Do you want to become more effective? Do you want to use your time effectively?
I’d like to give you just one key principle on how to use time effectively. I believe that using this principle can make a big difference in your life.
The principle is opportunity cost.
You see, it’s easy to assume that time is a renewable resource. You might think that there is still tomorrow to do what you are supposed to do. But the fact is, time is not a renewable resource. Once it’s gone, it’s gone forever.
So how can we better appreciate the value of time?
Well, I believe that thinking in terms of opportunity cost is a good answer. It’s based on the fact that when you use your time for something, you miss the opportunity to use it for something else. The value of that “something else” is the cost that you have to pay.
With this concept in mind, it’s simple to see whether you use your time effectively. You use your time effectively when the value of what you do is greater than the opportunity cost. This is the case when you take the activity that can give you the most value.
The problem is it’s easy to spend your time without thinking about the opportunity cost. It’s easy to just follow the path of least resistance and do what feels good at the moment. This is a sure way to waste your time in the long run. While it might make you feel good now, it won’t help you realize your full potential. You will only get momentary happiness but not authentic happiness.
Instead, here is what you should do. Before doing an activity, ask yourself, “Is this the best use of my time? What else could I do with the time?” For instance, you might be thinking of spending the evening binge-watching a TV show. But here you should stop and ask yourself, “Is this the best use of my time? What else could I do with the time?” You might then come up with other ideas such as reading a book or working on a side project.
I’m not saying that you can’t have downtime. Of course, you need to recharge your battery. But the problem is it’s easy to go overboard. You could waste hours daily on things that you don’t need.
I recently read the reviews of some video games on Steam (see, I also have my downtime). The reviews include how much time the reviewers spent on a game. What intrigued me is how much time people spend playing video games. It’s easy to find reviews with hundreds or even a thousand hours spent on a game!
While everyone’s situation is different, I can’t help but think that a thousand hours is a lot. Imagine what you could do with a thousand hours! The time could be used for so many other things. There is a good chance that the opportunity cost there is huge.
To recap, here is how to use time effectively: think about the opportunity cost and do what is best for you in the long run. That’s how you can achieve authentic happiness and reach your full potential.
