016: How to Make Better Decisions: Sunk Cost Bias

We sometimes invest so much time, money, energy and more into something. Whether it be a project, a person or a simple task, it can be hard to admit that it’s just not working out and producing the results you want and need. This is called sunk cost bias, and in this episode I’ll be explaining how it creates a vicious cycle and what questions you need to ask yourself to know whether to keep going in your investments or to start over.   What’s In This Episode: How sunk cost bias influences bad decisions. How fear of failing and being wasteful makes you lose sight of your goals. The easy mindset shift to reverse sunk cost bias. An accounting technique that will help you justify and allocate your time. To get your free download "Five Minutes to Peak Productivity" go to inkwellpress.com/podcast