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GOOD MONEY AFTER BAD MONEY .. when to draw the line

The recent news about withdrawal of Rs 2000 denomination notes has made the headlines with its own interpretation for rival parties, businessmen & the public.


Here, we are not weighing the rights & wrongs of the decision to introduce or withdraw these notes but to set the tone of discussion for something similar.


If someone is throwing good money after bad, it means they are trying to improve a bad situation by spending more money than reviewing the original decision.


But this happens mainly because authority breeds ego and makes it always harder to admit a mistake & therefore makes them instinctively defends the old decision.


The right way is to call a spade a spade, recognize the error, state your intention to rectify the same, salvage whatever's possible and go on to the new decision.


But the trick is knowing the point up to which you can review the old decision before a point of no return, beyond which more time & money are anyway wasted.


Decisions will always have to be taken anyway, since lack of decision can have consequences worse than the effects of a decision however flawed it may be.


THE SECOND OPINION will help you recognize the landmarks or critical points or turning points for any decisions where you can safely negotiate business survival.

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