Your time is not free

[MoKelly]

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

 

[Iplayfarmer]

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.

 

[beppington]

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?

 

[handirifle]

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.

 

[smstonypoint]

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

 

[greasemonkeyok]

Err, could someone explain what is wrong with being called a greasemonkey?

 

[Iplayfarmer]

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.

 

[greasemonkeyok]

The other economic principle that seems at play in this discussion is the point of diminishing marginal returns. I think we've reached it.

And, the dis-economy of scale.

 

[smstonypoint]

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

 

[tungularafishcamp]

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
Rick

 

[jgrreed]

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
Rick

Very much agree with you Rick, let's all keep it friendly, and keep helping each other out as much as possible.

I've chimed in strongly on a couple TBN threads re: this behavior (search Alan Jackson's house...). I won't be insulted or discriminated against because of my career choice, and I certainly won't do it to any of you either. You're all welcome in our home, so long as you treat us with respect.

I was taught that YUP-pie was "Young Urban Professional", therefore I am a YRP-pie - a "Young Rural Professional...... I have to go into the city to work, but believe me I love seeing the backside of the "Welcome to Regina" sign every afternoon or evening on my way home!!

-Jer.

ps - I'm 33 on new years eve, am I still "young"??? I'll be young at heart when I'm 93, I do know that!!! Some call it immature.....

 

[jonyyuma]

Money in your pocket is not everything, nor can it always buy you happiness. I can test to that, I could have bought brand-new Bota this time, but could not make myself pass up a good used deal. So it needed a little more fixing than i thought. but, i am not adding my time to the accumlated price,purely because I could not AFFORD me??? Jy.

 

[RPW]

We'll what a discussion. When I read the title I figured this would stir a lot of attention and I would like to add my 2 cents worth. My time is money if I am doing something for someone else for profit. If I am performing a task for myself or friends or family to assist them then my time is free. This has probably more to do with how I was raised than anything else. If I were to look at time as money earned or lost then all the tools I've acquired, all the sweat and blood spilled over the years are a big money lost in the balance scale as the only way my tools will ever earn money is if they are used 24/7 in persuit of profit. As an example look at any large business with multi-million dollar equipment. They want those machines working 24/7 in order to make money. So from a money perspective I'm broke and beyond. From a personal satisfaction that I can and have helped friends and family then I'm a millionaire. That's probably why I'll never be that well off as far as dollars are concerned as I just don't care that much about money. I just want to have enough to pay for what I either need or want. Anything else is gravy. BTW; can't wait until I retire for good until then it will be a balancing act between what I need to do and what I want to do. Of course with my outlook I'll never be able to retire

 

[tungularafishcamp]

-Jer.

ps - I'm 33 on new years eve, am I still "young"??? I'll be young at heart when I'm 93, I do know that!!! Some call it immature.....

:laughing::laughing:There was a time when I would have said you were ancient but I guess that time has past as I am your senior by a couple decades to the day in fact. I guess you are only as old as you feel/act so hopefully we can all be yrppies a bit longer. Willing to bet compact tractor fan wouldn't consider many of us young tho:laughing:
Rick

 

[jonyyuma]

RPW, well said, especially about friends and Retiring. I wonder if any of us will be able to justify stopping, punching a clock? Jy.

 

[tungularafishcamp]

I guess I am fortunate in that I love what I do for a living, I hope the day I retire is the day they feed me to the fishes, good thing too cause I sure couldnt afford to sit around to long:laughing:

A good fisherman friend of mine just won a few million in the state lottery, when they asked him if he was gonna retire he just said he// no he will just keep fishing til it is all gone:laughing::laughing:
Rick

 

[jonyyuma]

That is an excellant idea,,Millionaire actually fishing and enjoying life? Not many do that? I really liked the 7 day cruise to Alaska, if I retire, I plan to come back and ride the train and visit your giant parks.Jy.

 

[tessiers]

All I really want to know is how much does beer really cost? If anyone really knows don't tell my wife, she still thinks my time is free.

 

[tungularafishcamp]

JY, it is the commercial fisherman version of the joke about how do you become a millionaire, by starting with 2 million.

As far as the rest of it goes I wasn't jokin, I do love what I do and don't ever want to stop. It seems I see that here on TBN , people taking their passions/hobbies/professions and figuring out how to support themselves in many ways including financially doing what they love to do.
Rick

 

[jgrreed]

I guess I am fortunate in that I love what I do for a living, I hope the day I retire is the day they feed me to the fishes, good thing too cause I sure couldnt afford to sit around to long:laughing:

Me too. I just don't like the administrative BS that comes with it. I'll likely operate as long as I physically can, but I'll do it because I WANT to, not 'cause I HAVE to......maybe in a place where people don't have good access to good care, ie. Rural Africa, South America, etc....

-Jer.