The Sunk Cost Fallacy And You
Start writing a post
Student Life

The Sunk Cost Fallacy And You

When holding on is more harmful than helpful, it's time to say goodbye.

100
The Sunk Cost Fallacy And You
Wikimedia Commons

Like any Millennial with a phone and steady access to wifi, I spend a lot of time on the internet, and in my 19 years, I've read a lot of relationship advice blogs in an attempt to feel like I have my life together. One of these blogs is Captain Awkward. It was there that I discovered something called the "sunk cost fallacy."

Tell me if this sounds familiar.

You're looking to clean out your closet. In it, you find a shirt you haven't worn in ten months. Man, this is awful, you think, why did I buy this? But you remember that you dropped $30 on this shirt, and so you reluctantly put it back in your closet with empty promises to wear it sometime, knowing in your deepest heart that that shirt is never coming out of that closet again.

Or, the most common question on aforementioned relationship advice blogs, which, with little variation, goes a bit like this: "My boyfriend and I have been together for a long time, but he doesn't respect me. He never contributes to household maintenance/plays video games all day/leaves broken glass on the kitchen floor because cleaning is a societal expectation he disagrees with/has no redeeming qualities whatsoever, and I'm not happy in this relationship anymore. But we've been together so long and I love him. What can I do to fix myself so that he respects me?"

The answer is almost always "Sweetheart, you can't. This guy is an actual hornet's nest in human form. It's time to let go." Followed by many, many comments by the letter writer defending their significant other and insisting something can be done.

These are examples of the sunk cost fallacy. In economics, "sunk costs" refer to payments or investments which can never be recovered. Businesses try not to take sunk costs into account when considering the future of the business, because it's even more harmful, economically speaking, to continue sinking cash into something that's going to flop. But humans are actually biologically inclined to avoid losses at all costs, which creates situations like cluttered closets of clothes you'll never wear or, more seriously, domestic violence victims remaining with their abuser because they've already spent one or two or ten years of their lives with them and they don't want it to be "worthless."

Listen. We only have one life. The sunk cost is an attractive fallacy, but one that ultimately traps us in routines we hate because we fear that we've "wasted" our time. There's a reason why "better late than never" is such a ubiquitous saying. Why fight to be happy later when you can be happy now: namely, by dropping the sunk cost fallacy and changing your life tomorrow, or today?

I'm not advocating wastefulness here, but mindfulness of what will make you happy in the long run. Are you hesitating to change your college degree, even though you hate it because you already sunk a year into it? Go to the guidance office tomorrow and see what sort of options you have anyway. Your two-year relationship is making you unhappy and multiple attempts to work it out have failed? Get out of there and find some new opportunities for love. Do you have a shirt in the closet you've been dying to get rid of for the last six months? Make some room for that rockin' new sundress, girl! Goodwill all the way.

There are things in life worth fighting for, but there comes a time where hanging onto the old is getting in the way of our own future happiness. Beat the sunk cost fallacy, and learn how to say goodbye.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
beer on the beach

Summer is hot and humid, and it's almost like summer was made specifically to drink the refreshing, cold, crisp wonderful, delicious, nutritious nectar of the gods. Which is none other than beer; wonderful cold beer. With summer playing peek-a-boo around the corner while we finish up this semester, it's time to discuss the only important part of summer. And if you haven't already guessed, it's beer. There are few things I take more seriously than my beer, in order are: sports... and beer. Here are my favorite summer brews:

Keep Reading...Show less
Featured

7 Reasons SoCal Rocks!

75 degrees and sunny, plus, no humidity. I mean do I really need to say more?

1124
woman in black and white long sleeve shirt carrying girl in red jacket in Venice beach
Photo by Jeff Hopper on Unsplash

SoCal summers are the best summers by far, and honestly, no argument is needed. But, if you aren't sure why SoCal summers are the best, here are 7 reasons why!

Keep Reading...Show less
Entertainment

25 Lyrics for Selfie Captions

Because let's be honest, we all use lyrics.

53577
woman takes a selfie for social media
Pixabay

Sometimes you can't think of the perfect caption for your Instagram post. I love using lyrics as my captions because there's so many great lines in songs that just seem to fit in the moment. Here are some lyrics that could work for your selfie or pictures of you with your friends!

Keep Reading...Show less
Entertainment

Bruce Springsteen's Top 7 Lyrics

Everything Bruce says in his classic rock songs.

20045
bruce springsteen album cover born in the usa

Anyone who was born and raised in New Jersey (or anywhere really) knows of Bruce Springsteen, whether or not they like him is a whole other situation. I hope that his hundreds of classic rock songs and famous high energy performances, even in his sixties he can put on better concerts than people half his age, are at least recognizable to people of all ages. Love him or hate him (I identify with the former) you have to admit that some of his songs and interviews have inspirational quotes and lyrics.

Keep Reading...Show less
Lifestyle

New England Summers Are The BEST Summers

Why you should spend your next summer in New England.

3841
Marconi Beach

Three years ago, I chose to attend college in Philadelphia, approximately 360 miles away from my small town in New Hampshire. I have learned many valuable lessons away from home, and have thoroughly enjoyed my time spent in Pennsylvania. One thing that my experience has taught me, however, is that it is absolutely impossible to beat a New England summer.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments