Sunk Costs

I remember a time in college when Economics-major-Jonny taught me about sunk costs. Since then I have really tried not to let sunk costs get me down. Simplified, sunk costs are money, time, or resources that are spent, unintentionally wasted, and there is no logical going back. Thus, the cost is sunk.

For example, you plan to paint your laundry room only to find the tan paint kept in your garage over the winter is frozen. So you decide to have fun with color- since you need new paint anyway- and buy a gallon of orange paint, realizing upon application that is is much brighter than the paint sample appeared in the store. Paint is non-returnable. And so is the time you spent pouring over paint samples, finally picking a color, immediately regretting the color, buying the paint, being insulted by the cashier about your color choice, and taking the time to try it out on a wall anyway. These are all sunk costs. (No, these aren't major costs by any means, but wasted nonetheless.) For some reason I was letting all these sunk costs get to me yesterday. (And I wasn't even the one painting!) But what's the point? By dwelling on sunk costs, I am only putting more time and energy into something that is past and can't be changed. This small but significant experience has strengthened my resolve to be better about shaking off sunk costs. That doesn't mean I can't learn from them though. Hey, maybe then I am actually gaining from the sunk cost after all?? I think I will look at it that way. In the meantime, we will purchase another gallon of paint. A sunk cost? Maybe, but I can't wait to say farewell that hideous orange wall.