Sunk costs is an interesting and powerful concept.
It refers to all the investments – money, time, energy, study, emotion – that we have already made.
Such as developing a skill or profession. Purchasing an object or resource. Or developing a network of relationships.
However, this has a huge psychological hold. We find it hard to imagine a future, or a next step, that’s not tied to it.
But here’s the thing. It can blind us to new opportunities or avenues opening up before us. Because we feel the “waste“ of what we have already invested in. Even if this may be suboptimal.
Actually, nothing is ever wasted if we’re open to learning. It just might not be our future.
I wonder if this is another form of less than healthy friction…
HT to Seth Godin and his brilliant blog and podcast where I first heard about sunk costs. It has rescued me from some truly dead ends.