If you’ve never heard of “sunk cost fallacy,” I’ll take this opportunity to explain it. It’s a phenomenon that happens when you’ve invested in something so that you’re unwilling to stop pursuing that thing. Among gamblers, the idea is that if they keep betting another few bucks, eventually, they’ll win. They’ve sunk too much into their evening of gambling to walk away without a win.

Sunk cost fallacy isn’t just about gambling, though. It rears its head everywhere. You’ll see it in someone unwilling to sell a car they’ve invested a lot into because they won’t recoup the value. You’ll see it in managers who refuse to give up on a system that just isn’t working for the company, but they keep pursuing it because they’ve sunk time and money into that system and feel they can’t turn back now...

Podcast Notes: https://www.moneymakerphotography.com/the-dangers-of-sunk-cost-fallacy/

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