There is nothing more sobering than a sunk cost. It’s the most truthful realisation of a f&*k up.
Often the term is associated with business and economics and known as a previous expenditure that can not be recovered. In other words a big waste of money. There are sunk costs all over the place beyond just economic though. There is also an inextricable link to opportunity cost. That is, what may have been if I hadn’t decided to spend my time here instead of doing something else.
Both can be very costly and both should be avoided at all costs! Lots of costs! It’s because when we make irrational decisions driven by the wrong motivations we pay a big price. The biggest price is our time. The opportunity cost in this equation is a multiplier. It compounds the f&*k up. Not only are you wasting time, you are also not using your time wisely [and as we know value is time].
There is of course one major positive to sunk costs; we are forced to put the past behind us and move on. There is no trying to resuscitate the f&*k up. It is what it is. The lessons learnt of course can be valuable in the future.
The worst sunk cost of all is that which usurps our value, robs us of opportunity, then is repeated all over again. There is nothing sobering about idiocy.
So next time you make the wrong decision, let it go as a sunk cost, move on and remember what’s on the line and how much you could lose.