Opportunity Cost… Are You Missing Out!
For the agent ‘client newsletter‘ this month we wrote an article on ‘opportunity cost’ for your clients. It is important insurance sales training you need to help your clients and families! And, this article applies to all of you as well. So please read on if you want to thrive selling insurance!
Opportunity Cost… Are You Missing Out?
“When we help our clients and families with their finances, one of the most important topics we need to talk about is ‘opportunity cost’. Because everything that we do will play a big part in the decision process, whether we realize it or not. This economic term has a meaningful impact on everything we do. It affects us all, no matter how young or old we are. And no matter how big or small our goals are.
Opportunity cost is about you acknowledging what you will miss out on… when you choose to do something. It is about you realizing the consequences of your actions (whether good or bad). A simple example of this is when you were young you stayed home and studied for your exam rather than going outside to play with your friends. The opportunity cost here is the enjoyment you would have had playing with your friends. Understanding opportunity cost is all about you weighing the options of your decision and the outcomes that come from it.
The reason that I bring this up is that opportunity cost is very important when you make your financial decisions. Because every financial decision you make will have a lasting impact on your future. And that decision can easily help you to reach financial security… when done right! Or lead to financial traps that can be hard for you to escape from… if done wrong!
One example of this is credit card debt. Too many people just see credit card debt as another small bill each month. They only see the actual cost and not the opportunity cost they are losing. For example, let’s say you have $6,000 in credit card debt and you are paying 20% interest on that. The actual cost of your debt is over $1,200 each year (with interest and principal payments).
The problem is by paying the interest each month, you are not able to use that money to save for your other goals like retirement or college. If you did not have that debt and you put that $1,200+ away for your future… even if it only grew at 4% each year… in 30 years you would have almost $70,000. So, by spending that $6,000 on a credit card… you are costing yourself $70,000!
This is just one example of how opportunity cost can play into the plan for your financial success. There are countless other situations to think about.
In the end, the opportunity cost is all about using the resources that you have right now to their full potential! So, that you can accomplish your goals. When you consider opportunity costs in your decisions… Then it can mean the difference between you being financially secure… Instead of you being financially frustrated.
Unfortunately, in life, you don’t know what you don’t know! So, it is hard to calculate all of the opportunity costs that you choose between each day. That is why I highly recommend that everyone meet with a financial expert who can make sure you are in the best possible financial position.
As always, if you need help or you want a second opinion, then I am here for you.”
Do you see how Opportunity Cost… also applies to your situation?
Opportunity costs are all around us. The most impact of opportunity cost is insurance sales training. Consider, if you decide to get the insurance sales training you need to make just one additional appointment and sale each week… then what would that do for you over your insurance sales career? Even if your average sale is only $500 let’s look at that math. One additional $500 x 50 weeks = $25,000 each year. Then if you multiplied that by the remaining years in your field… 10, 20, 30 yrs, or more? $250,000-$750,000+. How many more insurance sales will you miss out on, before you decide to get the marketing and sales training you need to help your clients and families? So you thrive in this business?
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