tag:blogger.com,1999:blog-2980246226076317453.post876912574583320542..comments2024-03-18T15:29:55.472-07:00Comments on Done by Forty: When Sunk Costs HelpDone By Fortyhttp://www.blogger.com/profile/06246597867355460723noreply@blogger.comBlogger37125tag:blogger.com,1999:blog-2980246226076317453.post-66833709867486713452014-11-04T12:28:22.431-07:002014-11-04T12:28:22.431-07:00I love your take on this concept, wondrouslyweird....I love your take on this concept, wondrouslyweird. Guilt (and regret) really are the root drivers of the sunk cost fallacy, at least at the emotional level. We might be playing with fire.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-80673506799956114562014-11-04T12:27:29.937-07:002014-11-04T12:27:29.937-07:00I wondered that, too. There's a certain dollar...I wondered that, too. There's a certain dollar amount that "doesn't matter" for all of us. For sunk costs to work, we have to feel the pain of the money lost. Only then do we fear wasting it.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-10901312731291110812014-11-04T12:26:46.508-07:002014-11-04T12:26:46.508-07:00That's cool how your motivations have become m...That's cool how your motivations have become more intrinsic as you've grown up, weenie. Did that happen naturally, or did you have to drive the change?Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-63388855121526267642014-11-04T12:26:06.600-07:002014-11-04T12:26:06.600-07:00Thanks for commenting and reading, Lance!Thanks for commenting and reading, Lance!Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-61776378962675701152014-11-04T12:25:53.768-07:002014-11-04T12:25:53.768-07:00Sorry for the late reply! Sunk costs in career pat...Sorry for the late reply! Sunk costs in career path is a fascinating concept -- one you could probably write a whole book on. Reminds me of "Who Moved My Cheese" in a way.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-69847267611010961752014-11-04T01:34:38.934-07:002014-11-04T01:34:38.934-07:00I remember a myth busters episode where they recre...I remember a myth busters episode where they recreated the size of the door and the weight of Rose and Jack to see if she really could have let him share and I'm pretty sure the evidence was that it wouldn't have floated with both of them on there. Didn't say anything about other peices of flotilla around though!<br /><br />True Fact: theFIREstarter is one of only 10 people west of Munich that has not seen the film Titanic :)theFIREstarterhttp://thefirestarter.co.uknoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-23081108868377665032014-11-04T01:31:41.138-07:002014-11-04T01:31:41.138-07:00Really Holly? It Literally killed you!?!?! ;)
(Sor...Really Holly? It Literally killed you!?!?! ;)<br />(Sorry, one of my pedant bug-bears. I am sure you can find an example of mis-use on my blog if you look hard enough though!)theFIREstarterhttp://thefirestarter.co.uknoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-59524529760043187172014-10-21T12:20:47.448-07:002014-10-21T12:20:47.448-07:00I too am super interesting in the sunk cost concep...I too am super interesting in the sunk cost concept and am intrigued that you've found a way to make it useful. <br /><br />I would be super cautious though. Don't most sunk cost start out as a way to try and force you to do something good? CSA's. Zoo memberships to spend more time learning with the kids. That fancy product off of the infomercial to get your house so clean? Every one bought with the intention of making your life better somehow but bought with hard-earned money to invoke the guilt. But that's what it is. Guilt. Guilt can be a motivator (and sometimes the last resort) but it really is a terrible one. <br /><br />If you can eat healthy/spend more time with the kids/keep the house clean without having to bring out the guilt it would be much better. <br /><br />I say this with the thought of my own wasted sunk costs. Now when I think of them I only feel the guilt of not being all I intended to be. Now I have to remind myself of the very sunk cost concept-- that it's too late-- just let it go and be happy!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-33979618815556341682014-10-20T10:57:54.735-07:002014-10-20T10:57:54.735-07:00I tried this logic twice (paying a "significa...I tried this logic twice (paying a "significant amount" - $50/mth for going to the gym). It didn't work for me. Maybe I wasn't paying enough? (Really, I just hate exercising...)Mom @ Three is Plentyhttp://3isplenty.comnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-26773012031629245412014-10-14T13:38:12.013-07:002014-10-14T13:38:12.013-07:00Agreed. I've had the same experience, but didn...Agreed. I've had the same experience, but didn't know if I was alone. :)Femme Frugalityhttps://www.blogger.com/profile/07258982361804942329noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-16817348244952589232014-10-13T06:09:18.068-07:002014-10-13T06:09:18.068-07:00Motivation also changes with age. I've always ...Motivation also changes with age. I've always been a member of an expensive gym but when I was in my late 20s, it was the cost of the membership that motivated me to go, ie if I didn't go regularly, it was a waste of money. <br /><br />Now that I'm older, the cost is less important as I'm motivated to go because I want to stay fit and healthy!weeniehttps://www.blogger.com/profile/01602950445306813601noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-12705622098794093912014-10-10T10:26:34.309-07:002014-10-10T10:26:34.309-07:00Oh man, I haven't seen Titanic yet...great...m...Oh man, I haven't seen Titanic yet...great...movie ruined for me :) Totally kidding. Interesting subject and haven't thought about it too much,,, but something to think about.Lancehttp://www.healthywealthyincome.comnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-83910858236222126962014-10-10T03:21:21.036-07:002014-10-10T03:21:21.036-07:00I love this sunk cost concept too. I think I get t...I love this sunk cost concept too. I think I get this effect in my career - I've been working at the same company for 10 years, having developed some relatively specialised skills. Whenever I start thinking about changing careers, either to do something more 'exciting' or 'meaningful', I feel reluctant to change because of all the cost and effort I've 'sunk' into this role. But when I reflect on where I have the most earning potential, the best alternative is probably staying in my current role - and my earnings potential is a huge factor towards my financial independence goals! So I guess the sunk costs of my job keep me going towards what it most likely the most financially rewarding path...Jason@Islands of Investinghttp://www.islandsofinvesting.com/noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-47650332540377546402014-10-09T23:07:56.526-07:002014-10-09T23:07:56.526-07:00Thanks, Emily! Our city government created, maybe,...Thanks, Emily! Our city government created, maybe, the best value gym in the state: Club SAR. It's a boxing gym with a bunch of classes, ranging from yoga to boxing to MMA. Plus there's a full court basketball court. The best bit: not one tv in the place. Just people coming to work out. And, yeah, just $99 a year.<br /><br />http://www.scottsdaleaz.gov/parks/SAR<br /><br />I kind of like how you're calculating the per class price. I think that's a much more accurate (and motivating) way to break down the cost.<br /><br />I'm probably paying about $10 per class at this rate...will have to work on getting that down. Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-42257552784094152002014-10-09T23:03:20.694-07:002014-10-09T23:03:20.694-07:00That's an incredible workout schedule, Anna. A...That's an incredible workout schedule, Anna. And yes, Mancala definitely has to be played with the little white shells. In our household, we didn't even have an actual set: we just played with little wooden bowls.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-7182738826799223702014-10-09T23:02:40.522-07:002014-10-09T23:02:40.522-07:00I figure we all do stuff like that. I have a ton o...I figure we all do stuff like that. I have a ton of items in my house that I keep around...just in case. I don't like admit that I wasted money on them years ago, and donating them now would force me to realize that.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-6657307830703260222014-10-09T13:44:53.823-07:002014-10-09T13:44:53.823-07:00Excellent post! How did you find a gym membership ...Excellent post! How did you find a gym membership for $8/month??? <br /><br />I had several wasted gym memberships when I was younger (never, ever (ever) went) and thereafter vowed to avoid them at all costs. <br /><br />When we moved to our current home, my recently divorced girlfriend/neighbor got all motivated to get back in date-ready condition and invited me to go to classes at our county rec center (and, no, just because it's funded by taxpayer dollars does NOT mean it is cheaper than other gyms). <br /><br />The classes were $5 apiece and once I got into the habit of going at least twice a week, it made sense to finally bite the bullet and commit for a year at $32/month (just for me). But since I took on a big project in August, I've only made it once a week - which means I am paying $8 per class! <br /><br />So...motivated now to work it back down to less than $5 per class by the end of the year, which means at 3 classes per week through December! Em Capito, LCSWhttps://www.blogger.com/profile/07690949620210399390noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-2042159619362061272014-10-09T12:28:22.697-07:002014-10-09T12:28:22.697-07:00I always associated 'sunk cost' as negativ...I always associated 'sunk cost' as negative, but I like your spin on it. Ours combined probably total the same, though we use it frequently (4-6 times a week). For us it's become a morning ritual, though that will obvi change in a few months. Mancala!! Must be done with those little shells otherwise it's not really mancala. :)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-54700319190738525312014-10-09T11:26:28.334-07:002014-10-09T11:26:28.334-07:00Very interesting point. With the example of the g...Very interesting point. With the example of the gym membership for your sister...sunk fallacy may be a positive since it'll motivate you to use the gym which is a good thing. Though she did say that they would go often anyway. $70 for 3 people for a gym with a pool isn't too bad...I guess I'm from NYC and prices here can be higher! I get sucked into sunk fallacy though where I supposed spend time thinking of ways to use something I paid for but don't want or can't use...just to get some value out of it. I don't want to admit that it is in fact a sunk cost.Andrew@LivingRichCheaplyhttp://www.livingrichcheaply.comnoreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-2121003189826475592014-10-09T10:01:14.124-07:002014-10-09T10:01:14.124-07:00I love that you lost more weight after cancelling ...I love that you lost more weight after cancelling the gym membership. Many roads lead to Rome, and all that.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-60072443806228050222014-10-09T10:00:33.965-07:002014-10-09T10:00:33.965-07:00Truth! Habits, habits, habits. That's the only...Truth! Habits, habits, habits. That's the only way to success. I feel like sunk costs, in this case, might get her over the hump, so to speak, to creating that healthy habit, but who knows. It's hard to parse out the impacts.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-90656943936614678422014-10-09T09:59:13.069-07:002014-10-09T09:59:13.069-07:00Yeah, I'm not sure that sunk costs are necessa...Yeah, I'm not sure that sunk costs are necessarily going to work as a "sole" motivator. But their impact is undeniable. They definitely alter our behavior at times.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-84619351529791840342014-10-09T09:58:22.046-07:002014-10-09T09:58:22.046-07:00Ha! Nerds unite. I think we've all ended up th...Ha! Nerds unite. I think we've all ended up throwing good time after bad money with some of our purchases, if that makes sense.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-57537373555259628072014-10-09T09:57:45.339-07:002014-10-09T09:57:45.339-07:00Great question. I really have no idea. But in my o...Great question. I really have no idea. But in my own experience, buying the $100 year membership at the gym up front DEFINITELY does not induce me to go that often. I think there are diminishing returns since the purchase was so long ago.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.comtag:blogger.com,1999:blog-2980246226076317453.post-49571184255872567502014-10-09T09:56:46.918-07:002014-10-09T09:56:46.918-07:00That's great, Kayla. There are other applicati...That's great, Kayla. There are other applications to this theory, I think: the super expensive organic produce at a farmer's market, or buying "too many" vegetables at the store (inducing the desire to eat them, so they won't go to wastes), etc.Done By Fortyhttps://www.blogger.com/profile/06246597867355460723noreply@blogger.com