Time Management Tuesday: The Hidden Costs of Opportunities
Once, years ago, I took a job for $14 an hour. It seemed like good pay compared to the jobs closer to my home. I thought I was getting a good deal. But there were costs to this opportunity that I wasn’t evaluating which – in the long run – actually meant I was being paid less than minimum wage for that job. How can this be? Let me show you how to calculate that in real numbers. Opportunity Costs Are Something Businesses Looks At Before Investing Most big businesses know about opportunity costs . It's something they use to evaluate whether or not to invest in one opportunity over another. They don't teach employees this same skill. It's not to their advantage to do so. But it is something I feel strongly every person should know how to do for themselves. Time: How Much Time I Was Spending at the Job and Commuting. The job was a typical 8 hour a day job with an hour lunch. However, I didn’t have a car. So, that meant I was stuck at work during that hour. I only lived 30...