Over my career I have marked literally thousands of exams (or scripts as they say in the UK), and one answer tops them all for originality. The question asked:
“What is a sunk cost?” and the student replied: “A cost that does not float.”
Putting aside this wonderful (but wrong) answer, the notion of sunk costs is a difficult matter to implement. A sunk cost is a cost (event, decision) that one has made in the past and cannot be changed. The merit of sunk costs is that one should LET GO of past decisions and mishaps and not let them influence current or future choices, as they are irrelevant (as one cannot change the past). A past mistake or regret should not justify or influence your current choices as this past event is sunk (irrevocable) and cannot be undone.
The past is an important and essential part of your life, full of wonderful events and decisions, but also includes regrettable mistakes and sad memories. Wishing you had done something differently or completed something you quit will not undo reality. These bygones are sunk and forever gone.
This does not mean that one should ignore the past. No, your history is an excellent lesson as to what you might learn from prior actions and what to do better in the future. Rather than wishing you had not bought those shares or sold so soon, consider what this teaches you about your current holdings. Wishing you had or had not said something is also pointless, but what does this suggest about the next time you are in a similar encounter? What exactly did you do wrong? Learn the lesson, apologize if you can, and then move on.
Just like there are sunk costs, there are also MANY MORE sunk benefits. This is when you did something right and the result exceeded your expectations. Spending more time reflecting on your successes and what your wins can teach you is a far more productive and satisfying way of reviewing your past.
Reframe your past by learning lessons from both your past mistakes and your past successes, but remember you cannot change the past, so don’t live or re-live it.
Reflection Source: www.Smallercup.org
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