What is an opportunity cost? It’s a concept from economics where you have to think about what are you doing right now and try to identify another opportunity you could pursue that would give you a better return on investment. It can apply to money, time, satisfaction, and any resource. It’s an incredibly useful idea to have in mind when to prioritize correctly everything that can be done at any point in time. There are limits to this, of course, the idea is not to work 24/7, but the idea is to replace the social media time with something 100x better.
Why should we care about opportunity cost? Well, it’s life-changing, you can correctly identify an opportunity that would result in a huge upside down the line, which can transform your life for the better. Let’s say I want to build an audience in the next 5-10 years on a topic I am passionate about. 5 minutes daily is all you need, all the blogs you are resing right now were worked on for 5 minutes daily because it was very easy to find 5 minutes between here and there to work on them.
Think about the 5 minutes spent on scrolling Instagram, that is a huge opportunity cost, you could use those 5 minutes to work on something important. It could be reading, it could be writing or coding on some side project.
Every time you scroll social media, think about the huge opportunity cost it creates, would you rather do that and gain nothing, well not nothing but you are getting a dopamine rush and most likely some negative emotions of envy, frustration, and negativity.