Sunk costs

If things go wrong, don’t go with them. Roger Babson 1875 – 1967 Over the past few weeks, 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 future …
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A lesson from the D-Day invasion

Ninety-nine percent of the failures come from people who have the habit of making excuses. George Washington Carver 1864 – 1943 Most of us know that the D-Day invasion was a pivotal turning point in World War II. It occurred on June 6, 1944 and involved nearly 4,000 ships, 11,000 airplanes and over three million soldiers.  Months of planning went into the operation. There’s a little known but highly valuable lesson concerning the invasion that I’d like to share with you. General Dwight D. Eisenhower was the leader of the allied troops. Eisenhower knew that the invasion would be met …
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The high price of avoidance

If you are not willing to risk the unusual, you will have to settle for the ordinary. Jim Rohn 1930 – 2009 It’s unfortunate, but most people tend to avoid doing the things which will have the biggest impact on their lives. We’ve been taught since childhood to be careful, to avoid failure, and to stay away from danger. We’ve become conditioned to steer clear of conflict and problems and to avoid threats to our sense of self. But avoidance comes with a price. All worthy goals in life require us to try something new, to explore unknown territory, to …
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