Humans are especially susceptible to the “sunk cost fallacy”—a psychological effect where we feel compelled to continue doing something just because we’ve already put time and effort into it.
But the reality is that no matter what you spend your time doing, you can never get that time back. And any time spent continuing to work towards the wrong priority is just wasted time.
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Instead of keeping all tasks on a single level of priority, this method offers two or more levels for each task:
Rank your work by its true priority with the Ivy Lee Method:
Capture everything on a Master List and then break it down by monthly, weekly, and daily goals.
Cut out “good enough” goals with Warren Buffett’s 2-list strategy.
The matrix is a simple four-quadrant box that answers that helps you separate “urgent” tasks from “important” ones:
...means getting more out of the limited time you have each day. It’s one of the cornerstones of productivity and once you know how to properly prioritize, it can help with everything from your time management to work life balance.
Once you’ve prioritized your most important work, it’s time to actually choose how to attack the day.
How you start the day sets the tone for the rest of it. And often, getting a large, hairy, yet important task out of the way first thing gives you momentum, inspiration, and energy to keep ...
"Nine-tenths of wisdom is being wise in time." ~ Theodore Roosevelt
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“Sunk costs” are money, time, or effort we’ve already spent and can’t get back.
Cultivate a habit of admitting your mistakes. Ask yourself: If the past didn’t exist and you’re just starting out now, what would you do?”
When running a company, many entrepreneurs fail to quit, change direction or pivot their business model, unable to admit that what they were doing isn’t working, or that they were plain wrong in their decisions.
The Sunk Cost Fallacy is the primary reason for this gross error in ju...
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