This guy blew his life savings on a stuffed banana at a Carnival! Are you running your life on a sunk-cost bias? Henry Gribbohm spent his entire life savings, $2,600 in total, at a carnival game trying to win an oversized stuffed banana. The more he spent, the more determined he became to win. Henry said You just get caught up in the whole Ive got to win my money back. but it didnt turn out that way. The more he invested in trying to win the stuffed banana, the harder it was for him to walk away. This idea explains why well continue to sit through a terrible movie because weve already paid for the ticket. Why we will continue to pour money into a home renovation that seems to never be completed. It explains why well continue to wait for a bus or subway that never comes instead of grabbing a cab, and it definitely explains why we invest in toxic relationships even when our efforts only make things worse. Have you ever continued to invest time or effort into any of the above mentioned instead of just cutting your losses? Have you ever kept plodding down a dead end because you could not admit, I shouldnt have pursued this direction in the first place? Live your life with a purpose, develop clarity on what you truly need to be happy and then cut out everything else. Remember that more things will not help you achieve happiness. They will most likely do the exact opposite. Live a deliberate life, and dont get caught up spending your life trying to rationalize bad investments of time or money. -Uncle Stevie-
Posted on: Mon, 28 Jul 2014 12:03:50 +0000
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