Have you heard of the sunk cost fallacy? 

A sunk cost is the concept of “​​a sum paid in the past that is no longer relevant to decisions about the future” (definition via Wikipedia), or, more simply put, the money we’ve poured into something and cannot get back.

The “fallacy” part happens when we trick ourselves into thinking that all of the money we’ve invested into something justifies further expenditures. “I’ve already sunk over $17,000 into this business, and I can’t let that go to waste… might as well keep moving forward with it,” we tell ourselves. 

Or, “I paid $15 for this movie ticket, and I’m going to stay and get my money’s worth even though I am miserable and hating every second of it!”

Other, perhaps smarter, people may simply call this “throwing good money after bad”.

And of course, “money” here is interchangeable with any valuable resource — including our time, energy, blood, sweat, and tears.

There’s a point at which we need to consider whether it’s a better idea to continue investing in something or to cut our losses entirely and move on — whether it’s the 1992 Toyota that keeps needing more and more expensive replacement parts, the house that demands unending renovation, or the novel that we’ve spent the last 14 years writing (but maybe isn’t super great).

How do we know whether what we’re working on or investing in is “worth it”? 

How do we admit to ourselves that it’s time to move on, toward other, better, or more deserving things?

Words & warmth,

Sarah