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Question: What is the concept of “opportunity cost” in personal finance?
Answer: In personal finance, opportunity cost refers to the potential benefits that a person misses out on by choosing one option over another. When making financial decisions, people must consider not only the immediate costs and benefits of their choices, but also the potential long-term impacts. For example, choosing to spend money on a new car may provide immediate satisfaction, but it also means that money is not available for other purposes, such as saving for retirement or investing in a business. Opportunity cost can be difficult to quantify, but it is an important concept for individuals to understand when making financial decisions and evaluating the potential costs and benefits of different options.
