Listen to Episode 22 Summary of Episode 22: A pizza story. (1:23) A sunk cost trap or a sunk cost fallacy when a person is failing to see the best outcome because they have a bias resulting from a previous or ongoing commitment. (3:05) Watch a FREE online financial coaching video: Visit imgwealthacademy.com An illustration […]
Tags: Amos Tversky, Daniel Kahneman, investments, loss aversion, Mindset, Personal Finance, Podcast, Prospect Theory, sunk cost, sunk cost fallacy, sunk cost trap
Yesterday, I ate dinner with my parents at an Italian restaurant near our place. My dad ordered a Chicken Alfredo pasta, which he planned to eat all by himself. Meanwhile, my mom was particularly craving for Anchovy Pizza, but she’s afraid that she wouldn’t be able to finish one whole, and we can’t order just […]
Tags: Life Lessons, Mindsetting, Personal Finance, sunk cost, sunk cost and choice, sunk cost are, sunk cost bias, sunk cost example, sunk cost fallacy, sunk cost fallacy examples, sunk cost fallacy meaning, sunk cost meaning
Hi, my name is Fitz Villafuerte and I’m a Registered Financial Planner living in the Philippines. In 2007, I started this blog to help people learn how to achieve financial freedom. Read my story here.
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