WEBVTT - MOTIVATIONAL MOMENT: Avoiding the sunk cost fallacy ❌

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<v Speaker 1>Get everyone Sam would hear for today's motivational moment. It's

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<v Speaker 1>a theory called sunk cost fallacy. What on earth is that?

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<v Speaker 1>So sunk cost fallacy is and sort of learning about

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<v Speaker 1>this too, but I find it really interesting. It's our

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<v Speaker 1>bias to continue with something that may not be working

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<v Speaker 1>for us, or we might not even be enjoying, purely

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<v Speaker 1>because of the fear of feeling like we are quitting something.

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<v Speaker 1>We all do it all the time. Now, can't give up,

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<v Speaker 1>So I'm going to just keep going with it. And

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<v Speaker 1>then eventually you give up, and it's ten times worse

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<v Speaker 1>because you spend another six months of your life doing

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<v Speaker 1>something that ultimately you knew at day ten wasn't working

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<v Speaker 1>for you. So you've actually made it fifty times worse

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<v Speaker 1>by persisting with it. The best and simplest example I

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<v Speaker 1>can give you is you sit down, you turn on

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<v Speaker 1>Netflix your movie. You're fifteen minutes in, you think it's

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<v Speaker 1>a shit movie, but you keep watching it because, like,

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<v Speaker 1>I don't want to waste the fifteen minutes that I've

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<v Speaker 1>already invested in this movie. That's what sunk cost fallacy is. Now,

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<v Speaker 1>it's an easy analogy to understand from watching a movie

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<v Speaker 1>and we've all done it, and then we say to ourselves,

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<v Speaker 1>why on earth that I watched the last hour and

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<v Speaker 1>a half? I knew where that movie was heading. It

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<v Speaker 1>was an absolute stinker, and for some reason I persisted

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<v Speaker 1>with it. It didn't get any better. And there's an

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<v Speaker 1>hour and a half, for an hour and forty five

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<v Speaker 1>minutes of your life that you never get back. Now,

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<v Speaker 1>from a life perspective, before we get into fitness, I

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<v Speaker 1>see this a lot from a job point of view,

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<v Speaker 1>and it's interesting. I'm forty two, so I've got a

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<v Speaker 1>lot of mates who are thirty five to forty five,

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<v Speaker 1>and it's a really you know, you sort of feel

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<v Speaker 1>at this age, I believe that you kind of should

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<v Speaker 1>have your stuff worked out by now. You kind of

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<v Speaker 1>should know where you're at and not be experimenting in

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<v Speaker 1>inverted commas. And therefore, or if you not happy in

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<v Speaker 1>your job, you tend to stick it out. But then

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<v Speaker 1>when you think about that, it's like, oh, yeah, I

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<v Speaker 1>don't like this job that I've been doing for twenty years,

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<v Speaker 1>but I'm twenty years in. I'm just going to keep

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<v Speaker 1>doing it for another twenty I mean, how crazy is

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<v Speaker 1>that sound? When you get one life. It's just madness,

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<v Speaker 1>absolute madness. In my mind. When it comes to fitness,

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<v Speaker 1>it's an interesting one because I don't want you to think,

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<v Speaker 1>oh my god, Sam's going to tell us if we

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<v Speaker 1>don't like our fitness routine after ten days, we're allowed

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<v Speaker 1>to throw in the towel. We've got his permission. No,

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<v Speaker 1>that's not what I'm saying. When it comes to your fitness,

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<v Speaker 1>or you're eating or whatever, it might be something you've

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<v Speaker 1>decided you're going to apply yourself to to get some

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<v Speaker 1>results because you know you need to be better in

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<v Speaker 1>this space, training more, getting fitter, getting stronger, eating better,

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<v Speaker 1>getting leaner, feeling better, whatever it might be. I don't

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<v Speaker 1>think it's a matter of am I enjoying it necessarily?

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<v Speaker 1>Because often it takes a lot longer than sort of

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<v Speaker 1>ten days to enjoy these, and often we like how

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<v Speaker 1>it makes us feel and look rather than we like

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<v Speaker 1>what we're doing in the moment. So you should be

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<v Speaker 1>asking yourself, is it working? So I'm ten days into

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<v Speaker 1>my new fitness routine, is it working? And I mean

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<v Speaker 1>if you're genuinely applying yourself, if you've been pretty good

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<v Speaker 1>with your food and you've limited your alcohol intake and

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<v Speaker 1>you've started a new fitness routine and you're ten days in,

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<v Speaker 1>absolutely ask yourself is it working? And if it's not,

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<v Speaker 1>change now. It might not be working for a number

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<v Speaker 1>of reasons. It might not be working because you have

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<v Speaker 1>only been once out of ten days because you hate it.

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<v Speaker 1>That's a good reason to change. Find something that you

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<v Speaker 1>enjoy a lot more, and your chances are you'll be

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<v Speaker 1>a lot more consistent with it. If you're more consistent

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<v Speaker 1>with it, you'll get better results. But don't bang your

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<v Speaker 1>head against a brick wall and continue down a path

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<v Speaker 1>because of this sunk cost fallacy where you feel like

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<v Speaker 1>I've come this far. I don't want to turn around

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<v Speaker 1>now because it was a waste of energy. I don't

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<v Speaker 1>want this to be missing. Interpreters like Sam's giving me

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<v Speaker 1>the thumbs up to give up on everything because there's

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<v Speaker 1>absolutely not what I'm saying. In fact, I'm typically a

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<v Speaker 1>person that says the opposite. You've got to stick these

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<v Speaker 1>things out. But pivoting and being decisive in life can

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<v Speaker 1>be really, really powerful. And if you have given something

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<v Speaker 1>a proper chance of working and it's clearly not, and

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<v Speaker 1>you know yourself well enough to know that it's never

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<v Speaker 1>going to work. It's far worse to keep going than

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<v Speaker 1>it is to make the change. Big homework if you

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<v Speaker 1>could change in your job. Little homework. If you're in

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<v Speaker 1>a fitness routine that you've just started in twenty twenty three,

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<v Speaker 1>and this is a good little checkpoint on your calendar

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<v Speaker 1>of is it working or is it working for me?

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<v Speaker 1>And if not, let's change it up. So my homework.

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<v Speaker 1>Make the assessment of yourself. If it is working, keep going.

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<v Speaker 1>If it's not working, try something else. And it might

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<v Speaker 1>take four or five or six different things. You have

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<v Speaker 1>to try to find your thing that you stick to

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<v Speaker 1>consistently that you get the results that you're looking for.