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The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
The cynic knows the price of everything and the value of nothing.
And that's because it helps put your decisions in context. Costs and benefits are framed in terms of what is most important to you at the time of the decision.
Every time we make a decision involving mutually exclusive alternatives, we will always be subject to this thing called “opportunity cost“.
Suppose you’ve just learned how to do your taxes. You estimate that it will take up about two hours of your time if you did it yourself. Your cousin, who happens to love doing taxes, offers to do it for you for $50, with a free tub of ice cream.
If you rejected your cousin’s offer, you’d save yourself $50. But it’d cost you two hours of your time doing whatever you wanted, the actual work of doing your taxes. If you took your cousin’s offer, you'd be getting your taxes done for you. Of course, you’d have to pay her $50 — that’s the cost.
Depending on how much you valued your time, and how much yo
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