An expression I have added to my vocabulary is “no guts, no glory”, meaning that if you do not have courage to take a risk, you will not achieve a goal or success. In order to move to the next stage of your life you need to be a risk taker and have some guts. In this episode we will discuss why it is important to take risks and the problem of being super risk averse. 

This podcast episode was born out of a hectic week full of stress and burn out. Since our wants are greater than the resources required to satisfy these wants, we need to constantly make choices about which wants we will choose to satisfy. Life is essentially about deciding how we want to use our resources e.g. time or money. Each choice we make has an opportunity cost - e.g. if I choose to wake up earlier and sleep less in order to finish a deadline, I will be tired and probably not as productive. However, if I don't wake up early, I might miss an important deadline and potentially lose my job. Simply put, we can define the opportun ity cost as the benefit we would get from the next best alternative. As such, the minimum hourly wage must also factor in the opportunity cost of a given action.