Speaker 1: Welcome to Before Breakfast, a production of iHeartRadio. Good Morning,
Speaker 1: This is Laura. Welcome to the Before Breakfast podcast. Today's
Speaker 1: tip is that you shouldn't throw good time after bad money.
Speaker 1: If you paid for something that has turned out to
Speaker 1: be disappointing, you may not be able to get your
Speaker 1: money back, but you can still make a wise choice
Speaker 1: about what to do with time that has yet to pass.
Speaker 1: Devoting more time to something just compounds the error. So
Speaker 1: we have probably all signed up for something that ended
Speaker 1: up not being quite as great as we hoped, with
Speaker 1: no option for a refund. Maybe you bought a pass
Speaker 1: for three months of unlimited bar classes, but after one
Speaker 1: week you discovered you missed simply going to the gym
Speaker 1: and choosing a cardio machine whenever your schedule allowed. Sometimes
Speaker 1: a remote class sounds great but turns out not to
Speaker 1: offer much fun or learning. Or maybe you've spent tens
Speaker 1: of thousands of dollars in countless hours working toward a
Speaker 1: graduate degree, but you have come to the conclusion that
Speaker 1: you really want to take your career in a different direction.
Speaker 1: When we've spent our money on something, especially something expensive,
Speaker 1: it's easy to feel obligated to stick with it, even
Speaker 1: if it's not serving the purpose we hoped it would.
Speaker 1: But what are you getting out of that. You have
Speaker 1: already lost the money, why lose the time too. Sometimes
Speaker 1: it is wise to just walk away. Sunk costs are sunk.
Speaker 1: If you can't get a refund, the money is gone,
Speaker 1: and even if you can get a refund, time can't
Speaker 1: ever be recouped. So with that knowledge, you have to
Speaker 1: make a decision about the resource that hasn't yet been
Speaker 1: spent future time. You could go to bar classes several
Speaker 1: times a week, but if you would rather go to
Speaker 1: the gym and your membership is still active, nobody benefits
Speaker 1: if you go to bar instead. So go to the
Speaker 1: gym and get the workout you want. That remote class
Speaker 1: on landscaping that sounded like so much fun but is
Speaker 1: actually one it disaster after another. Don't keep going back,
Speaker 1: even if you are just a few semesters away from
Speaker 1: finishing a degree that you have invested a lot of
Speaker 1: time and money in. If you have decided that the
Speaker 1: degree isn't going to get you anywhere you want to be,
Speaker 1: you can just stop do something else with your time instead.
Speaker 1: Now I know that no one likes to be a quitter,
Speaker 1: and sometimes it might be worth sticking things out for
Speaker 1: at least a little while. Maybe you have determined after
Speaker 1: three and a half years of medical school that you
Speaker 1: don't want to be a practicing doctor, and that is fine,
Speaker 1: But sticking it out for just a few more months
Speaker 1: means you'll have a degree that can open up a
Speaker 1: lot of job opportunities in healthcare even if you never practice.
Speaker 1: But doing a residency if you don't want to practice
Speaker 1: is a different matter entirely. That is a lot of time.
Speaker 1: In any case, money you have invested in experiences that
Speaker 1: turn out to be unappealing may be gone. You cannot
Speaker 1: get it back, but you can decide what to do
Speaker 1: from where you are now. So don't throw good time
Speaker 1: after bad money, because time may be our most valuable
Speaker 1: resource of all. In the meantime, this is Laura. Thanks
Speaker 1: for listening, and here's to making the most of our time.
Speaker 1: Thanks for listening to Before Breakfast. If you've got questions, ideas,
Speaker 1: or feedback, you can reach me at Laura at Laura
Speaker 1: vandercam dot com. Before Breakfast is a production of iHeartMedia.
Speaker 1: For more podcasts from iHeartMedia, please visit the iHeartRadio app,
Speaker 1: Apple podcasts, or wherever you listen to your favorite shows.