We have been in this pandemic for a few months now. Needless to say, this is an unprecedented situation for most – if not all – of us. This is a difficult time, but I believe it’s also a good opportunity to learn a lot. As I’ve written a while back, this is a good time to reinvent ourselves. So here is my question to you: What lessons have you learned from this pandemic? Please share your answer in the comments so that everyone can read it. Thanks!
I recently wrote about how thinking in terms of opportunity cost can help you use your time effectively. Now, I’d like to follow up on that by discussing another concept called sunk cost trap. Along with opportunity cost, this concept can help you make good decisions. Here is a definition of sunk cost trap: Sunk cost trap refers to a tendency for people to irrationally follow through on an activity that is not meeting their expectations. This is because of the time and/or money they have already invested.
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.
If you have been with me for some time, you might know that I’m an avid reader. I love to read nonfiction books. I’m not a fast reader, but reading is a hobby of mine. Lately, I have been thinking about why reading is important. Of course, I have reaped a lot of benefits from it, but I tried to pinpoint why exactly reading is important. What is it about reading that makes it such a useful activity? Why are so many great people in history avid readers?
In Deep Work, there is an interesting formula for productivity. Here it is: Work Accomplished = Time Spent x Intensity You can see here that your productivity depends on two factors: time spent and intensity. The more time you spend on a task and the more intense you are, the more you will get done. Let’s now dissect this formula.
My mission at Life Optimizer is helping you reach your full potential. To be able to do that, I need to know your needs. That’s why I have created a short survey. If you could take just a few minutes to fill it out, I’d really appreciate it. Click here to take the survey I’m looking forward to reading your response. Thanks in advance and have a great day!