Opportunity Costs

Awhile back, I had a couple of job offers. The job with the highest pay rate also had the worst boss and worst job description of all the offers. The job with the lowest pay rate had the best boss and best job description of all the offers. (Because I'm a student, I'm paid at student rates and can't negotiate the standardized pay rates.)

I asked my brother what I should do, and he said it was a no brainer: take the lowest paying job. I complained about the low pay rate, and he simply said to me: "opportunity cost." I had no idea what he was talking about.

He explained to me that many times in life you'll be given option A and option B. The problem is that one option will always come at the cost of another option. So for me, the lowest paying job would be most beneficial for my career in the long run--but it would come at an opportunity cost of lower pay rates in the short term.

I'm kind of faced with opportunity costs again now. If I don't go on exchange next year, I won't have to dip into my savings in order to pay off my student loans. In fact, I would be able to pay off all of my student loans and graduate with most of my savings intact. But the idea of being able to study in another country for five months, the chance to meet amazing new people from around the world, and the option of traveling in Europe, is just too good to pass up. I'll be able to go study in the UK, but it's going to come at the opportunity cost of being able to graduate debt free without using my savings.

But after all that is said and done, I know I'm extremely fortunate. I mean, what a 'dilemma' I have! I have savings AND the opportunity to study in another country. My parents are supportive of my decision to study abroad. That is more than anyone could ask for.