GoFaxer Blog

So you just bought a fancy new laser fax machine. And now you’ve heard about fax to email services that allow you to send and receive faxes, all through the internet. What do you do? Do you go with the new technology or do you stick with the old in the hopes of getting something out of your investment?

I recently read a great article by Liz Pulliam Weston about personal finance that inadvertently answered that question:

“Sunk costs” are expenses that have already been incurred and can’t be recovered to any appreciable extent. “Sunk cost fallacy” means an irrational belief that a further investment of time, money or effort will somehow resurrect the value that’s already disappeared.”

I hate to break it to you, but the money you spent on that new fax machine is a sunk cost. And if you continue to invest in the technology through paper, toner, and repairs, not to mention the time cost through using a less efficient technology, you’ll be feeding into the sunk cost fallacy.

I know that this breaks your heart to give up your fax machine, but I promise you that when you start using your Internet fax service all thoughts of your fax machine will disappear from your mind, You’ll start investing that hard earned revenue into services and initiatives where you’ll see a return on your investment.