Realizing we can improve our lives by making a few changes is just the first step in making the decision to do it. We must also weigh the costs against the benefits before we decide to move ahead with the change. Below is a discussion of a process for doing this. Remember, be narrowly focused on a specific area, concrete and detailed about attributes, and as honest and objective as you can be. Of course, it always helps to enlist the help of others.
Nothing is free. We all know that. And it isn't just money that's at stake. We also to consider things like giving up our free time, reducing our social commitments, and just plain old hard work. It's hard to put a number to those kinds of costs, and it's easy to get it wrong. This is another area were research and input from others is very important.
List the items you will have to give up -- activities, money, time, et cetera. Next to each add the amount of money you would say the item is worth. For example, taking a course to improve your financial literacy might cost you $49. Or spending more time on your work skills at the cost of reducing your late night socializing might be valued at $100. Get feedback on your list from friends, families, coworkers, et cetera. They might spot a few things you missed or disagree with your costs.
List the things you will gain -- better job, better health, less stress, et cetera. Next to each item add the amount of money you would say it is worth to you. For example, getting a raise at your job might be worth $100. Reducing you stress might be worth $50. Again, get feedback on your list from friends, families, coworkers, et cetera. They might spot a few things you missed or disagree with your costs.
Total up the costs, total up the benefits, then compare the two. If the benefits are greater, move on to the next step. As always, get feedback on your list from friends, families, coworkers, et cetera. They might spot a few things you missed or disagree with your costs.
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