Sunk Costs

When I was studying finance in year two of my masters, I came across the term ‘sunk cost.’ In The Sunday Times recently, Jacco Thijssen, a Professor of Mathematical Finance at York University said that there can be no shame in cutting your losses:

“People are saying, but we have spent so many billions – we need to finish HS2. That’s the sunk cost fallacy. It should be seen as saving another £55 billion.”

And that got me thinking as I munched on my toast. Could the same term be applied to a career or even part of your business which no longer fulfils you?

You may have invested many years into studying and developing your career as a Systems Analyst/IT Director/Quality Assurance Manager/Nurse/Senior Manager, but it no longer floats your boat. If you spend any more time doing something which is no longer fulfilling, that is also like a sunk cost. Many public sector workers are afraid of moving on because of the future pension they will accrue if they stay. As John Lennon once sang, ‘You don’t take nothing with you but your soul.’

What is stopping you from changing? It is possibly an unconscious limiting belief. The thing is, we have all been conditioned for our Ego to keep us just as we are, and it gets stressed if we attempt to change. But our Ego is not who we really are, it knows nothing about our future. It wants to hold onto our current self, but you know what? Sometimes our Ego gets too big for its boots!

If you want to explore what your future could look like, please get in touch with Lorna on 01332 856396 or and she will help you understand your training and coaching options with us.