Your time is not free

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   / Your time is not free #101  
Let me try this one more time. Opportunity costs can be measured in monetary terms but are more general -- they are the benefits you forgo by choosing an alternative over the next-best mutually-exclusive alternative. As other posters have mentioned, there is more to life than money.

Back to the OP, if the poster can earn $90/hour and he considers that to be his next-best alternative to working on his aerator, his opportunity costs are $90/hour if he chooses to work on the aerator.

Now suppose that the poster considers boating to be his next-best alternative to working on the aerator. His opportunity cost of working on the aerator is the benefit (enjoyment) he forgoes by not boating.

Opportunity costs are unique to each individual. But regardless of that fact, your time is not free. If you have mutually-exclusive beneficial alternative uses for your time, choosing one alternative over the next-best alternative has a cost, the benefits (monetary or otherwise) you miss by not undertaking the next-best alternative.

Steve

The above makes sense to me.

However, don't you believe people instictively make this choice everyday? The guy who chooses to build his own tool vs. going boating already made that choice. He knew he could go boating or make the tool. He chose what he wanted to do.

Doesn't seem lik ethere is anything more to analyze.

MoKelly
 
   / Your time is not free #102  
That is what we are talking about here. Reality. Real money.

I am going to respectfully disagree with this statement. Cost does not equate to money.

I am not an economist, but I got an A in college economics. Opportunity cost is what I call "The Instead Principle". Every minute you spend could be spent doing a number of things instead. Your opportunity cost may be watching the game on TV, hanging out with friends, fishing, golfing, working, and the list goes on. It's not really about Money. Money really has no value anyway. What's valuable is the stuff you can get with the money.

Edit: To his credit, I'm not saying anything that smstonypoint hasn't already said. I'm just using different words.
 
   / Your time is not free #103  
Since PC'ness has been blown completely out the window on this thread, here you go.....

When the "well-off" say things like this about the "working class", they're class-less, gauche, etc, etc..... Here's some news, when the "working class" do the same to the "well-off", it's EXACTLY THE SAME. Your comment above is a gross generalization, and it's very rude.

When I typed it, I figured most TBN-ers would agree with what I typed. Maybe not, but that's OK. Seems weird that you're so offended by it. You do realize I didn't call you a yuppie, lazy, etc.

I've stated where I grew up, how I grew up, how much money we had growing up, and what I do, here on TBN several times.

I haven't read any of those details about you.

Let me address your points one at a time, but slightly out of order.

"Yuppie" - what would the TBN response be if I started throwing out the terms "hick", "hillbilly", "redneck", "greasemonkey", etc??

I've seen it done, & most seem to reply with something like, "Yep that's me!" And I would too. Words don't bother me much, no matter which ones somebody wants to use.

Watch your words. I suppose in the 4.5 years since residency have made me a "Yuppie". Oh, wait, I'm actually a "Yrp-pie". Those of you that actually know that "yuppie" is actually "YUP-pie" will understand what I'm saying.

You are really that bothered by my use of the word yuppie? Would it help if I changed it to, "I like yuppies"?

What makes a Yuppie to you, sir?? Is it the house they live in? The car they drive? The clothes? The jewellery? The color of tractor they own?

I've never felt the need to dwell on it in order to settle on a specific definition, but I feel like I know one when I see one. I've never seen you.

I own some very nice things, the vast majority were purchased at a huge discount.

Good for you!

I like nice, high quality things.

Me too!

I don't like when the vent zipper on my ski pants breaks in -30C, so I waited, and searched for some Arcteryx pants that where 60% off. I don't like Ryobi cordless tools, so I bought, on eBay, about 5k worth of 18V Dewalt tools for 1000$. I also own some very inexpensive things (ie from Princess Auto, Harbour Freight) that do what they need to do. A high price tag is not what's important to me, quality is.

I can tell you what makes someone "ignorant". It's a comment like your's above.

"Not very handy" - Maybe they're not. Why is that a problem?

Maybe they are, but choose to make different use of their time, whether it be spending time with friends and family, going to church, doing another project, making cold hard cash at work, or perhaps volunteering (ie "donating" their time, therefore time has value) for a worthwhile charity or friend in need. You'd be wise to recognize that most successful people got there by multitasking, being respectful, and constantly learning new skills. Some skills involve programming computers, some rebuilding transmissions, some flying high-risk missions, some making ballsy trades on wall street, some building log homes. They're ALL handy in their own way. Paris Hilton is not on TBN, I don't think.

"Lazy" I'm pretty sure that the trophies in Mom's basement, the transcripts in my file, the Provincial (ie 'state') championship game ball with all mine, and my friends/teammates signatures on it, my MD, and my Fellowship Certificate from the Royal College are fairly solid proof that I am not "lazy". I haven't heard from any trust-fund kids on TBN, have you?? I'd state that anyone who owns a tractor is likely doing some degree of work on their yard, or business, therefore, NOT LAZY.

"somebody I'm gonna need to help out during the next hurricane season" - people's need for assistance during a state of disaster should not be a source of entertainment or be an ego-boost for you. Helping someone in need is part of being a good human being.

You're disallowing me to get an ego boost from helping somebody? You can try, but I don't think you can stop me. :laughing:

Here's some news, YOU MIGHT NEED THEIR HELP. Watch what you say, and remember that what goes around comes around.

I word your sentiment slightly differently. I say "this is how we know who will survive Armageddon". IMO, it's not whether you change your own oil, knit your own sweater, hand build your own backhoe, or drive a Maserati. It's how you act, and how you use the skill set that you have. If you have nothing to offer, you're screwed. If you have everything to offer, but don't allow the human in you to offer it, you're screwed. There are no members of the Jersey Shore cast on TBN, as far as I know.

Mr. Quickfall taught me, in grade 5, that ***-u-me is a bad word, for reasons that are obvious based on the dashes. Maybe you didn't have a Mr. Quickfall. You should find one.

Yeah I heard that, too, but I still make assumptions. You don't?
 
   / Your time is not free #104  
Well I, for one, am retired, so I get paid no matter what I do. When I look at a job to see if I am going to DIY (or is it DIM?) :) or hire it done, there are usually 2 or three main considerations.

1. Will it be as good as what I can buy?

2. Will it cost me more than buying, or hiring, to DIY?

3. Can I do it, meaning, do I have the skills, or time?

Time is a factor ONLY if it needs to be done very soon, and I have other projects on the plate. Being retired, I PREFER to do a LOT of DIY, as it keeps my mind and body healthy.
 
   / Your time is not free #105  
Short Answer Question.

Explain the concept of opportunity cost.


Opportunity cost is what I call "The Instead Principle". Every minute you spend could be spent doing a number of things instead. Your opportunity cost may be watching the game on TV, hanging out with friends, fishing, golfing, working, and the list goes on. It's not really about Money. Money really has no value anyway. What's valuable is the stuff you can get with the money.

Grade = A+.

Steve
 
   / Your time is not free #106  
Err, could someone explain what is wrong with being called a greasemonkey? :)
 
   / Your time is not free #107  
Short Answer Question.

Explain the concept of opportunity cost.




Grade = A+.

Steve

I was hoping you'd approve.

The other economic principle that seems at play in this discussion is the point of diminishing marginal returns. I think we've reached it.
 
   / Your time is not free #109  
The other economic principle that seems at play in this discussion is the point of diminishing marginal returns. I think we've reached it.

We passed that long ago -- we are now in Stage III of the production function.:)

Steve
 
   / Your time is not free #110  
Sorry for being ignorant but what is a yuppie really??
I heard at one time it was (young upwardly mobile urban professional) but I wasn't smart enuff to see how the letters fit in.
On another note, I really enjoy the diversity as well as the wisdom of all kinds on this site and it's great to get all the different perspectives. We got a great thing here folks lets keep it that way:D
Rick
 
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