#53 The Freedom to Change Your Mind
In this episode, Roy and Catherine ask whether you can change your mind. Catherine can, but not when someone is trying to force her, because it’s her mind. She also admits she can get stuck, and links it to the sunk investment fallacy: the more you have put into something, the harder it is to let go, whether it’s an offering nobody wants despite years and money spent on marketing, or a 12-year relationship that has run its course. Her attachment is tied to what she has invested, but she points out that having invested a lot doesn’t mean letting go is wrong, and that it is wasting good money after bad to keep pouring more in. She warns that some influencers and business growth services will simply encourage people to keep spending on a business that will never work, while others will honestly tell you whether it’s worth the investment. Roy shares how this very show came about. Catherine sent him a voice message suggesting a podcast together, and his first reaction was that he had too much on his plate. Within minutes he changed his mind and suggested doing short episodes in batches, and that became Different Points. He says he has always been willing to change direction in business too, including when a partner doesn’t bring their A game, even after investing a lot of money, because the short-term pain is usually better in the long term. His advice is to use your intuition, your gut and your heart as well as your head, since the head alone can lead to the wrong decisions. Catherine closes with a quote from Timothy Leary: you’re only as young as the last time you changed your mind. Roy asks listeners when they last changed their mind, noting that some people stick to a decision even when presented with facts.
Timestamps
0:03 - Welcome and today’s question: the freedom to change your mind
0:18 - Catherine: sunk investment, attachment and knowing when to let go
3:01 - Roy: how Different Points started and changing direction in business
4:41 - Catherine: the Timothy Leary quote
4:59 - Closing thoughts and sign-off
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[Speaker 2] (0:03 - 0:17)
Welcome to episode number 53 of Different Points. I'm joined with my co-host Catherine Llewellyn and I'm Roy Gollan and the question today is the freedom to change your mind. Can you change your mind, Catherine?
[Speaker 1] (0:18 - 2:58)
I can change my mind but only if no one is trying to force me to change my mind. I don't like people trying to force me to change my mind because it's my mind, it's not yours. Yes, I can change my mind.
Having said that, I can get stuck on something and not want to change my mind. There's a term in economics, I forget what it's called exactly, it's to do with the more you're invested in something, the more you don't want to let go of it. I think it's called sunk investment or something, sunk investment fallacy or something, there's a special term for it.
If I put lots and lots into, I think this is a great offering I'm offering and nobody seems to want it but I've spent a lot of money on marketing and years developing it but no one seems to want it. I don't want to change my mind and let it go because I've invested so much into it or a relationship. Let's say I've decided this is a great relationship and we've been in it for 12 years and we've both invested loads and loads and loads into it but then it comes to the point where really it's time to move on.
I'm much more likely to hang on and not want to change my mind and let that go than if it was only three months long because of how much has been invested into it. So for me being able to change my mind is a lot to do with how much attachment I've got to it and that attachment is obviously very much connected to how much I invested into it already. So just because you've invested loads into something doesn't necessarily mean that letting go of it is a bad thing.
The other thing people call it is wasting good money after bad. You've put money into it, it's completely failing. You don't just keep putting in loads more money and actually this is an interesting one because these days there are a lot of influencers and people selling services to help you grow your business and make lots more money and some of those unfortunately will just try and get people to spend a lot of money with them to put lots lots more into a business which is actually never going to work.
Some of them do that, some of them don't do that, some of them actually look at the business and say yeah this is worth investing more energy and time and more marketing etc because it is a goer but not all of them do that and I think we can easily get caught up in that.
[Speaker 2] (3:01 - 4:41)
For me, can you change your mind? What I think of straight away is when you sent a message to me because we're working together, maybe the listeners don't know, but we've been working together for a good few years, we always get on very well and Catherine, we usually communicate with like if we're not on the call on WhatsApp, you know voice message with each other and you left a message saying hey I'd love to do a podcast together and everything and my initial response was yeah I'd love to but I've got so much on my plate and then when I kind of, I don't know was it five minutes or no I can't even remember, it was like then I changed my mind and I said but I could do it if we'd done something kind of short and done them in batches then I could do it and hence this is where different points came about so yeah and I've always been like that I mean even in business you know sometimes I think I'm going down this direction and I go no change my mind and you know there's times not just in relationships but business as well there's you know you think people are bringing their A game to the table you both kind of go hey we're gonna go along and create something and one person doesn't and it's hard because there's times I've invested a lot of money and you just have to go no change your mind and it might hurt short term but you know long term it's for the better so always change your mind and I think you have to go in with your intuition your gut feeling your heart tap into them your head sometimes actually makes you make the wrong decisions so use all your emotions the gut the heart the head and that way then when you change your mind it's usually for the better.
[Speaker 1] (4:41 - 4:56)
Exactly and I just remembered a really good quote about this Timothy Leary anyone who doesn't know who he is he was one of the early people who worked with psychedelics and a brilliant brilliant man and he did a quote which was you're only as young as the last time you changed your mind.
[Speaker 2] (4:59 - 5:43)
Nice excellent so what about our listeners when did you change your mind or do you change your mind because I know I know people they don't they kind of you know they're gung-ho like yeah this is I've said I'm doing this and they stick to it or a decision or you know they if we even talk about what happened in 2020 you know there's times people have this is my decision and even if somebody play puts the facts that everything was a lie I this is my decision so some people don't change their mind so that's just an example so let us know what you think I mean everybody's got their own belief system everybody's got their own thing nothing is right nothing's wrong everything's good and yeah give us a thumbs up five star rating share with your friends until the next episode take care
