Today’s episode is on the sunk cost fallacy.
Sunk cost is the tendency to plow more resources into continuing in the wrong direction because of your initial investment in time, money, effort.
It’s staying in a loveless marriage because you’ve been married for 10 years.
Continuing to walk in the wrong direction because you’ve already walked 2 miles that way even though you are going the WRONG WAY.
Putting more money into a failing business because of your initial investment.
I also discuss how you can channel this into using sunk cost to your benefit.