The Sunk-Costs Trap in Claims
How to stop spending, cut your losses, and achieve better outcomes
Originally published in The CLM Magazine’s June 2022 Issue
It’s hard to imagine that flying used to be glamorous, but for those who remember the Concorde, they know it was the epitome of glamour. The supersonic jet flew at 60,000 feet—high enough for you to see the Earth’s curvature—and could blast you from Paris to New York in three and a half hours. Think about that the next time you are in row 52, next to a hungover college student who poured himself into his seat after a 168-hour non-stop spring break party visiting his friends abroad.
It was an odd-looking, unconventional passenger plane, with a sleek and narrow body, sail-like wings, and a pointy nose. At its zenith, flying on the Concorde conjured up images of sipping champagne next to Mick Jagger and Jerry Hall on the way to a party at Studio 54 or a suite at the Plaza Hotel. Phil Collins once opened a concert in London (Live Aid ‘85, if you want to feel old), then flew via the Concorde to a follow-up set in New York on the same day. It doesn’t get more “rockstar” than that.
Read the full article here.