Opportunity Cost – 2 – Mental Models for Education

...to the real.

Time

I feel like joining London Business School to study for an MBA.  Let’s see what that’ll cost me.  £70,000… ouch!  But okay.  Actually hang on… I know I’m going to have to relocate to London to do this, so I’d better look into rental prices there.  It’s probably going to cost me £600 per month at least, that’s another £7,200, oh and I should probably add on bills and food etc. while I’m at it… so let’s call that £15,000 all in.

£85,000.

That’s the real cost for me to study an MBA.

Almost anyone seriously considering this would go through a very similar process.  That said, you don’t usually go for an MBA straight out of your undergrad, so actually most people seriously considering this will realise something else: I have to give up earning for a year.

Let’s say someone on a £40k salary wants…

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I teach
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