Numerous discussions about DIY, bike commuting, investing etc. include opportunity costs as a key argument--what else could I be doing or where else could I be investing that would be more productive than the option I am considering right now? The "pay off the house early" conversation gets heated quickly because people have different backgrounds, personalities, risk tolerance, and financial acumen. However, several threads here and elsewhere online end up with the same conclusion--it's a choice that is decided by emotions, financial rationale, or some combination of the two. I understand both sides of that topic and why different folks would choose either side.
My question now is this--Do you really consider the opportunity costs of your time when you undertake recurring tasks, such as doing a DIY project, clipping coupons, mowing your own lawn, changing your own oil, or commuting by bike? Several personal finance authors write that earning $X.00 per hour and paying $Y.00 for someone else to do a task for you is better for you to reach your financial goals if the numbers work. Personally, I find that rationale expressed more often in books than in the practice of most of my family and friends. Most folks I know do what they want to do or know how to do and pay for what they don't want to do or don't know how to do. Opportunity costs for an hour's "lost" earnings or an extra hour spent with the family on Saturday don't come into the decision-making process in reality.
With that said, Mustachians seem to think different than many of my acquaintances, so I just wanted to hear what the group here had to say.
Disclaimer--We bike commute/shop regularly, my wife clips coupons, I do occasional DIY projects, and we manage all of our household tasks weekly/monthly except for company-discounted car maintenance.
