Say Farewell to Sunk Costs

A man standing on a dock with an umbrella bids farewell.

I found this to be a very thought-provoking article from the EPOCH Times newspaper. As someone who has changed careers 12 times in 37 years (construction, Xerox Corporation, industrial broker Grubb & Ellis, Bolton Aerial helicopter pilot/aerial photography, President Landis Aerial, President Sun Orchard juice company, Managing Dir. Grubb & Ellis, Managing Dir. CBRE, commercial real estate coach, Managing Dir. Grubb & Ellis, Managing Dir. Newmark Knight Frank, and back to commercial real estate business coach… Wow, I’m exhausted just thinking about it!) I find this article very interesting. 

It’s all about sunk costs—how our pasts bring us many gifts for our future. I learned so many things from each one of those careers mentioned above. I carried the lessons with me to the next responsibility, with a greater knowledge of myself and others. I most definitely pondered on the sunk costs that the author mentions. I remember going through this process each time I thought about changing careers, again.

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For all of us who have changed careers in the past, this is a very interesting and entirely different way of looking at the process. I wish I had seen this 20 years ago, but somehow I always managed to look forward to the next learning opportunity, no matter how scary it was. I thank all the people in my life that helped me through these transitions. There were many.

So, what’s the message here? Everything we do, every day, involves risk. And risk can be energizing and fearful at the same time. I do know one thing from my experiences and that is, when it’s time to launch and every day you’re questioning about where you are and are you really happy doing what you’re doing, then it’s time to look at our sunk costs. Our lives are all about doing, learning and doing it again. What you choose may be fruitful or it may be something you never considered doing again. Regardless, both are beneficial overall.

I love the quote by Warren Buffett – “The most important thing to do if you find yourself in a hole is to stop digging.” – time to change?

Tell me what you think of the article – SUNK COSTS.

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