An excerpt from reCareered's 3/14/12 newsletter that discusses how to calculate and use your opportunity costs ...
Do you know exactly how much it costs you each week you're out of work?
Most in-transition job seekers are acutely aware of their "burn rate", the amount of savings used to support yourself while in job transition.
But fewer in-transition job seekers have the same awareness of their opportunity cost - how much is lost by not working.
You'll want to think about opportunity costs on a weekly or a daily basis - it reflects how you make job search related decisions.
If you're focusing just on your annual salary and dividing by 52, you're underestimating your opportunity cost by a significant amount.
Learn how to calculate and use your opportunity costs, by reading: