“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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Similar ideas to The Sunk Cost Fallacy
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...
The sunk cost fallacy keeps us invested in losing propositions:
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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