Sunk Cost Fallacy

I booked a Himalayan Trek in Nepal months ago. I have been training my body and mind, shucking and jiving to make sure I can be completely out for 3 weeks from parenting and my business. About a week and a half before my scheduled departure, we bombed Iran. 

I was scheduled to fly through Doha on Qatar Airways and it was clear that was not going to be an option. I canceled my flight and rebooked through Hong Kong on Cathay and felt good about that decision for about a few days. I derisked my trip by changing routes, but I was only thinking about my physical safety, not my psychological safety or my financial security. 

I started hearing stories of people getting delayed for days in South Korea and Japan and then Southeast Asia went on gas rations with the distruption in the Strait of Hormuz, and I realized a can't go on this trip. I have a five year old at home, and I'm five months into my solopreneur journey. I can't afford to pay for a new route home or to extend my stay- for the direct costs, but also the opportunity costs of being gone. Flying solo in business means little to no money is coming in if I'm not working. But I sincerely felt like I couldn't cancel the trip because my trip insurance didn't cover the reason I was canceling and I couldn't recover the fees I paid to the guide company.

SUNK COST FALLACY: "The phenomenon whereby a person is reluctant to abandon a strategy or course of action because they have invested heavily in it, even when it is clear that abandonment would be more beneficial."

My mind was trapped. My blinders were on, I was not thinking clearly. My field of vision was so narrow that I packed my giant duffels for the full trip all the way down to Seattle where I was speaking at a conference and had planned to depart from.

I wrapped up my speaking gig at the "Empowering Women in the Trades" Conference and immediately after, it was like I saw the financial risk clearly. The potential for spending more money while I was there and getting delayed and missing out on revenue generating work while we are staring down the barrel of rising costs and companies tightening up their purse strings from significant oil & gas disruptions came into my field of vision and made the "sunk cost" to the guide company laughable. I couldn't believe I couldn't see this the past week!

This isn't my first dance with the sunk cost fallacy mind f*. I have faced it in leadership numerous times. How many times have you stayed the course on a program, product, or person for far longer than you should have because you've convinced yourself that you've already invested too much. I also faced this in the years leading up to my sobriety. I've already gone this far and I'm not that bad, or my favorite: I can't stop now, I've got a shelf full of expensive wine. So we stay the course because we are only factoring in what we have already invested and can't get back, not what the future cost and risks and missed opportunities are....

Is there anything in your life or business that you have had the "Sunk Cost Fallacy Blinders" on for?

Over and over again, evidence shows the most successful people in business and in evolutionary biology aren't the strongest, or smartest, or even the best looking: they're adaptable. They pivot when they need to pivot. They are capable of behaving differently when presented new information, and maybe most importantly, are able to detach from the things they have held onto for too long that are harming or holding back their bodies, minds, or bank accounts.

Spring Habit Reset

While I have been regrouping in Seattle to let go of the adventure I thought I would be on in Nepal, I have been reflecting on what I wanted to gain on the trip; physically, mentally, existentially, and I decided I needed a Spring Habit Reset to keep myself on track when I get home tomorrow.

Spring is a powerful time to reflect on the winter, and think about what habits and patterns you've picked up that you don't want to carry into the summer.

For those of us who work in construction in Alaska and the PNW, summer is when it's on like donkey kong to get sh* done before the ground freezes or the nonstop rain starts. That pressure that comes with the season and the impossible contracts that come with the season creates a pressure cooker for the leaders and people in field. The last thing you need in a pressure cooker is the coping strategies that close the lid tighter. Now is the time to practice the strategies that loosens the lid and keeps it from shooting off the pot! (too many canning references?)

March 30-May 31 is the Spring Habit Reset!

This is a group coaching program where you and 24 other people will choose the ONE habit or behavior you want to decrease or stop (ex: drinking, cannibis, tobacco, caffeine, sugar, scrolling/screentime, yelling, gossiping, negative self-talk), and you will choose from a menu of options, which daily micro-habits you want to implement for the whole 8 weeks. We will each choose our habits and I will provide you with a 60-day tracker.

This is not a program where you will be sitting at home, watching videos. This is an all-in, show up to the meetings, check in with your peers and commit to your own wellbeing for 8 weeks straight!

We will meet every Tuesday from 5:30-6:30pm Pacific (4:30pm AK) for Educational & Group Coaching (these sessions will be recorded if you miss one), and we will meet every Thursdays from 12-12:45pm Pacific (11am AK) for accountability and check-ins (these will not be recorded). You will have access to an online platform private to this group and OFF social media to ask questions, share wins & challenges, tips & tricks between meetings.

Our goal is to use this spring to get our habits in check so when the pressure cooker of summer begins, we are wired to turn to our nourishing micro-habits. Our goal is to have a summer we can look back on and be proud of the values and leadership we embodied!

Cost of the program is $349 and enrollment starts tomorrow. I offer group discounts if you have multiple people in your company that want to join. Reply to this e-mail if you want more information, or if you just want to catch up sometime!

Naomi DuCharme | [email protected]

Consultant, Facilitor, Coach

Integrating Wellness Solutions: Where safety, health, and wellbeing aren't standalone programs or initiatives; they're outcomes of well-designed, integrated systems. 

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