The Ole Ball and Chain

Do you confuse time/money spent with value-added?

Have you invested time or money, looked back, and believed you are owed a reward (a job, promotion, or recognition)? We are typically advised to "not quit". On the other hand, it can be hard to recognize if you are wasting your resources. Is your investment of time and money moving you forward, or is it a ball and chain holding you back?

There is an economic concept, sunk costs, which are nonrecoverable expenses (money or time). These costs can have the illusion of value when they have none.

In my book, "The Second Mouse Gets the Cheese", one of the traps described is the Mediocrity Trap. If you are in this trap, you are not a failure, but you have not reached the success you desire. You are trapped in the middle. Assigning value to sunk costs can tether you to the ball and chain of mediocrity. You continue to invest in a lost cause rather than cutting your losses and pursuing something more lucrative.

How do you know when to abandon a project and move on? I would take Napoleon Hill's advice.

He has a story, "Three Feet from Gold". It is the story of a miner in the gold rush. He found gold and invested all his money in his mine, but the mine seemed to run out, so he quit and sold everything to a "junk man". The junk man sought an expert who helped find the gold vein and became rich.

If you have not read his book, "Think and Grow Rich", you should add it to your list of books to read.

Three feet from gold is a lesson on not quitting, but what if the expert said there was no gold? Should the junk man invest in or abandon the mine and sell the equipment?

It can be hard to tell if you are on track to achieve your goals. An honest discussion with an expert will help you decide if you are three feet from gold or if you are tossing time/money into the abyss.

Sunk costs can look like a gold mine when they are just an empty hole. I have had several coaches and mentors over the years who provided a new perspective. However, my attachment to my time invested made me stubborn, and I continued to waste my time until I listened. A coach alone is not enough. It helps if you listen to their advice.

Seek experts to see if you are on the right track or need to shed that ole ball and chain!

Check out my book, "The Second Mouse gets the cheese" for more ideas on how to stay on top of your game

Let's learn from one another. Share your questions or experiences in comments.

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