Evaluating the Opportunity Costs of Your Career

Have you ever had a job that didn’t inspire you?

You know, one where you felt as if all your energy was being drained from the moment you walked in until the moment they kicked you out. Maybe it was a bad boss, or just something about the industry or type of work.

This article will help you evaluate whether or not your current career path is worth pursuing by considering the opportunity cost of staying where you are versus leaving to pursue your dreams.

First off, what is opportunity cost? It’s an economic term which refers to the benefit that a person must give up in order to attain something else. Typically, it’s calculated in dollars. For instance, career A might pay you $50,000 while career B may pay only $30,000. The opportunity cost of choosing career B would be $20,000.

But here’s the catch—there are factors beyond pay that you must consider when choosing a career.

What if earning boatloads in your career requires dedicating all your waking hours to that endeavor? Are you sacrificing your joy, freedom, or even mental health just for a paycheck? The opportunity cost of your career and salary might be your joy, your freedom, your family, and your state of mind!

So when considering a job or a career, weigh ALL the costs. Will your career consume your time, distract you from your true passions, and impair your mental health, all in exchange for a fat paycheck? Or will it enrich your life, use your time wisely, and allow you to make enough money without sacrificing the joys of family and friends?