When it comes to making career decisions, I have noticed that professionals fall into the sunk cost fallacy when they continue a career track event when they are not interested in it anymore. This is especially true when they have already invested years working or studying towards a degree. This behavior happens for many reasons, none of them rational!
Keep listening to learn how Sunk Cost Fallacy can cause you to get stuck in your career. You will also learn 5 strategies you can use to help you make better career decisions to achieve your goals.
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Timestamps to guide your listening:
- [02:19] What is Sunk Cost Fallacy?
- [04:36] Why we're all prone to Sunk Cost Fallacy.
- [05:26] One of the biggest risks to your happiness and wellbeing is sticking to a career you aren't happy with.
- [06:21] Sticking with a course of study just because you've paid for it.
- [09:00] First thing to consider: Only take future costs into consideration.
- [09:54] Second thing to consider: Stop making irrational decisions.
- [11:04] Third thing to consider: Don't feel guilty.
- [11:38] Fourth thing to consider: Reflect and review constantly.
- [12:09] Fifth thing to consider: Focus on future benefits instead of past commitments.
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About the host, Renata Bernarde
Hello, I'm Renata Bernarde, the Host of The Job Hunting Podcast. I'm also an executive coach, job-hunting expert, and career strategist. I teach corporate, non-profit, and public professionals the steps and frameworks to help them find great jobs, change, and advance their careers with confidence and less stress.
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