opportunity costs – The Life and Times of Ben Weinberg

As you get older, you realize just how valuable time as a commodity is. You tend to start measuring the cost-benefit analysis or the return on investment that you are receiving not just regarding finances and how you spend or invest your money but also on how you spend your time. Unfortunately, this is a topic that we do not prioritize or learn about very well at a young age. Often, you must figure out what are the best ways to use your time wisely and your money.

There are numerous tools out there to help guide you find the real rate of return on your investment, but you must be the one making the decision on what you prioritize. We know for a fact that our time on this Earth is limited from the day we are born. Having such knowledge shouldn’t be morbid or despairing, but rather help us to prioritize how we spend our lives in search of a good use of our time, our money, and much more.

Now, not everything that we do in life should be correlated with a ‘cost-benefit analysis’ or ‘opportunity cost’ involved. Such behavior should be discouraged if you’re obsessing over how you spend every waking minute each day. You should be leaving some room for spontaneous actions that you enjoy regardless of if it’s geared towards health, wealth, and personal satisfaction. There are times each day where we have to commit to actions that take time when we would rather be doing something else and that is what adulthood entails sometimes.

The true focus is what can we do with our time that is free, which will help us in the long-term. If we have goals of wealth, health, and pursuing our own happiness, your time should be spent in looking in investing each day in building yourself up in each of these areas. For example, when we look at investing in our health, we know there are concrete things that can be done, which will help us with a return on having a healthier body, a healthier mind, and managing our stress and anxiety.

We may have to join a gym, change our diet, sleep more, and make time for exercising, and these are the kinds of investments, if done consistently, that can pay off in the long-term. These investments that I cite will not guarantee a longer life, but it is giving yourself the best possible chance of living a healthier life, especially if you are focusing on multiple investments.

In this case, the real return on investment may not be seen right away but you are likely to see some results if you’re consistent with your investments on a long-term basis. You can measure how your diet is helping you lose weight, how your sleep patterns have changed, and how much time you spend at the gym, the yoga studio, or in playing sports. These investments are measurable but the results on these investments will eventually show up in a real rate of return that will put you on a path that leads to a healthier life in the long-term. Returns are not guaranteed but if you are putting in the work over a long enough period, I believe the chances are good that you will be better off than you were years or even decades ago.

Similarly, how we save and invest financially for our long-term financial future, we can do the same with our health and our happiness. Everyone has different financial goals, and I won’t talk about specific investment advice to give, but you can always estimate to a degree what kind of percentage return you’re likely to get from your investments over a year or a decade or a century in terms of growth. These real returns will come to you but if you’re not consistently investing in building your wealth, those real returns will not be as impactful or as fruitful as you would have hoped. It goes to show that with either health, wealth, and happiness, that the earlier you invest in those facets of life and the more that you invest in them, the better off that you will be.

What makes someone truly happy is complicated and will differ depending on your emotional state, but I do believe spending more time with those who care about you, and you who care about them, enjoying more time spent doing the hobbies and interests that give you joy, and being able to invest time in learning new skills, exploring new places, or investing in your home and community, those kind of investments will have real returns on making you happier in the long-run. There will be times when what you did or do no longer makes you happy and that is alright. The key here is to keep trying out new things, keep meeting people, keep trying to be involved in areas of life that you think will make you happier, that is key in continuing to make those investments in building your happiness into the future to keep producing better and better returns.

Time is fleeting and you must prioritize health, wealth, and happiness in my view, which will give you those real returns in your life to enjoy and take joy in. Most of all, you have to know the difference as you get older between what’s give you actual returns for your hard work and efforts, and what you have to stop doing that is giving you no real returns. It is important to prioritize more of what will pay off in the future throughout your life and increasingly avoid those activities that produce a negative return and will leave you worse off.

It is one thing to be able to invest well in activities that bolster your life satisfaction, but you should also remember to avoid those other ways of spending the time that lower your real returns or negate them entirely. Be sure to know what a waste of your time is, if you can cut that activity out or lower your exposure to it and be able to replace the time spent on that activity with a good alternative. which you can take part in to continue to invest in building a life and a future that will make you healthy, wealthy, and happy.

Call me old fashioned or a ‘luddite’ but I really do miss the feeling of paper tickets, boarding passes, and even the plastic menu. It does not mean I don’t enjoy the fruits of the abundance of technology that we have today, and it is something I’m comfortable with having grown up in the 1990s and 2000s as the computer, personal cell phone, and mobile applications came into being. I do also remember going to baseball games to buy a physical ticket at the ‘will call’ window and keeping the ticket stub as a form of memorabilia. The same could be said for receiving a boarding pass when you’re traveling to a new city or country and keeping it with you to remember when and where it was when you went there.

Increasingly gone are the days where you can build a scrapbook of physical items like tickets, boarding passes, certificates, letters, newspaper clippings, etc. because of the digitization of everything. Yes, you may still have the option to print out what it is you need or send out birthday cards, wedding invitations, college diplomas to enjoy the momentous occasions that come up throughout our lives, but when it comes to our day-to-day needs, we increasingly rely on digital wallets, QR codes, mobile applications, and smartphones to get the job done.

You could argue that given how present a reality climate change is in our current era that not using paper or plastic to protect our trees and wildlife is a positive step, but I would argue that everything has an environmental effect including our smartphones, smartwatches, and computers. Using less paper and plastic is overall a good thing but my concern these days is that it seems like we are not being given a choice to have either option.

I like to keep physical / paper records, when possible, up to a point whether for personal, financial, or medical reasons. It is hard to do that when you are only allowed to use a digital record for your files, which may not be as permanent or as secure. Maybe physical records are never 100% secure either but at least you know that you are the only one that has access to it or people you trust who you give access to as well.

When it comes to digital records or files, there is a cost involved in building up the security and safety measures around those sensitive records, and it is never 100% secure regardless of how many firewalls or barriers you put up. There have been numerous data breaches, hacks, and manipulation of people’s digital records, and that will be a cause for concern going forward as we increasingly go to a digital-first world where our first go to is a swipe of smart phone instead of the stroke of a pen. I believe that each person should have the option though to go forward with having both options of having a physical as well as a digital copy rather than having to choose between the two options.

There are always going to be external costs involved with both physical records (paper, plastic, etc. or digital records (computer, smartphones, smartwatches, wi-fi enabled devices). The key for the future is how to minimize these harmful costs whether to the environment, to our safety and security, or to our mental health as well when it comes to using either option. Those costs need to be factored in to how much we pay to use them and whether the competition can be fairer as companies vie to be both ethical and responsible in how they use our records, physical or digital.

Having a choice at the end of the day between physical v. digital when it comes to our personal data and records should be advocated for to companies and other entities before we give them access to our information and our wallets. The lack of an option to choose who, when, where, what, why, and how our data is obtained and shared should change especially as we increasingly rely on digital services and products to power our daily lives.

For example, during the COVID-19 pandemic, the QR code or barcode went from being used to scan items that we buy to allowing customers to read menus, see advertisements, subscribe to a new service, and have access to a unique link to sign-up for events and workshops. While in the interest of public health, the QR code utilization helped maintained social distance protocols and assisted in keeping workers safe by limiting contact with clients, however, QR codes have not really gone away in the post-pandemic era and are still being substituted for real person-to-person interaction.

Not only can you see your dinner menu on a QR code, but you scan your movie or concert ticket without needing a paper ticket or printout copy of it, you can also use it to order food or drinks or shop from that QR code without needing a catalog or a store magazine or a customer service employee to help you with the transaction. The rise of self-checkouts, automated service to order what we want and when we want, and being able to pay or reserve or check out with our phone alone is not just creating less paper but also the need for less person-to-person interaction.

Without being someone who yearns for the good old days, but you used to be able to order from a paper menu, get your ticket collected and stub ripped off for you to keep, and be able to pay with cash at a business without worrying if it was card or Apple / Google Pay only. Less paper and plastic are not a bad thing, but I do think it’s healthy from a social interaction point of view and as the world digitalizes and automates, I also think we will be less comfortable making small talk or socializing with those we don’t know who provide us with a service or a product.

There are real security concerns with an increasingly digital only world that have their own potential costs and drawbacks to consider as well. I hope that even as technology continues to advance with automation and artificial intelligence surpassing our own human capabilities, we will not allow ourselves to be robbed of our choice especially when it comes to how we receive our mail, pay our bills, buy our products, or if we can opt to talk to someone at the checkout register instead of self-check-out because we believe that 2-3 minutes we talk to a worker there is better than that 30 seconds or 1 minute we do it ourselves but without talking to anyone and with no one to maybe brighten our day a bit or make small talk with.

Losing that choice of digital vs. physical records or information would be detrimental in the long run. We should know of the environmental, security, and mental health costs involved if we tip too far in one direction or the other, but I think given that we are social creatures and we enjoy the physical touch of a book, a magazine, a letter, or even a ticket to a baseball game, let’s not try to go to 100% digital especially for those of us who remember when information was primarily shared physically.

It’s a complex era that we are currently living through, and it appears that we are transitioning slowly but surely to a digital-only world. However, my hope is that we allow ourselves to choose how much or little as individuals we opt into this ‘brave new world’. We may not be nostalgic now, but something tells me we would miss our scrapbooks, our photo albums, our book collection, and even our baseball tickets, and boarding passes if they were up in the ‘Cloud’ protected by facial recognition and multi-factor authentication instead. That’s not the world I wish for us to have in the future and that our choice(s) to opt-out will never go away.