016: How to Make Better Decisions: Sunk Cost Bias
The Intentional Advantage
Tanya Dalton
4.8 • 602 Ratings
🗓️ 2 May 2017
⏱️ 21 minutes
🧾️ Download transcript
Summary
We sometimes invest so much time, money, energy and more into something. Whether it be a project, a person or a simple task, it can be hard to admit that it's just not working out and producing the results you want and need. This is called sunk cost bias, and in this episode I'll be explaining how it creates a vicious cycle and what questions you need to ask yourself to know whether to keep going in your investments or to start over.
What's In This Episode:
- How sunk cost bias influences bad decisions.
- How fear of failing and being wasteful makes you lose sight of your goals.
- The easy mindset shift to reverse sunk cost bias.
- An accounting technique that will help you justify and allocate your time.
To get your free download "Five Minutes to Peak Productivity" go to inkwellpress.com/podcast
Transcript
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| 0:00.0 | Welcome to Productivity Paradox from Inquell Press, a podcast focused on finding true fulfillment and happiness through the power of productivity. |
| 0:09.2 | To get your free checklist, five minutes to peak productivity, simply sign up at Inquilpress.com slash podcast. |
| 0:16.3 | And now here's your host, Tanya Dalton. |
| 0:20.1 | Hello, hello, everyone. Welcome to Productivity Paradox. I's your host, Tanya Dalton. Hello, hello, everyone. |
| 0:22.1 | Welcome to Productivity Paradox. |
| 0:24.3 | I'm your host, Tanya Dalton, and this is episode 16. |
| 0:29.0 | Today, we are going to be talking about making decisions and avoiding sunk cost bias. |
| 0:36.2 | I think decision making is really important when we're talking about productivity |
| 0:40.1 | because everything we do requires a choice, making a decision. |
| 0:45.5 | But for a lot of people, decisions can be really difficult to make. |
| 0:49.8 | We get really caught up in making the perfect decision, knowing exactly what we should be choosing. |
| 0:58.4 | And there are no perfect decisions. |
| 1:00.4 | Most of decision making is educated guesses. |
| 1:04.5 | We also fear making the wrong call. |
| 1:08.0 | We talked a lot about this last week in episode 15 when we talked about the fear of |
| 1:13.6 | missing out and not saying yes to every opportunity. So if you find that you experience a lot of |
| 1:19.9 | FOMO or fear of missing out, I do suggest you go back and give a quick listen to episode 15 |
| 1:25.7 | just to get an idea of how you can look at that a little bit |
| 1:28.8 | differently. |
| 1:30.3 | Today, what I really want to focus in on is the biggest issue I think most people have with |
| 1:36.0 | making decisions, and that is sunk cost bias or sunk cost fallacy. |
| 1:42.1 | They're the same thing, just two different words to describe them. |
... |
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