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And if you'd like to support the show, come to RadicalPersonalFinance.com/patron. Today we're going to dig into something that I hope will be very helpful to you. And here's the question. Is there anything in your life which, knowing what you now know, you wouldn't get into again today if you had to do it over?

Chew on that for a moment. Welcome to the Radical Personal Finance podcast. My name is Joshua Sheets, and I'm your host. Thank you for being here. Today we talk about zero-based thinking. You could probably shut the show off right now if you got that question and grasped the importance of it.

But I'm going to spend at least a few minutes pulling that apart, unpacking it, and giving you some ideas for how to apply zero-based thinking to your own life. The primary meaning behind this concept and behind today's show is to give you a useful question to try to sort out what's important to you and what's not important to you.

That's one of the biggest challenges that we have because once we get clarity on exactly what we want, then we're able to put a plan in place and start working that plan day by day. But a lot of times it's more challenging to gain clarity than perhaps we think it should be.

I've been thinking a lot about investing over the weekend, and I was thinking about some of the answers on last week's show I did on the Q&A shows. I talked about how with some of the decisions and changes that I've made after many years of one method of investing, I'm making changes and moving in a new direction.

I know that at least for me as I'm thinking through decisions like that, I don't enter into them hastily. I take my time and I think about things, but it is important to me to always ask myself that question. Is there anything in my life that knowing what I now know that I wouldn't get into again today if I were going to do it over again?

Is there any investment that I've made which if knowing what I now know I were going to do it over again that I wouldn't choose to do it over again? And if the answer to that question is no – excuse me, if the answer is yes, meaning that there is something that knowing what I now know I wouldn't do over again, then I need to work on figuring out how to get out as fast as I can.

And that is the zero-based thinking question. I learned this years ago from Brian Tracy, and for years it's been a question that I've continually thought of. And I warn you now, if you start applying this to your life, it's extremely challenging and it can be extremely emotional as far as how to apply it because it'll expose certain things in your life that you may or may not be ready to have exposed.

What it should do is help us to avoid the emotional impact of what some psychologists might call the sunk cost fallacy. The concept of sunk cost is – comes primarily from a market – excuse me, an accounting term, meaning that we've made an investment that we'll never get out.

Example would be let's say that you've spent years promoting – paying for advertising for a certain brand that is part of your company's portfolio. Well, if that – that's advertising that you'll never get back. There's no ability to sell an asset and get it back. You can't – it's not like you've purchased a piece of equipment that now you have a certain amount of residual value there.

It's done. It's gone. So from the basis of planning, it's a sunk cost. It's a cost that – an investment that you'll never get back. And investments of money, it sometimes are sunk costs and sometimes they're not. But investments of time and investments of emotion are almost always sunk costs.

No matter how much we'd like to go back and get them back, we can't. Now, the fallacy associated with sunk costs is if we allow those sunk costs to affect our decision-making. So if we've gone down a certain course of action and then we've realized that, "Wait a second.

This course of action isn't for me," that's the time to change. But too often we feel like, "Well, I'm too far committed and so therefore I can't change." Now, often the lines are a little bit blurred. So don't look too hard at any specific example until you've grasped the entirety of what I have to share today.

But think about something like this. Let's say that you've invested years into an accounting career. Let's pick on accounting. You've put years into it and all of a sudden you found out that – and you've just realized that, "You know what? If I had to do this over again, I would not pursue a career in accounting." It's a hard thing for most of us to recognize.

But if you get to that point and you recognize that, "If I had to do this over again, I wouldn't do this knowing what I now know," then you need to start figuring out, "How do I get out and how fast can I get out?" If we allow those sunk costs to affect our decision-making, we might not make the best decision.

I often see this happen in car buying or probably more specifically choosing whether to repair a car versus getting a new car. Here would be a good example from my recent life. This happened I think about six months ago, something like that. I had some – my wife and I, we had some problems.

We had some electrical issues with our minivan. The issues were this very strange phantom electrical problem that wasn't consistent. It was extremely intermittent. We had almost no ability to predict exactly when it was going to happen. So I took it to various mechanics and some electrical specialists and unfortunately, we couldn't get this thing diagnosed.

The symptoms were a little bit strange. From time to time, we'd be driving down the road and all of a sudden the car would just lock and unlock itself. One time, it would just be sitting out in the driveway and then the driver's side window would roll itself down.

Car is off. No one is in it. It just has this weird gremlin in the vehicle somehow that's affecting the electrical system. We couldn't get it fixed. Well, we also had – over time, we figured out that there was some kind of weird phantom load in the electrical system, some kind of probably a shorting system.

We had some problems with ultimately the car not starting. So I went through and the battery needed to be replaced, was able to replace that. Then we wound up replacing the starter and the alternator. We had gone through the whole diagnosis problem. I won't go into the details but we wound up replacing the alternator and the starter.

Well, then sometime later, a few weeks later, one morning I go out, start the car and it starts and then all of a sudden there's a horrible squealing noise and then kaput, nothing. So we start looking through this scenario and we figure out what had happened. Ultimately, we figured out that a piece of the housing on the side of the engine had broken off, this piece of aluminum.

It was a very expensive piece of aluminum and the whole engine had to come out of the car for it to be fixed. It was going to be about a $2,500 repair. That's a lot of repair cost for a not very expensive car. The temptation is to start adding up the total cost of all of the repairs and to say, "Well, I spent this and I spent that.

I spent this other thing as well." It's so easy to just start to think about, "Man, I spent all this money on this car. Do I have to make one more repair?" The problem is you can't think about the past repairs when you're making a new repair decision. You have to ignore the previous repairs because those don't matter at that point in time.

Now, we'll talk probably another time about thinking through that decision but the key is not to focus on the money that's been put into the repair. That's done. It's gone. It's spent. It's not coming out again. It's a sunk cost but to think about and predict the future condition of the car if you take and actually complete this repair.

So in my case, if the car were fixed for $2,500, the question was, "Would I buy it again?" And I decided that, yes, I would buy it again and so I needed to follow through and fix it. Now, I lead off with that example because it's an example that's probably happened to all of us.

It's also an example that can trigger a very difficult and hard to recover from financial mistake. What's the old joke that most car accidents happen on the showroom floor? I think that's changing as our culture becomes less car-centric but for most of us, it really does happen. You start to just be facing that issue of repair after repair and you say, "Man, I got to go and fix this thing," and you wind up going out and buying a new car out of frustration.

And so learning how to deal with the emotion and recognize the fallacies of thought is an important concept. So that's why I start with the car repair. But perhaps an example of investing might be a little bit easier. One way to think about investing, let's assume that you're investing in individual stocks.

Mutual funds is fine or any investment really can work it out. One useful mental process is to imagine every single night that somebody comes through and wipes out your account and all the money – and the stock is sold and your account has money in it. Now, the question is the next day, would you go ahead and buy the stock that you now own again when at midnight the account was wiped clean and you just had cash in the account?

Would you go out and buy the stock again? If you wouldn't buy the stock again, then it might be time to consider making a different decision. Now, obviously, there can be many different factors that could influence that decision. But at its core, it's as simple as that. If you wouldn't choose to buy that stock again or make that investment again afresh, if you had to do it over again, then you got to figure out how to get out.

Another example might be something like real estate. Let's say that you have a piece of real estate. It's worth $100,000. The question is this. If you had $100,000 sitting in the bank, would you buy that property again? It's just a way of flipping the decision-making process around to try to demonstrate and illustrate how do I actually feel about this.

Now, this kind of thinking, at least for me, can be both intensely difficult and intensely freeing. It's intensely difficult because you have to admit that you make mistakes, and that's hard for most of us to do. But it's also freeing because it allows you to recognize that when you do make mistakes, you can get out of your mistakes.

I think – well, I've heard one statistic I remember years ago when I listened to, again, Brian Tracy, who was the first one that introduced me to this concept. He cited a statistic years ago from the American Management Association which stated that 70 percent of your decisions will turn out to be wrong in the fullness of time.

Now, I don't know if the 70 percent is true or not. Maybe for me it's 80 percent and for you it's 40 percent. But certainly most of us find that in the fullness of time, many of our decisions are wrong or at least not the best for us over the long term.

And acknowledging that and specifically acknowledging a mistake, acknowledging that something that we've done is a mistake is very freeing because you're released from the tyranny of having to be right and then defending your decisions all the time. As soon as you recognize that you've made a mistake and that you wouldn't do something again if you had all of the information which you now have, then you have the opportunity to correct it.

Start thinking about how to get out of it and how fast to get out of it. The reality is we're all limited with a certain number of things that we can actually do in life. We all have constraints and we're all choosing among all of our available options. To continue citing Brian Tracy's work, I'll share with you a short excerpt here, four paragraphs, from the introduction to his book called "Focal Point." And he lays out the decision matrix that we all have.

Here's the constraint that we all face. He says this, "Essentially there are only four different things that you can do to improve the quality of your life and work. Number one, you can do more of certain things. You can do more of the things that are of greater value to you and bring you greater rewards and satisfaction.

Number two, you can do less of certain things. You can deliberately decide to reduce or discontinue activities or behaviors that are not as helpful as other activities or behaviors or can actually be hurtful to you in accomplishing the things you want. Number three, you can start to do things you are not doing at all today.

You can make new choices, learn new skills, begin new projects or activities, or change the entire focus of your work or personal life. And number four, you can stop doing certain things altogether. You can stand back and evaluate your life with new eyes. You can then decide to discontinue activities and behaviors that are no longer consistent with what you want and where you want to go." All of us invest ourselves into many, many things.

And again, we invest time, we invest money, and we invest emotion. But we have to step back and look at the things that we're doing consistently and ask ourselves that question. Knowing what I now know, is there anything which if I had the opportunity to do it over again, I would do differently?

So even if you've spent five years learning how to slalom ski, water skiing, slalom water ski, and you've gone out and you've bought a beautiful ski nautique and you've invested in a fancy new O'Brien ski and you're really into this sport, if you sit back and you realize, "You know what?

I'm kind of done with this," admit it to yourself and don't force yourself to keep doing it just because you've invested time and money and emotion into this sport. I found this over the past few years when I was involved with various nonprofit boards. And in the beginning, they were right for me.

And then as time went on, I asked myself the question and I had to admit, "If I were going to do this over again, knowing what I now know, I wouldn't choose to get involved with these specific boards." And I got out. The most difficult area to apply this in is usually going to be with people because one question is something like this.

"Knowing what I now know, if I were going to choose to be associated with this person," it could be in a business context or in a personal context, "would I choose to be associated with them or would I choose to be friends with them?" If not, consider how to get out and how fast.

With regard to finance, the application of this is infinite. What about expenses? Look at the stuff around your house. Sometimes I look in my closet and ask myself, "Knowing what I now know, if I were going to buy this shirt again, would I buy this again?" Now, interestingly, that's a different question than, "Will I ever wear it again?" Because most of the time, we would probably wear the shirt again if it's functional or at least we tell ourselves we would.

But, "Would I buy this again?" will help us to smoke out the real answer. If the answer is no, it might be time to toss it into the giveaway or sell pile. What about our job? "Knowing what I now know, if I were going to take this job again, would I do it?" Or, "Knowing what I now know, if I had the opportunity to do it over again, would I go ahead and start this exact business that I'm currently running?" If the answer is no, then the next question is, "How do I get out and how fast?" "Knowing what I now know, would I buy this car again if I had the opportunity to do it over again?" "Knowing what I now know, would I go ahead and buy this house again if I had the opportunity to do it over again?" That's one of the questions that I've been thinking about in my own situation and talking with my wife a little bit about over the last few weeks.

The house that we live in, the primary benefit of it, it was that it was extremely close, about four-tenths of a mile from my former financial planning office. Now, we really love the house. We love the neighborhood. But the primary motivator of buying this house was to own a house that was very near my job, allowed us to have a better lifestyle.

Now, I've been asking the question, "Knowing what I now know, if I were going to buy this house over again, would I buy this specific house?" Or even from a financial perspective, I think sometimes about the money that's held in the house with equity. "Knowing what I now know, would I go ahead and spend this amount of money on the house again or would I do something different with the money?" If you think about it, let's just ignore the emotions of it being my own personal house.

But let's say that I had a rental house that was worth $100,000. "Knowing what I now know, if I had $100,000 in cash, would I go out and buy this one rental house again or would I go and do something different?" "Would I invest in a local subway franchise or would I buy five rental houses and put $20,000 down on each of them?" Again, the answers can be almost infinite.

But ask yourself the question. Because just because something is done, just because I have $100,000 of equity sitting in my personal house, if there's something that I would do differently, again, this is the very challenging question, "If I had $100,000 cash sitting in my bank account, would I go ahead and put it into this house that I live in?" It's a tough question.

So apply this to the areas of your life and think through that question. Is there anything in your life that, knowing what you now know, you wouldn't get into again today if you had to do it over? Don't be scared of the answers. I find this to be a very searching question because what it does is it exposes a lot of the emotion and sometimes it takes time to come to grips with the answer.

So this was, for example, I'm just sharing my story. Not that you should copy my story, but since most of you listening are familiar with my story, this was a major contributor to my decision to close my firm and start Radical Personal Finance. Because knowing what I now know, if I were going to do this over again and build this business exactly the way that I built it, would I do it over again?

I decided I wouldn't. I would do something else. You're listening to the something else. So if the answer to that question is, "If I were going to do this over again, I wouldn't do it over again," then the question is – then the next one is, "Okay. Let me acknowledge that." Now, how do I get out and how fast?

The major point of the question is simply to expose to yourself the ability to think and to pull to the surface those hidden thoughts and those hidden desires that are often pressed down. But if the answer to that question is, "Yeah, there's something different I would do," then make sure that you're careful about how you make that transition.

I have a few thoughts to share with you, and we'll close out this show as far as making that transition. Number one, do your homework. There's no need to rush and do something stupid. Just because you've identified your thinking and recognized that you might need to make a change, that doesn't tell you what change you need to make.

So do your homework. You should probably follow through over time on the change that you've identified, but there's no need to be hasty about it. If you wouldn't buy the house that you live in again, then ask yourself what you would do, and then go out and look for what you would do and compare the options and look around and look at the market and try to figure out where you are in the cycle of the market and be strategic.

If you decide that, "Well, if I had to do this over again, knowing what I now know, I wouldn't take this job," don't necessarily march in and quit, but do think about what you would do and start moving in a different direction. Be strategic. Make a plan. Press forward on that plan and then continually ask yourself that question and other helpful guiding questions.

Make sure that you count the cost of any decision that you're going to make and factor that cost in. For example, let's consider the investment question. If you have switching costs in an investment decision, that is going to affect your decision and it should. You might, for example, have embedded tax costs, some sort of deferred tax liability that you – if you sell an investment, you're going to have to recognize some gain and that's going to incur a certain amount of taxation.

In that scenario, you might need to modify the question. Remember, the question says, "Knowing what I now know," so make sure you know what you know. So knowing what I now know, if I knew that I could have this investment but it were going to cost me this much to switch or I were going to lose this additional money, would I make the same decision again?

Would I do it over again? So factor the costs in. You might have surrender charges or there might be commissions or fees on a financial decision that you've made. Maybe you just bought a house or – I don't know. The one that – you just bought a life insurance policy and you're two years into the policy and there's no cash value in the policy.

Well, make sure that you do your research, but make sure that you factor in the actual costs. Again, if you bought the house and it's one year later and you don't have any equity in it because the market has declined and you've got a bunch of fees and commissions and expenses that you paid, if you would go ahead and put additional money in pay to get out of the deal, then pay to get out of the deal.

But don't feel like just because you've decided, "Okay, this was a mistake," that necessarily you need to sell today. Be strategic. Count the costs and factor the costs in. Don't let the emotion of having made a mistake be the only influence in it. Rather, try to cut away the emotion and look at the facts as they are today.

"Okay, this house wasn't a perfect fit, but knowing what I now know with things as they actually are, with the actual situation that I have, with the current scenario, would I do it over again?" Be careful. Count the cost, but don't let necessarily the cost control you. So, you've got to identify the emotion on both sides of the decision.

On the one hand, the emotion could be so great as far as, "Man, we shopped and shopped for this house and we looked at 65 properties and we thought this was the one, but now we're here and we recognize that this isn't the one, but I can't deal with the emotion of having to think about I'd have to look at another 65 properties, so we're just going to stick it out." That might not be the answer.

The answer might be, "No, we need to go ahead and recognize that this house that we bought wasn't the right decision for us, and so we need to move on to something else." But on the flip side, don't boomerang and say to yourself, "Well, this isn't the house, so I don't know what I would go to, but I'm just going to go ahead and get out." Be careful.

Also, obviously, consider the morality of the decision involved and be careful before bailing too quickly. Now, depending on your worldview, you may or may not choose to follow through on certain decisions that in hindsight you wouldn't make, and you might choose that just because it's the right thing to do if your worldview dictates that type of thing.

For example, knowing what I now know, I might not choose to borrow this money, but I've given my word of honor, so I will continue to work until the obligation is satisfied and my debt is paid. Not fun, but there might be a moral or ethical constraint that governs your situation.

Or knowing what I now know, I might not choose to work with this company or take this job, but I've given my word and a verbal commitment, so I'll continue to work here until my side of that bargain is reached. That's what happened to me before I got into the financial planning business.

I'd given a verbal commitment for a certain amount – it was about a year of additional employment, and about three months in, I knew I was like, "I do not want to do this." But it was important to me that I follow through, and you might find yourself in a situation.

Don't burn your bridges. Do what's right. Now, thankfully, I wound up being released from that six months early when the other side laid me off, and that was their prerogative. They didn't have an employment contract, and the verbal commitment wasn't necessarily them saying that they were guaranteeing to keep me going, so I was released from that arrangement.

But the important thing was by sticking to that, even in hindsight, looking at the actual facts and circumstances, because I stuck with my commitment to follow through on my verbal commitment – it wasn't even a contract, but it was an understanding – I came out of that the winner.

A couple months of severance pay, friends with everybody involved, many of – some of my former bosses became clients of mine as a financial planner, and was able to continue to build on that strong network of referrals and people who were willing to endorse me. Or what about this one?

Knowing what I now know, I might not choose to go ahead and take this business contract. I wouldn't agree to do the work that I've agreed to do because now I'm finding out that it's being done at a loss to me. But I've given my word, and I'll follow through and fulfill my end of the bargain, even though it costs and even though it hurts.

That one actually happened to one of my grandfathers. He wound up making an agreement. He was running a road-building construction company at the time, and he made an agreement to build a certain road. He and his business partner – his business partner wound up just deserting him in the middle of the deal, and the road-building contract ended up being a complete disaster, destroyed all of his equipment.

He finished the contract, and he fulfilled the contract, but he spent decades paying the debt back. I'm not sure the exact year of his age, but it took him until his 70s. I think it was 70s. It may have been early 80s until he finally finished paying back the massive amount of debt that he'd incurred.

It had put his – it had bankrupted his company, but he chose not to declare bankruptcy, but to follow through on the loan. I admire him for that. Not a popular decision, and I'd like to model that. Hope you're inspired by people like that, people that follow through when it's what they perceive to be the right thing to follow through.

I'm not saying that there's no place for bankruptcy court or no place for things like that, just saying that consider the impact of a decision, especially if people are involved or even animals. I have a friend and a former client who loved animals, and her big pet peeve was she couldn't stand it when people would get an animal and then not follow through to care for that animal.

They'd find out it was a little bit difficult to do that, to care for the dog or care for the cat, and then they would just abandon it. You wanted to get her going. That would get her going. So knowing what I now know, I might not choose to get this dog, but is it the right thing for me to do to keep it and to care for it?

Or knowing what I now know, I might not choose to enter into this marriage as quickly as I did, but I've entered into a lifelong union and I'll see it through. So think about the commitments and make sure that your decisions reflect the gravity of your actual commitment. Now again, you've got to filter that through your worldview.

I think that's important. If you can't get out of something, then the question would be how can you make it better so that you wouldn't want to get out? Sometimes just knowing that I can't get out can be fertile ground for the decision of how to make it wonderful.

Perhaps knowing what I now know, I wouldn't choose to buy this house again, but due to a variety of circumstances, I'm here, kind of stuck. And although I know that I could get out, I'm not willing to make that step. So now, how can I improve things to where I wouldn't want to get out?

Knowing what I now know, I wouldn't necessarily choose the fact that my parents need ongoing medical care. But now that I'm here, how can I improve things and improve their life so that their final years are as excellent as they can be under the circumstances? So just consider your decisions from all aspects of life.

I hope this has been useful to you. And as we go, I want to just give you a couple of practical questions. I recently answered on a Q&A show a question about journaling. And so with that as inspiration, I want to share with you a few potential journaling questions.

You should by now be able to repeat verbatim the overall question, which is simply, "Is there anything in your life that knowing what you now know, you wouldn't get into again if you had to do it over?" And if there is, "How do I get out and how fast?" But the key is to apply that to some specific situations.

So here would be some potential journaling questions and pick and choose from these. And if any of them are useful, hopefully it will help you to identify something in your life. So perhaps this one, write down three people in your personal life or three people in your business life which knowing what you now know, you wouldn't get involved with today.

Or write down three products or three services that your company is offering today that knowing what you now know, you wouldn't bring to market again. Or write down three expenses in your business life or in your personal life that knowing what you now know, you wouldn't start again today if you had to do it over.

Or write down three business processes or activities that knowing what you now know, you wouldn't start up again today if you were going to do it over. Or write three investments that you've made in the past knowing what you now know, you wouldn't make again today. And again, these could be areas of time or money and emotion.

They can be financial investments or they can be other investments. And then probably the ultimate one is if you've written some of those things down, choose one area and take action. Focus on changing it. And I think if you consistently do that, consistently write down different areas that come to mind, think through it without regarding the past sunk costs and rather just think about it afresh and then follow through on changing the things that you wouldn't do over again.

Ultimately, I think you'll get closer and closer toward your ideal vision in every area of your life. I hope this is a useful concept to you. I know for me it has been very useful but I'll tell you it has often been very scary. And sometimes I've been able to do it and sometimes I haven't been able to do it.

Sometimes I've just had to say, "You know what? I can't think about that right now." And I don't know. I'm no expert in this. I don't know all of the ways that it should be applied or not applied. Sometimes you got to be careful about making decisions too quickly.

Long-term decisions with a short amount of time of input oftentimes aren't particularly great. I think about that with regard to getting started in a new business or a new job. I don't think it would be wise if you're starting a new business or starting a new job to six months in, ask yourself the question and necessarily follow through because sometimes you just don't have enough information.

But on the other hand, sometimes you do. And then you can recognize in a few short months, "You know what? This is not right for me and I need to get out." And what's right in those situations, that's up to you. It's your life. You're responsible for it. But at least I hope this way of thinking can be useful to you.

Thank you so much for listening to today's show. If you've got questions on this, I'd be happy to answer your questions. You can feel free to connect with me. But what would encourage me most is take it and try applying it to your own life and then share some of the results with me.

I love hearing about those results. If this has been useful to you, think about becoming a patron of the show. I appreciate each and every one of you who do. A quick update for you. This is Monday, April 4. And at the moment we have a total of 169 patrons of the show who cumulatively are contributing $1,708.50 of monthly support.

As soon as we can get to $2,000 a month, I'm going to commission a new intro music. I would love to hit that goal. Tell you what. Do you think we could do it in the next couple of weeks? The major goal is to hit $6,000 a month by June 1.

That certainly seems to be far away, but of course that's your vote as an audience. But if we could do that in the next couple of weeks, that would be thrilled. I would be thrilled. So we're at $1,708 to get to $2,000. It would be awesome. So radicalpersonalfinance.com/patron and join the 169 other folks.

Thanks, guys. Thank you for listening to today's show. Please subscribe to the podcast with our free mobile app so you don't miss a single episode. Just search the App Store on your device for Radical Personal Finance and you'll find our free app. If you have received value from the content of this show, please consider becoming a patron.

Your financial support is how I pay the bills for the show and how I plan to grow our content. You can support the show with as little as $1 a month or as much as you feel the content is worth. Details are at radicalpersonalfinance.com/patron. If you'd like to contact me personally, my email address is joshua@radicalpersonalfinance.com or connect with the show on Twitter @radicalpf and at facebook.com/radicalpersonalfinance.

This show is intended to provide entertainment, education, and financial enlightenment. But your situation is unique and I cannot deliver any actionable advice without knowing anything about you. Please, develop a team of professional advisors who you find to be caring, competent, and trustworthy and consult them because they are the ones who can understand your specific needs, your specific goals, and provide specific answers to your questions.

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