Kay: Spending Your Time—The Sunk Cost Fallacy

The Wreckage of the Black Prince (fragment) by Ivan Constantinovich Aivazovsky, 1854.

Becoming an author requires a lot of work, from the writing to publishing and marketing. It’s easy to get caught up in writing-related activities that don’t yield much, if anything, in results. In the lingo of economists, this phenomenon is called the sunk cost fallacy—really a high-fallutin way of pointing out how you’re wasting your time.

I just read an article about the sunk cost fallacy, and it resonated with me since I’ve so recently fallen victim to it. So, what is it and how does it work?

In economics, a “sunk cost” is a cost that you’ve already paid, says Robert Wood on Standout Books. For writers, this payment can be financial, but usually the resources that you spend are time, energy, and emotional commitment.

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Jeanne: On (Not) Getting Published

On (Not) Getting PublishedThis post is for everyone out there who’s been writing for a while, but hasn’t gotten published.

It’s about dealing with the gnawing feeling that you’re this sad, pathetic person who has no talent, but can’t let go of the dream. It’s about feeling like one day people will be hanging around your coffin (a velvet-lined box containing a sleeping version of yourself that looks like one of those old black and white photographs someone has brightened up with colored pencils), talking about how you never gave up on writing even though it never got you anywhere. And because people don’t like to speak ill of the dead, at least not directly in front of your open coffin, they’ll say that in pseudo-admiring tones, but inside they’ll be thinking, a la Bugs Bunny, “What a maroon.”

I’ve been writing Continue reading