Short #54 - Sunk

HVAC School - For Techs, By Techs · May 14, 2019 · 10m

In this short podcast episode, Bryan covers the basics of sunk costs. He explains what they are and what they mean for you and HVAC businesses.

Sunk costs are costs to decisions that have been made in the past. You've "sunken" money, time, or effort into a decision. Let's say you invest in tools; after you make that purchase, the cost of the tools will become a sunk cost. The cost merely occurred in the past.

It is a good idea to reflect on these costs as something that is already over; you can reflect on these costs as a lesson for how you invest money in the future. It is not particularly…