THE DECISION SERIES: THE SUNK COST FALLACY

LIVING IN THE PAST

Is it healthy to ruminate, fantasize and live in the past at the cost of our present and future?

This is exactly what happens in the Sunk Cost Fallacy, where one makes irrational decisions based on previous investment/commitment of time, money and energy, rather than on the present situation or with considerations for the future.

Over time, this can result in negative impacts to our wellbeing and mental health through the increasing loss of time, energy and resources and the loss of potential opportunies due to our esculating investment/commitment to something that is no longer meaningful and/or fulfilling.

It can be a way of thinking that is insidious and gradually occurs subconsciously. It can also gradually occur consciously with many people being very aware that they are not making a decision that will benefit them in the present or the future but being unable to break free from the Sunk Cost Fallacy.

Examples of this include:
- staying in a relationship that is either unhealthy, doomed and/or unfulfilling
- continued investment into a hobby that you have already invested a lot of time and resources into even though you no longer enjoy or find the hobby fulfilling
- continued investment into shares, business, cryptocurrency and/or gambling that you know is failing or going to fail.

But why do people adopt this mentality whether consciously or subconsciously?

SELF-AWARENESS AND COURAGE

It takes a certain level of humility, courage and self-awareness to be able to admit when one has changed and/or have made a mistake/bad decision. It is a painful process and realisation that for many who even have the self-awareness, lack the courage and conviction to overcome the Sunk Cost Fallacy.

In a way, you have to go through the process of dying and being reborn to overcome this fallacy.

To be able to process and survive the grief of your past inadequacies and/or the death of your past self, while having the courage and resilience to overcome the anxiety and pain of being reborn and reforging your identity.

For many, they are aware but are overcome with anxiety. They would rather live in the past, a painful but familiar past, because it is human nature to find comfort in familiarity.

And while, the pain and grief may be avoided this way. The continued esculating investment of all our time, energy and resources, into things that are not healthy, meaningful and/or fulfilling will inevitable lead to the greatest pain and suffering.

A void of existence.

The death of one's present and future.