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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Productivity Mastery: Conquer the Chaos with These 7 Simple Systems
cosmopolitanmindset.substack.com
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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
Tame the chaos! Explore 7 simple systems for productivity mastery. Unlock your full potential by streamlining your life with actionable strategies. Conquer the chaos and thrive!
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Similar ideas to 7 – The Sunk Cost Fallacy Method
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.
But the reality is that no matter what you spend your time doing, you can never get that time ba...
“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?”
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.
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