Well, howdy there internet people, it's Bo, again. So tonight we are going to talk about being

wrong and how it's okay to be wrong. And we're going to talk about the sunk cost fallacy and how that relates to thought.

We're going to do that because today for the first time I saw somebody mention the sunk cost fallacy in relationship to thought.

I'd heard the term a hundred times before.

It always had to do with business.

That's where the term originated. And when I saw it used that way in relation

to thought, I was like, man, that didn't even make sense. And I was wrong. It's okay to be

wrong. I sat there and thought about it. I was like, man, that's actually a perfect analogy. It makes complete sense.

Okay, so to understand the sunk cost fallacy, first you have to understand what a sunk cost is.

A sunk cost is an expense in business that you're not getting back. It's a capital expenditure. It's money

you put out that you're not going to easily or readily recoup. Now that could be research and development, it could be

advertising things that you know you expect or it could be a bad decision

sometimes too. But the key thing is it's money that is

expended, it's capital that is expended that you're not going to get back. The sunk cost fallacy comes into play when you buy a piece of

equipment and that equipment's job is to make you more productive.

And it doesn't work right.

Doesn't do what you thought it was going to do.

At that point, you have two options.

Option one is to cut your losses, waste that money on that equipment,

get a new piece of equipment, and become more productive, piece of equipment that works this time.

However, most people, many people fall prey to the sunk cost fallacy which is where they say well I

don't want to waste that money so they end up trying to take that piece of

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