Episode 6: Trade Offs and Opportunity Costs
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Episode 6: Trade Offs and Opportunity Costs
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We have unlimited wants with limited resources. I know that it's hard to fathom but you can't have everything so decisions must be made on where you select to spend money. This is called Trade Offs –giving up something to get something else. Understanding this concept will help you become more mindful and intentional in your money decisions. This is where people get into trouble with their finances because they aren't good at making trade offs and may resort to credit cards to purchase their wants.
Every decision has an Opportunity Cost – this is what you gave up, or the thing that you did not select in your trade-off. This is what you missed out on by not selecting to spend money on that item or service. Join today's podcast to become a more mindful and intentional consumer by understanding using trade-offs in your decisions.
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