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Other Added - The Myth of Sunk Costs
Are you fed up with traditional telephone service and being at the mercy of the companies who constantly increase the rates on long distance, as well as local phone privileges? It may be time to find a different way to place a call to your family and friends. Broadband phone service is an increasingly appealing concept replacing the common telephone company services of Sprint and AT&T. Also known as VoIP or Voice Over Internet Protocol, broadband phones are another way of
You feel like you shouldn't just walk away from all the cash and time you've already invested. You feel as if everything you've put in should somehow make the venture worth something.<
Sometimes when selling your home it is necessary to make a few improvements to realize the value that you want or to gain the attention that is necessary to sell a home on today's real estate market. If you really want to get top-dollar for your home, you should really make sure that your home is in pristine shape, everything works as it should and the design elements of the home create a unified theme. For instance: avocado green appliances probably don't go to well with
Have you ever worked on something you knew was a bad idea, yet continued to pour time and energy into it? And every time you tried to stop yourself from going forward, you said, "but I've got so much put into it!"
When we make decisions about the future, many of us base a good part of our analysis on the resources we have invested thus far. It's a natural thing to do; you've put time, energy, money, perhaps other things - and perhaps most important, your reputation - on the line, and it's quite reasonable to consider the totality of that investment when thinking about what you do next.
Actually, it isn't.
It isn't reasonable at all.
The only reasonable thing that to consider is the impact of your actions on the future.
Say you've spent the last several years and a bunch of money into a venture that simply isn't performing as you hoped. You haven't hit any of your success marks, and in fact, you're not sure the project is worth anything at all. So by and by a new opportunity comes along - one that is filled with potential, and in some ways seems like a perfect match. But you have difficulty letting go and jumping in. Something's holding you back and that something is the specter of sunk costs.
You feel like you shouldn't just walk away from all the cash and time you've already invested. You feel as if everything you've put in should somehow make the venture worth something. Wholesaling Versus Dropshipping: Does it matter?
Back in the stone ages (oh, about 10 years ago before the internet), going into business for yourself was never an easy task. I personally have always been interested in the distribution business. Why? First, I don’t have to make or produce the products. That requires a lot of time, money, and risk. Secondly, I really have never been very keen with dealing with the public. I once worked in a retail store and the hundreds of customers I would deal with on a daily basi
Actually, it isn't.
It isn't reasonable at all.
The only reasonable thing that to consider is the impact of your actions on the future.
Say you've spent the last several years and a bunch of money into a venture that simply isn't performing as you hoped. You haven't hit any of your success marks, and in fact, you're not sure the project is worth anything at all. So by and by a new opportunity comes along - one that is filled with potential, and in some ways seems like a perfect match. But you have difficulty letting go and jumping in. Something's holding you back and that something is the specter of sunk costs.
You feel like you shouldn't just walk away from all the cash and time you've already invested. You feel as if everything you've put in should somehow make the venture worth something.<
A cold, wet storm gave us a good soaking the last few days, but has finally departed the Upstate and we're looking for nice clear days with highs in the mid to upper 50's for the rest of the week.As growth pushes further into Greenville County, residents are rethinking the historic lack of zoning and considering it for the future. Building permits have increased 42% since 2001 and look to continue in that direction. The availability of jobs and raw land tend to fu
Actually, it isn't.
It isn't reasonable at all.
The only reasonable thing that to consider is the impact of your actions on the future.
Say you've spent the last several years and a bunch of money into a venture that simply isn't performing as you hoped. You haven't hit any of your success marks, and in fact, you're not sure the project is worth anything at all. So by and by a new opportunity comes along - one that is filled with potential, and in some ways seems like a perfect match. But you have difficulty letting go and jumping in. Something's holding you back and that something is the specter of sunk costs.
You feel like you shouldn't just walk away from all the cash and time you've already invested. You feel as if everything you've put in should somehow make the venture worth something.<
Many small businesses fail because their owners don't pay enough attention to sales copy. Especially on their Web sites. If you want to be a member of the 5% Club that receives plenty of ongoing, consistent income, check out these points. The biggest mistake? Sales copy that doesn't serve the needs and desires of your web site visitors. Ask yourself these questions: "What does my Web site say about me? Do its messages take my readers by the collar and conv
You feel like you shouldn't just walk away from all the cash and time you've already invested. You feel as if everything you've put in should somehow make the venture worth something.<
According to the Roper Organization, some 54 million Americans have skinny-dipped with members of the opposite sex. There are over 270 clubs and resorts in the United States catering to nudists and naturists. The Wall Street Journal reported in 2003 that nude recreation in the United States has become a $400 million business.Rustic nudist colonies are a thing of the past, as are the embarrassment that often came with proclaiming oneself a nudist. These days, interna
You feel like you shouldn't just walk away from all the cash and time you've already invested. You feel as if everything you've put in should somehow make the venture worth something.
I've got bad news for you...
It doesn't.
The venture may be worth something, but its value has nothing to do with how much you've spent to date. It is worth what it is worth, and for good, bad or otherwise, the amount of money, time... whatever... has nothing to do with it.
That's the fallacy of sunk costs.
Sunk costs are sunk.
They are gone.
They are spent.
The assets you've created may have some surplus value, like unused inventory. Or they may have salvage value, and just like the 5-1/2 tons of gold bullion on the HMS Edinburgh, that value might be quite large. You wouldn't just walk away from assets with salvage value like that. But in many cases the value of your sunk costs is a tiny fraction of the original price.
No matter the value, none of this has anything to do with decisions about actions you will take today, tomorrow and the next day, which must be weighed on the merits of highest and best use.
Ask yourself the question, "What is the highest and best use of my time?" or "What use of my time will make the greatest contribution towards my aims and goals?" Ask this question without regard to what has happened until n
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