I recall once holding on to a pair shoes that made my feet ache every time I wore them for no other reason than I paid a lot for them. In hindsight, it was pretty stupid. I only remember thinking, \u201cI need to get my money\u2019s worth!\u201d<\/p>\n
What about you?
\nEver stayed the course with something because you\u2019d invested so much into it, despite its increasing lack of progress, pleasure or both?
\nEver held on to something you bought (like a poor fitting jacket) because it was expensive?
\nEver kept reading a book or watching a movie right to the end, despite not actually enjoying it?<\/p>\n
If you answered yes to any of these questions then you\u2019ve experienced a phenomena psychologist\u2019s call \u201csunk-cost bias.\u201d It\u2019s our tendency to continue investing in a losing proposition because of what it\u2019s already cost us. Needless to say, we can all fall prey to sunk-cost bias because we\u2019re all innately loss averse. I mean, \u00a0let\u2019s be honest, who wants to take a loss or admit they wasted money, energy or years of their life that could have been better spent?<\/p>\n
Biting the bullet and acknowledging that our choice to invest in something (or someone) that is no longer serving us is difficult; sometimes agonizingly so.\u00a0It\u2019s why people stay in careers they loathe and relationships that leave them lonely. It\u2019s why \u2018smart\u2019 people stick with blindingly obvious bad investments for far too long, clinging on with blind optimism. It\u2019s why I kept those shoes so long and you likely have a few things in your wardrobe right now that, if you had the choice whether to buy them again, you wouldn\u2019t!<\/p>\n
\n\u00a0If you ever find yourself in a hole, stop digging.\u00a0<\/strong><\/p>\n<\/blockquote>\n
But here\u2019s the deal. If you ever find yourself in a hole, stop digging. Because investing more into something that\u2019s already not working, won\u2019t make it better.<\/p>\n
\nEvery day (or dollar) you spend on something that isn\u2019t enriching your life in some way, is a day you aren\u2019t investing in something that could.<\/strong><\/p>\n<\/blockquote>\n