Sunk costs

If things go wrong, don’t go with them. Roger Babson 1875 – 1967 Over the past week or two, some of you may have received holiday gifts you don’t like, and you might be thinking about selling them on eBay or Craigslist. There’s an important business principle called sunk costs that you ought to consider; it’s actually useful in any number of life situations, so it’s a good lesson to learn and understand. The idea of sunk costs is fairly simple: any past costs associated with a decision are irrelevant, because you can’t change the past; you should only consider current and …
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The Myth of Busyness

This time, like all times, is a very good one, if we but know what to do with it. Ralph Waldo Emerson 1803 – 1882 Last time, I discussed how important it is to accept that you can’t do everything. This week, I want to touch on a related topic: the myth of busyness. These days, everyone is busy, jumping from one job to the next and forgoing sleep because we don’t have enough time for everything we need and want to do. Our culture seems to glorify busyness, assuming that anyone who isn’t busy must be either lazy or …
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Changing with the times

Everything changes but change. Israel Zangwill 1864-1926 The times are always changing, and these days, they seem to change faster than ever before. I’ve been publishing Lessons in Life every week for roughly ten years, and during that time, it went from a text-only newsletter to an HTML newsletter, and then to a newsletter with accompanying website. And now it’s time for another change. Lessons in Life is no longer going to be a weekly newsletter; instead, it will be published every other week. We all have a lot of demands on our time, and I’d rather you savor two lessons …
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