When I was in college I had to take a business math class in which we learned the basics of money management, investment strategy, and other financial principles. One particular concept we learned which has stuck with me over the years is the idea of ‘opportunity cost’. It essentially means that in order to acquire something of profit or value, something else must be given up. Since every resource (time, money, etc.) has a variety of uses, every decision has an opportunity cost associated with it. Will you give up time in order to acquire money, or will you give up money in order to acquire time? Continue reading →