What is your Opportunity Cost?

A few months ago, several nannies who are members of the INA sponsored an essay contest. The topic of the essay was “Why you are committed to being a professional nanny?” Now you may ask what does this have to do with finances. A lot of this essay contest has to do with finances. I saved $276 by writing a 300 word essay on why I am I committed to being a professional nanny. I saved that money by making the decision and taking the time during one day to write this essay. It took about an hour to write. So one hour of my time was worth $276. This is what my opportunity cost was. This is about the only phrase I remember from my Economics class. What opportunity cost means basically is what is the cost of doing something when your decision has been made. I choose to give up an hour of my day so that I could save $276. For a more detailed explanation visit opportunity cost.

Over at Regarding Nannies, they are giving away 4 partial year INA memberships for a few minutes of your time during the month of July. There is one entry that you have to do for being entered, and if you want to increase your chances of winning, there are additional opportunities for entries. Will you take this opportunity to show what your economic cost is when wanting to become a member of a National Nanny Organization, such as the INA. Will take this opportunity of winning a $39 partial year membership? I hope you review your finances and see what this opportunity cost might be worth to you.

Here is a copy of my essay that was worth an hour of my time:

One of many reasons, I feel committed to the profession is because as a child I was taught to be self sufficient among many other things. Being self sufficient is a stepping stone to having life skills. I was that person in college who knew how to check the oil level in my car, while many didn’t.

Today’s world is so busy with academics and knowledge, that the simplicity of common sense and achieving life skills is often forgotten. As a professional I bring a certain level of “common sense” or “life skills” to my job. I have seen the brightest children not know how to wash clothes to not knowing how to mail a package. With all my jobs I have helped children become self sufficient, even just getting a bowl of cereal prepared to figuring out how to order tickets online from Ticketmaster. Children are often catered to by their families that they often “sink” once they reach the “real” world. I feel that by helping them achieve “life skills” and “common sense” it helps them become a stronger person.

“Basic Skills” is something that I have enjoyed helping my charges, other nannies and even moms utilize. Through communicating about the basics of nannying like having taxes paid, getting health insurance, set work hours, communication with employers, a work agreement and how to find a job or nanny, I have reached many people. I am involved locally in a nanny support group, nationally in many online groups, INA and the late National Association of Nannies. Many people outside of my nanny circle come to me for information on hiring nannies or what to do with their nannies if there is a problem etc. I am committed to being a professional nanny by spreading the word of the “Basics”.
Thank you ladies for choosing my essay. See you in Dallas on the 23rd of April!