1344: The Sunk Cost Fallacy - STOP Digging by Joel of 5AMJoel on Critical Thinking on Money & Time

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🗓️ 13 November 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joel of 5AM Joel talks about the sunk cost fallacy. Episode 1344: The Sunk Cost Fallacy - STOP Digging by Joel of 5AMJoel on Critical Thinking on Money & Time Joel is a 35-year old living in Los Angeles with his wife and their dog. He was born and raised in Australia and moved to the US when he was 22. About 4 years ago he started getting up every morning at 5am. It started as one of those 30 day challenges, but after the challenge was over, Joel never stopped. He started noticing major improvements in his work, health, relationships and happiness in life. Joel sends out a short daily message at 5am each morning. He writes about happiness, positivity and learning to be a better human. The original post is located here: http://5amjoel.com/sunk-cost-fallacy/ Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group and Join the Ol' Family to get your Free Gifts! Interested in advertising on the show? Visit https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 1344 the sunk cost fallacy stop digging by
0:09.0	Joel of 5 a.m. Joel.com. And I'm your host and personal finance enthusiast, Diana Merriam.
0:17.0	Happy Friday, thank you for listening in.
0:19.0	This is the show where I read to you from some of the best personal finance blogs on the planet,
0:24.3	sometimes a little too enthusiastically.
0:27.6	Do you have a question you'd like answered here on the show?
0:30.5	Go ahead and send it over to finance at oled podcast
0:33.8	and you just might hear from me soon
0:36.8	but for now let's get to today's post
0:39.0	as we optimize your life.
0:41.0	your life. The sunk cost fallacy, stop digging by Joel of 5 a.m. Joel. Joel.
0:52.7	Ever heard of the sunk cost fallacy?
0:55.6	I was at the grocery store the other day.
0:57.9	There was only one checkout lane open and a long line of customers in front of me.
1:02.8	Waiting around, I stuck up a conversation
1:04.8	with a guy in front of me.
1:06.2	Really nice guy.
1:07.6	He was headed to a Memorial Day barbecue
1:09.9	and came to the store just to pick up some ice. But I had some bad news for him. I already
1:15.2	walked past the ice freezer earlier at the front of the store and there was no ice left.
1:19.4	I had even asked one of the store workers if there was any other ice in stock and they assured me it was
1:25.0	all sold out. It was Memorial Day after all which apparently is the second biggest barbecue day of the
	...

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