We’ve come so far, we can’t go back now… (even if it is in the wrong direction)
Last week I found myself in a London taxi explaining Sunk Cost Fallacy. The taxi driver had been sharing his experience of studying doing lockdown, he started a degree as something to do, but didn’t really find it that interesting but was pushing through to try to finish it, even though he wasn’t going to use any of it in the future.
“Why don’t you just leave it?”
“Well. I’ve come this far, I can’t just leave it”.
Sunk costs are what has already been invested in an activity. It can be energy and time as well as money. Studying, relationships, non-refundable expenditure, and the one I hear most, careers.
Fallacy is found in thinking that you should keep going with something on the basis of all the effort and resource you've put in, but with no regard given for future outcomes.
“I studied for 4 years, I’ve trained for 3 years, I’ve got 7 years experience in this work… I can’t just through it away now”
It’s a common conversation when talking to people about carer change. They feel it’s a waste of the years before to now rethink their work now.
But it’s a Fallacy.
You haven’t wasted anything. You had your time doing what you did, and you got from it what it offered in that moment.
Your past does not wed you to your future.
Your past can show you what your future can be, but by helping you reflect on the good times, the bad times and what you want next. Not holding you to one path ahead.
If you catch yourself thinking ‘but I’ve come so far’ challenge that thought. You have come so far. But you have not come so far that you follow a future you don’t really want or enjoy. That path almost guarantees a sinking feeling.
Celebrate what has gone. Celebrate what is. Celebrate what can be.
But don’t get sunk in believing your past is all you are.
eleanor