Today we dig into the concept of “sunk cost” and how it affects our decision-making process.
Sunk cost is a term used in economics that refers to the cost that has already been incurred and cannot be recovered. The sunk cost fallacy is when we continue to invest in something because we have already invested in it, even if it is no longer beneficial.
In this episode, we banter through several examples of the sunk cost fallacy trap for decision-making. We talk about why it is important to recognize when we are making decisions based on sunk costs to instead make decisions based on what is best for us in the present moment.
Listen with us to make decisions that serve you today.
#sunkcost #decisions #decisionmaking #businesspodcast #bestdecisions
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