How the Sunk Cost Fallacy Affects Your Life Decisions

Have you ever felt like you should continue pouring money, time, or effort into a situation because you've already "sunk" so much into it already? Here are 8 examples of how this affects our lives.

How the Sunk Cost Fallacy Affects Your Life Decisions The sunk cost fallacy is a cognitive bias that makes you feel as if you should continue pouring money, time, or effort into a situation since you've already "sunk" so much into it already.   When falling prey to the sunk cost fallacy, we keep making decisions based on past costs instead of future costs and benefits. How can we know when it's time to walk away? READ NOW 10 Common Cognitive Biases That Distort Thinking READ NOW How the False Consensus Effect Influences the Way We Think About Others READ NOW NEW THIS WEEK Give Yourself Permission to Have More Fun Tune in to hear Dr. Mike Rucker share concrete strategies for creating time for fun and making everyday activities more enjoyable. LISTEN NOW Follow Now:   Apple Podcasts /  Spotify /  Google Podcasts Why Being Part of a Group May Reduce Our Sense of Responsibility READ NOW 4 Factors Influence How and When People Conform READ NOW PSYCHOLOGY 9 Little Habits That Make You a Better Decision Maker READ NOW How Your Brain May Trick You Into Conforming With Peers Against Your Beliefs READ NOW 4 Signs of Mass Hysteria READ NOW

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