MOTIVATIONAL MOMENT: Avoiding the sunk cost fallacy ❌ - podcast episode cover

MOTIVATIONAL MOMENT: Avoiding the sunk cost fallacy ❌

Mar 05, 20235 min
--:--
--:--
Download Metacast podcast app
Listen to this episode in Metacast mobile app
Don't just listen to podcasts. Learn from them with transcripts, summaries, and chapters for every episode. Skim, search, and bookmark insights. Learn more

Episode description

Have you ever sat down to watch a movie, realised 20 minutes into it that you weren't enjoying it, but continued any way so the past 20 minutes didn't feel like wasted time? This is the sunk cost fallacy.

Sam outlines how you can identify where you're falling into this trap in your life, and how to change it.

 

See omnystudio.com/listener for privacy information.

Transcript

Speaker 1

Get everyone Sam would hear for today's motivational moment. It's a theory called sunk cost fallacy. What on earth is that? So sunk cost fallacy is and sort of learning about this too, but I find it really interesting. It's our bias to continue with something that may not be working for us, or we might not even be enjoying, purely because of the fear of feeling like we are quitting something. We all do it all the time. Now, can't give up,

So I'm going to just keep going with it. And then eventually you give up, and it's ten times worse because you spend another six months of your life doing something that ultimately you knew at day ten wasn't working for you. So you've actually made it fifty times worse by persisting with it. The best and simplest example I can give you is you sit down, you turn on

Netflix your movie. You're fifteen minutes in, you think it's a shit movie, but you keep watching it because, like, I don't want to waste the fifteen minutes that I've already invested in this movie. That's what sunk cost fallacy is. Now, it's an easy analogy to understand from watching a movie and we've all done it, and then we say to ourselves, why on earth that I watched the last hour and a half? I knew where that movie was heading. It was an absolute stinker, and for some reason I persisted

with it. It didn't get any better. And there's an hour and a half, for an hour and forty five minutes of your life that you never get back. Now, from a life perspective, before we get into fitness, I see this a lot from a job point of view, and it's interesting. I'm forty two, so I've got a lot of mates who are thirty five to forty five, and it's a really you know, you sort of feel at this age, I believe that you kind of should

have your stuff worked out by now. You kind of should know where you're at and not be experimenting in inverted commas. And therefore, or if you not happy in your job, you tend to stick it out. But then when you think about that, it's like, oh, yeah, I don't like this job that I've been doing for twenty years, but I'm twenty years in. I'm just going to keep doing it for another twenty I mean, how crazy is that sound? When you get one life. It's just madness,

absolute madness. In my mind. When it comes to fitness, it's an interesting one because I don't want you to think, oh my god, Sam's going to tell us if we don't like our fitness routine after ten days, we're allowed to throw in the towel. We've got his permission. No,

that's not what I'm saying. When it comes to your fitness, or you're eating or whatever, it might be something you've decided you're going to apply yourself to to get some results because you know you need to be better in this space, training more, getting fitter, getting stronger, eating better, getting leaner, feeling better, whatever it might be. I don't think it's a matter of am I enjoying it necessarily?

Because often it takes a lot longer than sort of ten days to enjoy these, and often we like how it makes us feel and look rather than we like what we're doing in the moment. So you should be asking yourself, is it working? So I'm ten days into my new fitness routine, is it working? And I mean if you're genuinely applying yourself, if you've been pretty good with your food and you've limited your alcohol intake and you've started a new fitness routine and you're ten days in,

absolutely ask yourself is it working? And if it's not, change now. It might not be working for a number of reasons. It might not be working because you have only been once out of ten days because you hate it. That's a good reason to change. Find something that you enjoy a lot more, and your chances are you'll be a lot more consistent with it. If you're more consistent

with it, you'll get better results. But don't bang your head against a brick wall and continue down a path because of this sunk cost fallacy where you feel like I've come this far. I don't want to turn around now because it was a waste of energy. I don't want this to be missing. Interpreters like Sam's giving me the thumbs up to give up on everything because there's absolutely not what I'm saying. In fact, I'm typically a person that says the opposite. You've got to stick these

things out. But pivoting and being decisive in life can be really, really powerful. And if you have given something a proper chance of working and it's clearly not, and you know yourself well enough to know that it's never going to work. It's far worse to keep going than it is to make the change. Big homework if you

could change in your job. Little homework. If you're in a fitness routine that you've just started in twenty twenty three, and this is a good little checkpoint on your calendar of is it working or is it working for me? And if not, let's change it up. So my homework. Make the assessment of yourself. If it is working, keep going. If it's not working, try something else. And it might

take four or five or six different things. You have to try to find your thing that you stick to consistently that you get the results that you're looking for.

Transcript source: Provided by creator in RSS feed: download file
For the best experience, listen in Metacast app for iOS or Android