understanding opportunity cost will help you make better decisions.

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