Find the Cost of Opportunity
Reprinted with permission from American Bankruptcy Institute Journal, October 2018
Economists have long used the concept of opportunity costs to quantify the choices made among mutually exclusive options. In effect, every choice involves a "cost" associated with the thing not chosen and the benefits that might have been alternatively realized. Attorneys make a similar kind of calculation all the time in connection with the way one's practices and careers are developed. These roads taken — and not taken — comprise the balance that we all strive to attain between work obligations and personal desires.
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