There are no solutions, only trade-offs - SMS#2

*To be edited

Self Made Semester Episode 2!

I’ve got this vivid memory of my first economics class.

“The basic economic problem” was the title on the board. And for some reasons (probably because I needed to memorise it for my exams) the next few sentences stuck with me.

“There are infinite needs and wants but finite resources. This give rise to a choice and opportunity cost- the cost of the next best alternative forgone)

That the whole of economics right there. It rests on this fact. If there was no scarcity, there economics as a social science would not exist because economics by definition is the study of how our scarce or limited resources can best be used in order to satisfy the unlimited needs and wants of human beings.

Okay now why the hell am I talking about economics 101 in this blog. Because it is the basic of our lives.

All resources we have are finite. Time, energy, money. And we are left with decisions of how we want to spend it.

That’s fair enough right?

The difficulty comes when you have to leave money on the table aka the opportunity cost. And you'll always have to leave money on the table to get to that other table where you believe there is more money.

I love driving. (Yes I got my license since that last blog post!) but I don’t have a car to drive. I'm okay not purchasing a car right now because I know I will be off to University next year and maybe abroad even sooner. 

But when it comes to choosing how I want to spend my next few months it’s tough.

I should probably live it up and see my friends more or do some work on X project because I will only get busier and have more responsibilities as time goes on or maybe just breathe and take my time, journal more because I should be reflecting more of where I want to head next.

It is hard.

It is scary.

Especially batting the feeling of getting it right, when all you can do is give up more things in hope of a future positive outcome.

Thinking about opportunity cost, it helps to put some stuff in perspective. When something not great happens we just have to remember it is the cost of something greater

The cost of community or relationships is inconvenience. From roommates stealing your food or your family being loud on Saturday mornings, those are the cost of sharing your home with someone. But it comes with the benefits of closeness, sharing house chores amongst other things

The cost of greatness often is loneliness. The grit and commitment it will take to achieve great things will means you will be on your own a lot. Michael Phelps trained every single days for years. That type of work ethic meant he was alone a lot of the times. But he is now the most decorated Olympian of all time

And my favourite, the life you want is gonna cost you the life you’ve got. Whenever I’m trying to break a habit that does not serve me well or going through a tough time, I say that out loud to myself.

The life you want is gonna cost you the life you’ve got.

SMS #2

In the next one, I’ll be talking how I’m figuring out (or trying to) how I’m choosing to spend my time.