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651: 79.00 Katy Milkman on her book - How to Change - science of getting from where you are to where you want to be

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How Do You Think About Sunk Costs?

Katy, i'm curious about how people think about the question where to go. I see a lot of people stranded with a little bit of urdear in the headlights,. kind of a situation. We tend to be stuck to our ways because we don't ignore sunk costs. A sunk cost is an investment you've made that's irrecoverable. And so actually, what you want to do is think about the costs and benefits - and totally ignore whatever costs are sunk.

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