Many people don’t know about the Sunk Cost Fallacy. We often fall into both dilemmas when it comes to making decisions. When we have to choose between two options, we suffer from indecision. Sometimes we accidentally make decisions that hurt us both ways.
Let’s understand this with an example. Suppose you book a ticket for a trip to Italy. Your flight is tomorrow. Today you suddenly became very ill. What do you decide now?
You have two options. If you want to travel to Italy with a sick body, you will not enjoy it. Your body and mind will not cooperate. Maybe you don’t have the energy to move around for a long time.
On the other hand, if you think about the illness, then you have to accept the financial loss. Because you have already booked your ticket to Italy. You are unlikely to get the money for that ticket.
You can argue that your health comes first. There is nothing to do if the ticket money is wasted. If you mistakenly make a decision here that hurts both sides, it can be called the sunk cost fallacy.
Suppose you sit down to watch a movie. You Watched for 40 minutes, but you are not enjoying it at all. You still want to watch the movie till the end. That means the time you gave earlier is a loss and if you watch more later it will also be considered as a loss. But you will watch the movie till the end.
That is, we are damaged by thinking about various aspects of the past. Despite that, I read about it. The solution is to get out of the job if you realize that you will suffer in time and money in the future.