BRX Pro Tip: Ignore Sunk Costs
Stone Payton: [00:00:00] Welcome to Business RadioX Pro Tips. Stone Payton and Lee Kantor here with you. Lee, this seems like such great counsel, but I got to tell you, sometimes it’s a bit of a challenge for me to do, but the idea is to ignore sunk costs.
Lee Kantor: [00:00:18] Yeah. This is one of my favorite lessons from taking that altMBA from Seth Godin, ignoring sunk costs. And it is, like you said, one of the hardest things to do to end something that you have invested time and resources on that is no longer working for you. And I think this is just human nature. You know, you want to protect yourself and you don’t want to accept maybe a failure that has occurred. But this is something you have to protect yourself from yourself in this area.
Lee Kantor: [00:00:44] So, you have to kind of assess different things. And if it’s time to end a relationship that isn’t working for you, then you have to end the relationship. If you have to stop a subscription to a service that you were using, then you have to stop the subscription.
Lee Kantor: [00:01:00] It’s important to stop investing time and resources in things that aren’t giving you the outcome you desire. Now, at one point it might have been giving you the outcome you desire, but that doesn’t mean it’s going to be giving you the outcome you desire forever. And sure, it might be awkward and sure it might be difficult in the short term, but it will pay off in the long term once you kind of prune these things. And I know that it’s hard to accept that I lost money or I lost time, but the money and time that you’ve spent is already gone. You can’t get it back. So, take the learning and move on.
