As human beings, we often think of the cost of things. It is my opinion that we think about the cost too much. It keeps us from achieving something truly great. For instance, we may consider starting to get up and exercise every morning, but decide against it when we consider the 30 minutes of sleep we’re going to lose by getting up early to exercise. Maybe instead of the sleep, it’s the idea of forcing ourselves to do something we don’t really want to do that keeps us from working out. Maybe it’s fear of looking silly. Whatever it is, we decide that the cost – physically, mentally, emotionally, financially – is too much.
Do we ever take time to consider the cost in relation to the benefit? If we lose 30 minutes of sleep because we got up to exercise, but the exercise actually makes it easier to fall asleep at night and helps us have better quality sleep, is it really a loss? Or is it an investment? If hiring a virtual assistant helps you to get more work done in a month such that you’re making more extra money than you’re losing by paying them, are you losing anything? No! Instead of thinking of these things as costs, I think we need to start thinking about them as investments. There’s a certain cost associated with them right now, yes. But the benefits we get from them outweigh the short-term costs.
This principle, looking at things as benefits instead of sunk costs, applies to so many things in life, not just appraising. Absolutely look at hiring additional help as an investment. But the same thing could be said for exercise, getting adequate sleep, taking appropriate time off, spending time with your loved ones, purchasing a home, and any number of other things. As we look at these things as investments instead of costs, we are much more likely to make wise, educated decisions, rather than short-sighted ones.
For more information on this subject, please download and listen to The Appraiser Coach Podcast Episode: