Short #54 - Sunk
HVAC School - For Techs, By Techs
Bryan Orr
4.9 • 1K Ratings
🗓️ 14 May 2019
⏱️ 11 minutes
🧾️ Download transcript
Summary
In this short podcast episode, Bryan covers the basics of sunk costs. He explains what they are and what they mean for you and HVAC businesses.
Sunk costs are costs to decisions that have been made in the past. You've "sunken" money, time, or effort into a decision. Let's say you invest in tools; after you make that purchase, the cost of the tools will become a sunk cost. The cost merely occurred in the past.
It is a good idea to reflect on these costs as something that is already over; you can reflect on these costs as a lesson for how you invest money in the future. It is not particularly helpful to view sunk costs as a past cost that keeps you down.
The same mindset applies to employment. Someone may hire you, and you may realize that the job is exactly what you thought it was; other times, the job may be a poor fit. If you can look back and say, "If I could redo the choice to take this job with what I now know about it, I wouldn't take it," then you may want to consider finding another job. In other words, sunk costs allow you to reflect; they aren't a specific category of costs like overhead.
Very few situations require us to take pause and reject attachment to sunk costs. In short, viewing past decisions in terms of sunk costs can help us make logical decisions about buying tools, hiring employees, and accepting employment offers. Sunk costs factor your experiences into decision-making, but we have the choice to cling to those costs or detach ourselves from them.
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Transcript
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| 0:00.0 | Hey, this is a short episode of the HVAC School Podcast. You probably knew that because you read the title. |
| 0:08.0 | In this short episode, we're going to talk about something that is not strictly technical but ties into the technical and that is the idea of sunk costs. |
| 0:17.0 | sunk costs so whether you do or do not know what I'm talking about when I say sunk costs |
| 0:21.1 | you're gonna want to listen because it's it's gonna be |
| 0:23.1 | fascinating radio okay maybe it won't be but I'll do my best but anyway before we get |
| 0:26.4 | into it I've got to thank our sponsors and our sponsors are carrier and |
| 0:29.1 | carrier dot com field piece fieldpiece dot com we've really enjoyed the Job Link probes. |
| 0:33.8 | I've told you a lot about those. |
| 0:35.1 | You can type in JL3 into True Tech Tools. |
| 0:39.1 | To find out more or just look them up on Field Piece.com. |
| 0:42.3 | You can also find them at a lot of your local supply |
| 0:44.0 | houses. That is the Job Link probes. They work with Measure Quick. Check them out. |
| 0:48.0 | Also Refrigeration Technologies at Refrigerate.com, The Pastorellos great guys. They make |
| 0:52.1 | excellent chemicals if you haven't tried out the Viper |
| 0:54.7 | Cleaners then you need to give them a shot you can find them at a lot of supply houses across the country |
| 0:59.3 | or if you want to try them out and you can't find them in your local supply houses you can get some from truetech tools.com try them out and you can't find them in your local supplyhouses you can get some |
| 1:03.4 | from truetech tools.com try them out from there also navac global |
| 1:08.5 | com navac coming out with their new recovery machine that you're going to want to take a |
| 1:11.4 | look at they already make a lot of |
| 1:13.8 | really great equipment vacuum pumps recovery machines. I've mentioned it before but the battery |
| 1:18.1 | powered flaring tool is one of my favorite tools that they make as well as their battery-powered |
| 1:22.9 | vacuum pump you can look at them all at nav at global.com and also true tech |
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