Welcome to Darren Daly on demand, your most trusted resource to help you become better every day.

Here's your success mentor, Darren Hardy.

So recently, I had to make a tough decision.

I had invested about $150,000 into a project.

Then the dynamics of the project changed. The upside

is no longer as grand as originally projected. Now, I had to make a choice. A, it would take

another $50,000 to complete the project still. Once completed, it would no longer be the big upside

projected, but it would still give me a small shot at getting the

original $150,000 back, along with the additional $50,000 that I would have to use to try to get

it back. Or B, I could abandon the project and immediately lose the $150,000 for sure.

Now, what would be your choice? A or B? Me? I didn't give it a second thought. I chose B and cut the

project immediately. No hesitation at all. Let me tell you how I got to that decision so quickly

in the hopes that there are several lessons in this for you to consider this morning.

The initial $150,000 is what is called sunk cost.

It's gone and should not be factored into the new decision. And that is a key point.

The new decision was would I spend $50,000 for a small shot at getting it back? Hell no, I wouldn't,

so I didn't. You've heard don't throw good money after

bad, right? That is what we're talking about here. The good money is the new money. The bad money is

the money already sunk. This sunk cost factor is likely hindering your decision making in many

areas of your life. Recently, my wife

and I moved from a house that we lived in for 17 years. You can accumulate a whole lot of stuff

in closets and drawers and such in a house in 17 years. When moving, we had to assess every single

...