Loyal too Long? How sunk cost fallacy impacts your career

When are determination, loyalty, persistence not virtues? When you're deploying them in a no-win situation. There are more landmines like this than you might think in your career landscape.  In today's episode, you'll learn how behavioral economics is keeping you stuck in situations that are aging like milk. Know when having grit is worth the payoff and when it's wasting your time.

1. The more time, money or effort you invest, the more you feel responsible for achieving  success, and the less likely you are to abandon what's not working.
2. When you feel like you should keep trying, also consider the cost of a missed opportunity. What didn’t you do, explore, discover because you’re pouring resources down the drain? What did you put at risk in terms of your stress level? Your health, your well being?
3. Make sure that your expectations are realistic and clearly communicated
4. Don't get so emotionally invested that you can't walk away. Think about milestones and success measures and have a plan for what happens if they aren't met.
5. Ask "what's the best that could happen?" Then decide if that answer is good enough.

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Stay Inspired,

Angela

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