Throwing good money after bad—it’s practically a universal sport. The problem? We don’t always see it so clearly when we’re the ones playing.
Take hiring, for example. If I make a bad hire, instead of admitting it, I might double down—investing in extra training, giving more chances—anything to justify my original decision. Same with a bad investment. Rather than cutting my losses, I might throw in more money, convinced I can turn things around. And when I choose the wrong software for my organisation? Instead of accepting the mistake, I might push my team to “adapt” and “make it work,” hoping to save face.
The real issue? We struggle to separate ourselves from our decisions. We treat every choice as a reflection of who we are. But the truth is, I can be me—smart, capable, experienced—and still make bad decisions. If I can learn to detach my identity from my choices, I stand a much better chance of recognising mistakes, owning the sunk cost, and moving on.
Easier said than done—but then again, so is not throwing more money at bad decisions.
