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S3E61: Don’t Get Sunk Quite Yet

November 13, 2019 No Comments

S3E61: Don’t Get Sunk Quite Yet

November 13, 2019 No Comments
Quit chasing sunk costs

Think about the last bad movie you saw or bad book you read. Chances are, you probably didn’t walk out of the theater or stop turning the pages. Research has shown people are more likely to keep doing something they don’t enjoy in order to justify the investment of time and money they’ve already poured into it.

That’s called the sunk cost mindset. This week Jake shares how we can quit the bad cycles, get out of the quicksand, and start doing what we really want to do.

It’s easy to fall into the trap of past mistakes. When you spend a lot of time, money, and effort on a toxic relationship, dead-end career, or training regimen that’s just not working for you, it’s tempting to keep doing it just to prove it was worth it. But that’s a mindset that will drag you down and keep you stuck in the past, rather than looking toward the future. It’s never too late to make a different choice, take a chance on a job, meet someone new, or follow an uncertain path that may lead to better outcomes. It’s time to pour your valuable time and resources into something that will pay off in the future, so start now.

Quotes:

“We fall into the trap of sunk cost — this idea that because we’ve already invested in it, we have to keep doing it.” -Jake Thompson

“You don’t control the past. We’ve already made that investment. We’ve already paid our dues with our time, with our money. We can’t change that, but what we can change is what we do next. That’s 100% on us.” -Jake Thompson

“Your past is a place for lessons and learning, never living.” -Jake Thompson


Jake Thompson

Jake Thompson is a professional speaker and coach who helps ambitious leaders win their work, workouts, and life. As founder of Compete Every Day, he has spent years studying great competitors, and with this research, has created a process that can help leaders harness a Competitor's mindset to make better choices and in turn, make bigger impacts in their careers and personal life.

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