Planning

GRACE, FAVOR & FAITH

Let’s just be honest, planning is boring, tedious, time consuming and just not sexy. It takes insight and foresight to plan. You must take into account strength and weaknesses, timing, age, background, education etc, etc. As you get more and more adept at writing plans, you will quickly become acquainted with the economic term “opportunity cost”. Opportunity cost has been described by economists as “the basic relationship between scarcity and choice”. This principle hones on the concept that the true cost of a good is not what you pay for it but rather it is what you had to forego in order to get that particular good. Here is an illustration from www.theeconomist.com; going for a walk may appear to cost nothing, until you consider the opportunity forgone to use that time earning money. The fundamental problem that economics addresses is how to meet unlimited wants with limited resources. Opportunity cost therefore is an…

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