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The Sunk Cost Fallacy – Let it go! –

In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future.

Sunk costs are everywhere. We have sunk costs in relationships we cannot leave, jobs we no longer find rewarding, houses we can’t afford to sell for less than top dollar, clothes that fill up our closets and attics, and junk that we collect. When we say, "I can’t throw that out because I paid good money for it," we are honoring a sunk cost.

Discover the many ways the sunk cost fallacy infiltrates your life and what you can do to avoid falling. Say you’ve planned to go on a picnic and the weather is.

In reality, that money is gone, and the decision to stay or go should be based off of whatever will bring. argument for re-signing him or letting him walk without using the Sunk Cost Fallacy. If.

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The Sunk Cost Fallacy – Let it go! Success in the area of personal finance is much more about behavior and habits than it is about math or head knowledge. Sometimes the behavioral aspects are pretty obvious, like using a budget, living on less than you make, and getting out of debt.

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It’s not wrong to let scheduling be a factor in decisions about whether or not to continue a difficult conversation that is escalating badly or really falling apart. But it is the stuff of sunk cost.

Reading Time: 5 minutes The Sunk Cost Fallacy – Let it go! Success in the area of personal finance is much more about behavior and habits than it is about math or head knowledge. Sometimes the behavioral aspects are pretty obvious, like using a budget, living on less than you make, and getting out of debt.

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