7 – The Sunk Cost Fallacy Method - Deepstash
7 – The Sunk Cost Fallacy Method

7 – The Sunk Cost Fallacy Method

Have you ever felt like you have to do something only because you spent so much time and resources on it?

The sunk cost fallacy is the name of the psychological effect I just described. And you can use it to trick your mind into doing things.

But be careful – you will never get your time back. So, think twice about your priorities and where you decide to invest your time. If a task doesn’t give any returns, you better abandon it.

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cosminangheluta

Passionate about self-improvement, personal growth, finance, and creativity. I love to inspire people to become the better version of themselves. Author @ www.cosmopolitanmindset.com

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Humans are especially susceptible to the “sunk cost fallacy”—a psychological effect where we feel compelled to continue doing something just because we’ve already put time and effort into it.

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“Sunk costs” are money, time, or effort we’ve already spent and can’t get back.

Cultivate a habit of admitting your mistakes. Ask yourself: If the past didn’t exist and you’re just starting out now, what would you do?”

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We want to finish what we've started because of previously invested resources, even if it is better to quit and use our limited resources elsewhere for better returns.

What you can do about it:

  • Every decision has two costs...

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