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Ok, I need to write about the opportunity cost of an extra year of high school, college, and med school
My opinion is that the rewards are different but the opportunity cost is the same.
You are giving up time that could be spent finding a job, house, spouse, etc. You are also spending all that money on college and what not instead of the normal everyday adult life stuff. High school you are giving up possibly opportunity for a certain college.
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It sounds like you have a good grasp on opportunity cost. Forgone benefit. What you have to give up to get what you are getting. You will give up $$$$$ for the additional year of schooling, but in the end (hopefully) the benefits will outweigh the cost.
Thx, a little late but thx lol
Also, you can include that the benefits of each choice will depend on how much is put in. Either choice in that situation would depend on how hard you work at it.
I graduated college a year early for exactly the reasons you are mentioning. I didn't want to pay the $40,000 out of my pocket for college tuition for a 4th year when I could be making mid 5 figures instead. Difference of around $100k.
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The problem is that you all are thinking short term. The opportunity cost is not just the immediate cost. It is the present value of all future costs + the immediate cost. So, for example, AdminChris got "mid 5 figures" by skipping the 4th and final year of college. Opportunity cost on the short term was obvious. But what happens in 5 years when AdminChris gets passed over for VP because he doesn't have a college degree. Whoops. Big cost.
To do a decent job of analyzing opportunity cost, you have to analyze things out to the horizon... and then some... applying a discount (of sorts) to the longer term events.
You make a good point about the long term implications. Just to be clear though, I did actually graduate from college with a degree... just did it faster than most people :)
Course-Notes.Org Administrator If you have any questions, comments, suggestions, complaints, rants, raves, random thoughts, etc etc- feel free to direct them at me :)
all of them cost different amounts of money, so OC is not the same