Sunk Cost Fallacy

So you have been gambling for years and you not had your big break, or you have been working in a company for years that doesn’t value you or promote you, but you can’t quit. You can’t quit because if you quit, your time, money and effort invested will be a waste. This is because we are leaning on the sunk cost fallacy, you don’t want to leave an unproductive or toxic situation because you have invested a lot in it. This can be mistaken for giving up because, they look alike. Sunk cost fallacy is attached to less passion and tilting more on the cost spent, while giving up is losing passion and thinking there is no progress and won’t be any progress if you keep doing it.

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Most people that gave up on something they have invested and spent most of their time on gave up because they either lost passion for the thing or the thing started costing them more, be it mentally, physically or financially. But in sunk cost fallacy situation you unhealthily attach yourself to the situation because of how much you have invested and lost, that is your drive to keep going. This is bad, because most times you end up losing everything, some people get lucky, they win at the end, but if you notice, when they finally win, they run and never come back. Sunk cost fallacy most times don’t associate with passions, because if you have passion for something, the sacrifices made won’t be the reason you are there, rather the passion for it.

A lot of people find theirselves in this most times in gambling, they gamble lose, then gamble some more to see if they can recover what they have lost, then lose it again. The go back and keep gambling hoping they win back all their lost money because they don’t want to feel defeated by gambling, not acknowledging the fact that they have already lost from the first gamble.

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