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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Keeping things in perspective

There is nothing good or bad, but thinking makes it so. William Shakespeare 1564 – 1616 In his book, Influence: Science and Practice, Robert Cialdini tells a story about a young girl away at college. She writes a letter to her parents, first apologizing for not having written sooner. She then goes on to say that the skull fracture and concussion she got when she jumped from her dorm window to escape the fire is healing nicely. Fortunately, a service station attendant witnessed her jump, rescued her and took her to the hospital. Since she had no place to stay, …
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The Generation Conflict

If youth but knew, if old age could. Henri Estienne c. 1531 – 1598 A few years ago, there was a Curtis comic that spoke directly about generational conflicts. In case you aren’t familiar with the strip, it’s about a middle income black family. The strip is named for Curtis, the older of the two boys. This particular episode starts with Curtis talking to his dad. “To my generation, technology is second nature, while yours fumbles through it. Makes you kinda jealous, eh?” If you’ve ever tried to figure out how to program a DVR or take advantage of the …
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