Investing Psychology: The Sunk Cost Trap

YOUR commitment to the END GAME is a surefire strategy to combatting the deadly SUNK COST TRAP. Know when to let go. Begin with the end game. If you’ve ever met someone who insisted on persisting with something that wasn’t good for them and they knew it and they made excuses for it yet continued with it instead of doing something about it, like take big action that seems so obvious to you then you’ve come face-to-face with one of the most chronic psychological phenomena that leaves many well-intentioned victims in its wake: The Sunk Cost Trap, AKA The Concorde fallacy, referred to from here as SCaT (and we all know what scat is.) You know who I’m talking about. Is Yes, you’ve fa

Investor Profile: Mike Conlon, The Main Street Millionaire

Mike Conlon always knew since childhood that he wanted to be a real estate millionaire, even when he didn’t know what that meant. Though it wouldn’t be until 2002 that Mike would enter his first real estate transaction he did set the stage for huge success in the business early on through the critical pillars of commercial real estate: law and finance. After earning a law degree from the University of Minnesota, Mike entered the world of financial planning in 1992 and owned a broker-dealer until 1998 where he grew sales from $1.2M to over $40M and sold the business to a large national insurance company. In 1999 he took another financial planning business to $100M in assets and sold it in 20

Dear Stephanie: To Pave or Not To Pave?

Dear Stephanie, I have a park that was once considered rural when built back in the 1970’s, and it still has dirt roads. However, since that time and since my take-over I have been able to add more lots and we are nearly 100% occupied. The dirt roads haven’t fared so well, however, and during particularly bad weather they can be nearly impassable. I think I might lose tenants because of these old roads and it might be time to bite the bullet and pave them. I happened to meet a paver who said when I’m ready he usually has extra asphalt left over after his jobs and if I want he can pave them for me at a great price. I’m seriously considering it so I can decrease this major capital expendi

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