The Sunk Cost Fallacy

"But you've invested so much time and money... you shouldn't..."

Jimmy McGill: "That’s the sunk cost fallacy, it’s what gambler’s do. Throw good money after bad. There’s no reward at the end of this game.”

Exactly how I always thought about paid food - money's already spent, whatever happens to the food - money's already spent. In many instances this is especially true for precious time spent.

Are surgeons and doctors glorified mechanics?

This question reminds me of an old joke:

A famous surgeon takes his car to a mechanic. The surgeon and the mechanic strike up a conversation while mechanic is working on his car. He says to the surgeon, “You and I, we kinda do the same thing, eh? We look for the part that isn't working, then fix it or replace it. But you get the big bucks!”

The surgeon coughed into his hand, then gently replied, “Now, can you do it with the engine running?”

- Jill E. Griffin, on Quora.

What are the lessons people often learn too late in life?


1. You are the only one responsible for yourself and for your success. I am responsible for mine. Thinking anything else is wasting your energy. So don't blame your parents, spouse, children, friends, aunts and uncles. It is you, you and only you.

2. Life is short. There are no special occasions. Don't wait for them. Today is the special occasion. Buy yourself an ice cream/beer/ wear that nice shirt. Today!

3. If something bothers you change it. If it is beyond your control, learn to live with it. Accept it. Change yourself. That is the only thing you can influence.

4. You will regret the things you didn't do much more than ones you did. So... action!

5. "Future you", imaginary person that has perfect weight, looks great, gets up early, smiles and loves his/her job, will never become as great if "present you" don't do something.

6. Prioritize your health, rest and happiness. No one will do that for you. There will always be more work.

7. Don't ruin your health in order to earn money. You will end up spending your money to recover your health and that is not reciprocal.

8. Besides of 1. and 3. the biggest time and energy wasters are: TV, people pleasing, perfectionism, envy, regret, obsessive dieting and house cleaning. You can refocus your time and energy in so much better ways.

9. We tend to overestimate what we can do in a day and to underestimate what we can do in a year (or a lifetime). Start today, start small. Drops will fill the bucket.

10. If you waste money, you can earn it again. If you miss the moment, it can never be returned. Live life with opened eyes, ears, heart!

11. EXTRA: "It is too late," is just an excuse. You can always change the course. You can always reinvent yourself.

- Milena Rangelov, on Quora.