Shane Parrish has written another excellent post at Farnam Street Blog. The topic is trade-offs. We can’t have it all, and we can benefit when we recognize the trade-offs we must make in every aspect of our lives:

Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity. We experience tradeoffs in zero-sum situations, when a plus in one area must be a negative in another. A core component of economic theory is the study of how we allocate scarce resources and negotiate opportunity costs.

Economics offers tools that we can use as guides for getting what we want out of life if we take economic lessons and apply them to resources other than money. We all know our money isn’t infinite, yet we end up treating our time and energy and attention as if they are. Many of us act as if there are no tradeoffs—we can just do everything if we try hard enough. The irony is that those who know how to make tradeoffs can get so much more out of life than those who try to get everything.

Parrish notes that successful-seeming people all make secret trade-offs. They are not great at everything. I have wondered about this when seeing so many people who I suspect are of modest means, driving cars much more expensive than mine, going out to eat and drink much more often than me, and generally conspicuously consuming much more than me. I have this fantasy where everyone’s budget and bank and credit accounts floated above them, and I could then confirm, “Oh, they aren’t saving for retirement and they are one missed paycheck from disaster!”  The same thing happens with time as with money.  We can’t be super-competent at all things. When we are proficient at some things, it is always at the expense of other things.

Can we reach homeostasis? It’s not easy per Parrish:

We’re constantly going off-kilter in one area or another and having to make course corrections. When one area goes well, another is usually sliding. It’s like a game of whack-a-mole. Focus on one area and it’s often to the detriment of another.

One solution to getting a grip on this problem that we must make trade-offs is to track your time. I did this for two months and it was extremely telling. I was spending time pursuing my declared life goals a LOT less than I spent time in mundane chores like cooking/eating/cleaning up, driving and various unproductive activities. I was unconsciously making choices to do less important things at the expense of the things that I treasure (good conversations with close friends, artistic pursuits, working on website and my book). I wrote about my approach to tracking time earlier here.

Parrish offers many other tips in his article. For instance, you need to get over the awkwardness that you won’t be great at everything.  That would be impossible

I’m taking heed of the many good ideas in this excellent article.