Ep. 603: Avoid the Sunk-Cost Fallacy, and Why it’s Hard to Plan for Emergencies
About this episode
The episode discusses the sunk-cost fallacy and the challenges of planning for emergencies due to cognitive biases.
We talk about how to avoid the mental trap of the “sunk-cost fallacy.” Plus, why it’s so hard to plan for emergencies and the biases that keep us from preparing for risk. Episode highlights: Try This at Home: Avoid the sunk-cost fallacy—the mental trap that keeps us committed because of the time, money, or energy we’ve already spent [04:57] Happiness Hack: Create a personal reading syllabus with deadlines to help you read more [12:58] Happiness Stumbling Block: Six common biases that make it difficult to assess and prepare for rare but serious emergencies [16:03] Demerits and Gold Stars: Gretchen’s Demerit: Turning into a Knicks bore; Elizabeth’s Gold Star: To her friend Mindy for a new exercise experience [24:11] Mentioned in this episode: The Ostrich Paradox: Why We Underprepare for Disasters by Robert Meyer and Howard Kunreuther (Amazon, Bookshop) This Vast Enterprise: A New History of Lewis and Clark by Craig Fehrman (Amazon, Bookshop) Audition by Katie Kitamura (Amazon, Bookshop) Rolling utility cart Happier Labor Day resources Connect with Us: Email: podcast@gretchenrubin.com Website: gretchenrubin.com Instagram: @gretchenrubin | @lizcraft Take Gretchen's free Four…
People in this episode
Hosts: Gretchen Rubin, Elizabeth Craft
Topics covered
- sunk-cost fallacy
- emergency planning
- cognitive biases
- happiness hacks
- self-improvement
Keywords
- sunk-cost fallacy
- emergency planning
- cognitive biases
- happiness hacks
- self-improvement
Mentioned in this episode
Organizations: Apple Podcasts, Spotify
Books & works: The Ostrich Paradox: Why We Underprepare for Disasters, This Vast Enterprise: A New History of Lewis and Clark, Audition
More episodes of Happier with Gretchen Rubin
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- Ep. 602: Spend Your Money at Home Instead of Away, and Why You Should Delegate
- Little Happier: Why the Knicks Play Basketball with the Attitude of “Zero-Zero.”
- More Happier: Try These 7 Habit Strategies for a Fresh Start This September
- Ep. 601: Try "Do-Spend September," Plus a Five-Senses Hack For a Memorable Vacation
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