Thinking of life in terms of opportunity cost.

[Sponger15SB]

[ QUOTE ]
So by that logic, didn't your post cost you at least 10 bucks to write?

And if so, are the replies that you've received thus far worth it?

[/ QUOTE ]

Exactly.

In fact, anything that you that doesn't involve making money is a waste.

[whitelime]

Not true because I can play/type the post at the same time, and even if I couldn't there are times when I don't want to play poker. Opportunity cost doesn't only involve money, it also involves happiness/satisfaction, whatever you want to call it. You're mistaking my post as a purely about money.

[benkath1]

But you post was purely about money as I see it. How much did it cost you to drive to blockbuster and watch the movie you kept for so long? And why not pick up your pizza on the way home?

[lehighguy]

It applies to alot of things though. For instance, I could do my laundry or pay some kid on my hall to do it. In the 2 hours I'd spend doing my laundry (which I hate) I can make more then enough money playing poker.

Why do lawyers hire people to do their yard work. Because thier lazy, or because it makes no sense to do it themselves.

[TimM]

This is why I set an exact amount of time for me to play poker each month. I play no less, but also no more. It keeps me from being too lazy and not playing enough, and it also keeps me from thinking like this.

[bb88]

I used to think this way myself, and I don't even make that much playing poker. But I would think this to myself when reading or watching a DVD for fun instead of playing poker. I knew I could be making something in my leisure time instead of enjoying it how I see fit.

But you know what I figured out? Happiness and freedom is worth more than whatever I will make by always applying opportunity cost. Sure, it can be a very useful tool at times, but I wouldn't give up my happiness for any amount of money.

Once I finish this SNG, I'm going to read, and I don't feel guilty about missing out on whatever ROI I'll be missing out on.

[Jdanz]

this is pure truth

[autobet]

[ QUOTE ]
I ACTUALLY want to be playing poker at that time.

[/ QUOTE ]
You will most likely maximize your hourly rate by playing when you want to play, and not playing when you don't want to play. So don't worry about blowing a few bucks on pizza, and sign up for Netflix.

[whitelime]

From most of the responses, it appears like my original post wasn't very clear. I'll try to clarify it through a few examples. Assume for argument's sake that my hourly rate is $200/hr.

Decision 1: I'm at a computer store shopping for an Ipod. I find the particular model I want and notice that I can get it at another store for $50 cheaper. Going to that other store would cost me about 30 minutes of my time. Given that I would rather be playing poker than shopping for an Ipod, it would logically never make sense to save $50 and buy it from the other store.

Decision 2: I have an overdue movie out that will cost me $20 if I never return it. Given that at the time of the decision, I would rather play poker than drive in NJ traffic for 20 minutes, it would never logically make sense to return the movie.

Decision 3: My lawn needs to be mowed. Let's assume that this will take one hour and would cost $60 for me to hire someone to do it. Again, assuming that I would prefer to play poker at the time, I would never logically want to mow the lawn myself.

Decision 4: My lawn needs to be mowed. Let's assume that this will take one hour and would cost $260 for me to hire someone to do it. Again, let's assume that I would prefer to play poker at the time. This one isn't so clear cut. It involves balancing out $60 against my personal preference of playing poker over mowing my lawn.

Decision 5: My lawn needs to be mowed. Let's assume that this will take one hour and would cost $60 for me to hire someone to do it. In this case, let's assume that for some odd reason, I need the exercise and would prefer to mow the lawn rather than play poker. We have another decision that isn't clear-cut. We have to balance $140 against my preference to mowing my lawn over playing poker.

As you can see, using this philosophy of thinking isn't purely about the money. There's a reason I still go out drinking on Thu/Fri/Sat nights. I value my social life over that additional 4-6 hours of poker/profits. However, my main point with this post is that certain odd decisions like spending more money to save time can often be correct.

[Danenania]

Seems to make sense. Then again isn't there a vague feeling of satisfaction connected to living your own life? Doing your own laundry. Walking your own dog. Mowing your own damn lawn? Isn't this deeply rooted desire for independence and self-sufficiency one of the primary drives that brought you to poker as a profession in the first place?

If you can never find anything to do that's more interesting/fulfilling than on-line poker you will have a pretty boring life regardless of how much money you can make.