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The Daily Dad

They Can Teach You About This

The Daily Dad

Daily Dad

Relationships, Education, Dads, Parenting, Ryan Holiday, Fatherhood, Society & Culture, Self-improvement, Wisdom, Kids & Family

4.6630 Ratings

🗓️ 30 September 2021

⏱️ 3 minutes

🧾️ Download transcript

Summary

Ryan explains why the sunk cost fallacy is so vital, on today’s Daily Dad podcast. 

Ryan Holiday’s new book Courage Is Calling: Fortune Favors The Brave is out now! Check it out at https://dailystoic.com/preorder

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Transcript

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0:00.0

Welcome to the Daily Dad podcast where we provide one lesson every day to help you with your most important job being a dad.

0:15.2

These are lessons inspired by ancient philosophy, by practical wisdom, and insights from dads all over the world.

0:22.9

Thank you for listening, and we hope this helps.

0:30.7

They can teach you about this. A kid will demand you get the puzzles down from the shelf,

0:36.5

only to change their mind halfway through.

0:39.1

They'll beg you to go into the pool, to get all ready, to jump in, and then move on immediately to the next thing that interests them.

0:46.1

They'll interrupt themselves mid-story to tell a different one.

0:49.5

They'll change the channel just as the movie has started to get going.

0:55.9

They'll switch from soccer to baseball after three years of training and switch their major halfway through college. Now to a parent, this is

1:01.3

maddening. You just put all this time and energy in. You made me put all this time and energy

1:07.1

in. Why would you throw it all away? But kids implicitly seem to understand this thing

1:13.8

called the sunk cost fallacy better than parents. A rational person knows that what went into something,

1:20.7

what you paid for it, the time you put into it, is irrelevant the second after it happens.

1:26.7

But a responsible adult, we can't seem to forget all of that.

1:31.3

It seems insane. And that's why we continue to work the same job we've had for years, why we stick with

1:37.2

the relationships long after they've run their course, even why we still live in the same town

1:42.4

that we grew up in. And just as we teach our kids,

1:46.0

our kids can teach us. When it comes to sunk costs, our kids show us how to be fearless.

1:51.1

They show us how to embrace change to chase our interests. They know it's never too late to try

1:56.4

something new. They know that the way things have always been done is not an excuse. And they know

2:03.4

that life is about moving forward. Let them show you this. Let them loosen you up. Follow their lead.

2:11.9

Don't get stuck in your ways. Don't throw good money after bad. Don't turn quality time into actual garbage time. Try a new thing.

...

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