What is Sunk Cost Fallacy?
It’s when you’ve sunk so much time, capital, education, or effort into a project or business that you don’t want to change anything about it.
What hampers people most in their pursuit of freedom is letting those investments rule the day.
Consider, for example, a business location in the wrong state, neighborhood, community, or even intersection.
People often get started in life by default.
They open their business near where they grew up or went to school – or somewhere that seems awesome to live, but might not be so awesome to run a business.
Ask yourself: How long would it take to build the business you really want if you moved to somewhere with a better business climate and the target demographic you wanted to work with?
Would it be better than scraping by in the same place for 30-40 years asking “Why didn’t I?”
Follow those big green highway signs to other cities, other states, better locations – that’s why they’re there!
Don’t let sunk costs weigh you down, keeping you in businesses, locations, partnerships, or relationships that hold you back.
It might be too late if you’re already 65-70, but if you’re younger than that, there’s no time like the present to change your atmosphere and change your life!
If your business is struggling, ask yourself: Is it simply because you aren’t serving the right customer, or do you have the wrong business model for where you are?
Don’t let sunk costs rule the day – or your life!
To your freedom!
P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
1. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
2. Attend A Workshop:
If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, our hands-on Freedom Blueprint Workshops are your entrance ramp onto the fast track! Visit www.freedomfounders.com/workshop to claim your seat!
3. Apply To Visit The Mastermind:
If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.
4. Want to Work Directly with Me?
If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call (972) 203-6960 Ext 144 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access program – we’ll set up a time with you to talk, find out about your goals, and see if there is a fit.