Have you ever been involved in a project or scheme that you sank money, time and effort into, only to discover it wasn’t working as you’d hoped it would?
How do you feel after you have put ‘life equity’ into a relationship that you realize is not going the way it should?
Instead of giving up and moving on to new prospects or undertakings, you continue to devote your energy, focus and funds to the doomed project, or person, or opportunity. Eventually you dig yourself into such a deep hole, you wonder if you could ever climb out.
There could be many reasons, like ego, self-esteem, or pride holding you back.
You go through life hearing and acquiring a ‘don’t give up’ attitude that makes it even more difficult to cut your losses and move on. More likely, in life, the culprit could be the devastating aversion to sunken resources and costs you invested that you can’t salvage or recover.
Often, when we find out our relationship is ending or the project is failing, we dwell on what we will lose by giving up and moving on. What we should be focusing on is the costs of not moving on.
What are the missed opportunities if you continue on the path of wasting more money, time and effort?
In a recent article (Promoting de-escalation of commitment: A regulatory focus perspective on sunk costs) for Psychological Science, Daniel Molden and Chin Ming Hui revealed a sure-fire solution to making better decisions when your deeds and projects are doomed or go off-center.
Psychologists term it “promotion focus.”
By adopting a focus on what you have to gain, rather than what you have to lose, it becomes more comfortable to accept the losses and allows you to make a healthier decision.
Molden and Hui instructed participants in their study to think about their goals in terms of potential gains. Those that dwelled on prevention, versus future advances, remained blocked by the spent losses.
If you find yourself in this type of situation, it’s a good idea to make a thoughtful determination to refocus yourself prior to making your final decision.
Consider what you have to gain by cutting your losses now and you are more apt to make the right choice.
Raised in San Antonio, Jack Dennis’ early experiences were as a newspaper reporter and private investigator. With a Texas State University bachelor’s degree, Jack studied journalism, education and psychology. He was the founding vice-president of Sigma Delta Chi, the Association of Professional Journalists at the University. Jack has received numerous awards, including Investigative Reporter of the Year from Rocky Mountain Press Association, David Ashworth Community Award, and Leadership in Management.
Some of the people and groups Jack has interviewed include:
Elvis Presley, Merle Haggard, George Jones, Willie Nelson, B.B. King, George Strait, Roy Orbison, Justin Timberlake, Steven Tyler, Freddie Mercury, Kenny Rogers, Kenny Loggins, Jackson Browne, Steve Wariner, Tanya Tucker, Scotty Moore, Fats Domino, Patty Page, Tommy Roe, Emmy Lou Harris, Johnny Rivers, Charly McClain, Kinky Friedman, John McFee, Guy Allison & Patrick Simmons (Doobie Brothers) , Randy Bachman (BTO), Jim Messina, Todd Rundgren, Alvin Lee, Gary Puckett, The Ventures, Freddy Cannon, Augie Meyer, Christopher Cross, Whiskey Myers, Sha Na Na (John “Bowzer” Baumann), Flash Cadillac, Jerry Scheff, John Wilkinson, Darrell McCall, and more.
Politicians & News
George W. Bush, Bill Clinton, Jimmy Carter, Lady Bird Johnson, Greg Abbott, Rudolph Giuliani, Larry King, Jack Anderson, Tom Bradley, Connie Mack, and more.
Clint Eastwood, Mike Myers, Taylor Lautner, Cameron Diaz, Jerry Lewis, Eddie Murphy, Antonio Banderas, Julie Andrews, Selena Gomez, Tippi Hedren, James Earl Jones, James Woods, Jim Nabors, Martha Raye, Rosalind Russell, June Lockhart, John Cleese, Eric Idle, Howie Mandel, Meg Ryan, Cheri Oteri, Amy Poehler, Maya Rudolph, James Drury, Melanie Griffith, Nathan Lane, Alan Thicke, Lou Diamond Phillips, Clint Howard, Tony Sirico, Cesar Romero, Michael Berryman, Tracy Scoggins, William Windom, Warren Stevens and more.
Buzz Aldrin, Alan Bean, Wally Schirra, Dave Scott, Gene Cernan, Walt Cunningham, Scott Carpenter, Gene Kranz (NASA Flight Director), Ed Mitchell, Richard Gordon, Bruce McCandless, Vanentina Treshkova (first woman in space, Russia), Alex Leonov (first man to walk in space, Russian), Al Worden, Dee O’Hara (nurse to astronauts) and more.
Sports: Joe Torre, Roger Staubach, Bob Hayes, Billie Jean King, Manuela Maleeva, Drew Pearson, Bob Lilly, Tim Duncan, David Robinson, George Gervin, Tony Parker, Shannon Miller, Cathy Rigby, Bruce Bowen, Wade Boggs, Fernando Valenzuela, Bernie Kosar, Dale Murphy, Jim Abbott, Dick Bartell, Mike Schmidt, Dan Pastorini and more.
May Pang, Bob Eubanks, Vernon Presley, Vester Presley, Charlie Hodge, Joe Esposito, Rick Stanley (Elvis’ step-brother, Harold Lloyd (Elvis’ first cousin), Doyle Brunson, Kara Peller, Hank Meijer, Norman Brinkler, Stanley Marcus, Jerry King, Mac King, Nathan Burton, Zach Anner, Louie Anderson, Owen Benjamin, Steve Byrne and more.
As head of Facilities for a major retailer (H-E-B Food/Drugs) for 20 years, Jack co-founded Professional Retail Store Maintenance Association (PRSM) and was elected President to establish PRSM magazine. Jack is a writer, speaker, golf-concierge and happiness coach. He has researched and studied happiness for over 40 years.
Jack was a prolific writer for Examiner.com, with over 1,900 articles written in six years. His articles and stories have appeared in AXS Entertainment, The ROWDY Country Music, Memphis Flash, and numerous magazines.
He is author of “Miracles of Justice,” a true courtroom drama novel about social injustice and miracles.