Every choice we make has a payoff. Every choice also has a price.
The payoff of a choice is, of course, the good that we get out of the choice. If there were not any payoff, we would not do it!
The price is what the choice costs us. Sometimes the price is that once we commit to one choice, other choices are closed to us.
For example, if we choose to work late, the payoff may be that we feel good about finishing a project, it may help us achieve a promotion, it may ensure that we get a higher pay increase or a bonus, it may help us achieve our career goals, among other things.
The price may be that we cannot attend our child’s soccer game or other special event. Part of this price may be that we miss an important night for our child, we miss seeing his or her success, we miss talking with the other parents, and other things.
The key to professional and personal success is to balance our choices so that overall in life we get the payoff we want without paying too high a price.
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