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.&nbsp;

Episode highlights:
<ul>
 <li>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]</li>
 <li>Happiness Hack: Create a personal reading syllabus with deadlines to help you read more [12:58]</li>
 <li>Happiness Stumbling Block: Six common biases that make it difficult to assess and prepare for rare but serious emergencies [16:03]</li>
 <li>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]</li>
</ul>

Mentioned in this episode:
<ul>
 <li>The Ostrich Paradox: Why We Underprepare for Disasters by Robert Meyer and Howard Kunreuther (<a href="https://amzn.to/4zZz2xP">Amazon</a>, <a href="https://bookshop.org/a/15926/9781613630808">Bookshop</a>)</li>
 <li>This Vast Enterprise: A New History of Lewis and Clark by Craig Fehrman (<a href="https://amzn.to/4rb99qH">Amazon</a>, <a href="https://bookshop.org/a/15926/9781982174248">Bookshop</a>)</li>
 <li>Audition by Katie Kitamura (<a href="https://amzn.to/3UDtngI">Amazon</a>, <a href="https://bookshop.org/a/15926/9780593852347">Bookshop</a>)</li>
 <li><a href="https://amzn.to/3UIjxtU">Rolling utility cart</a></li>
 <li><a href="happiercast.com/laborday">Happier Labor Day resources</a></li>
</ul>

Connect with Us:
<ul>
 <li>Email: podcast@gretchenrubin.com
</li>
 <li>Website: gretchenrubin.com
</li>
 <li>Instagram: @gretchenrubin | @lizcraft
</li>
 <li><a href="https://gretchenrubin.com/quiz/the-four-tendencies-quiz/">Take Gretchen's free Four Tendencies quiz</a>
</li>
</ul>
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Find the transcript for this episode on the episode details page in the Apple Podcasts app.&nbsp; Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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Ep. 603: Avoid the Sunk-Cost Fallacy, and Why it’s Hard to Plan for Emergencies

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