The Lost Woman… – CIE Literature
What I would like you to take away today is: don’t let fear rule your life. If you think you are going to regret not doing something, then go for it. It maybe something scary, but don’t let chances pass you by. If you are going to look back on an opportunity whether it’s jumping out of a plane (with a parachute of course), talking to someone on the bus, or taking a new job…if you’re going to look back on that opportunity for your whole life and wish you had done something differently, then take that chance. At the very least you will know you did all you could. More likely though, living your life this way will lead to excitement and hopefully fulfillment.
This is a lovely poem about regret about losing a loved one
So one of the keys to thinking like an economist is always remembering that everything has a cost. This may be one reason economists have fewer friends than they otherwise would. Sometimes people are very happy holding on to the naïve view that something is free. We like the idea of a bargain. We don't want to hear about the hidden or non-obvious costs. Thinking about foregone opportunities, the choices we didn't make, can lead to regret. Choosing this college means you can't go to that one. Marrying this person means not marrying that one. Choosing this desert (usually) means missing out on that one. Sometimes, people just want to eat their cake and have it, too, without being reminded that they missed out on a spectacular piece of pie.
Real estate agents like to tell you that a house is a great investment. Your house is appreciating and you get to live in it. Sometimes both are true statements. But appreciation of the house isn't enough to make it a good investment (or a reason to buy a particularly large house on the argument that if the investment is going to appreciate, it's better to have a bigger stake). Home owners like to savor how much they sold their house for above what they paid for it. When measuring the return, they rarely subtract the direct monetary costs—the repairs, the taxes, and the fees and commissions of lawyers, real estate agents and government agencies. But I've never known the proud Boston or Washington or L.A. house seller who calculates the foregone investment opportunities from tying up the down payment and the mortgage payments over the life of the time in the house.