Learning About Learning:
⚓️ Sunk Cost Fallacy 101
“Sunk cost fallacy” means being reluctant to leave a situation you know isn’t right for you because of the time you’ve already put in.
Of course, you can’t get back time (which is where the “sunk cost” part comes in).
Here’s what it might look like in real life:
🎓 School —
“I can’t change my field of study now; I’ve spent 2 years doing this course. Even though I know it’s not the right path for me, I probably have to finish what I started.”
👔 Work —
“I can’t resign now; I’ve worked here for 10 years. Some things have improved, so the main challenges I’m facing now might also improve.”
👯 Relationships —
“I’ve been friends with this person for years. Even if we don’t have much in common anymore, we’ve known each other for too long to part ways.”
There are plenty of admirable and understandable reasons why people get caught in the sunk cost fallacy trap.
Emotional investment is a big one. The more time you spend on something, the more deeply it impacts you, and the harder it becomes to walk away.
So, what can you do to break free of this vicious cycle? We’ll get to that in just a minute. First, let’s explore why “backing out” of something is a skill worth mastering.
✌️ The Art of “Backing Out. Whatever your reason for wanting to back out of something, know this: it’s perfectly okay to change your mind.
In fact, “backing out” of something could be the best thing you can do for yourself.
Here’s a quote to put it into perspective:
“The longer you stay on the wrong train, the more expensive it is to get home.”
The more time you spend doing something that’s not serving you, the less time you have to spend on the stuff that truly matters.
Time is a finite resource. That’s why it’s important to recognise when something’s not working so you can get out as quickly as possible and give yourself that time back.
We know that’s a lot easier said than done, though.
🏃♀️ How to Change Direction Gracefully
Changing direction is a natural, inevitable part of life. Here’s how to navigate this process to preserve your peace and strengthen your self-confidence.
😅 1. Recognise when something isn’t working out
This sounds a lot easier than it really is. Plenty of things can stop you from seeing the truth, notably your own feelings.
Journaling is one of the best ways to cultivate the self-awareness and self-trust you need to recognise things that aren’t working.
Apart from that, the best advice is to trust your gut. If something doesn’t “feel” quite right, it’s probably not.
🕵 2. Explore your options and alternatives
Remember, multiple things can be true at once. Practice embracing nuance — this will help you make more balanced decisions.
When considering what you’re about to walk away from, ask yourself:
Is this a problem that I can realistically solve?
What will it take to solve this issue?
How much time/energy have I already devoted, and do I have enough left to see it through?
If I do decide to change course, what are my alternatives?
Your answers to these questions will guide you through to the next step. More insights and epiphanies will likely crop up along the way, so keep your heart and mind open to them.
Certain situations, like quitting your job, may require discretion. Explore your options on your own before sharing your thoughts or plans with anyone else. Seek support from people you trust to keep you in their confidence.
🎭 3. Plan & practice your exit
By now, you’ve decided it’s best to back out. Well done on taking this courageous step!
Now, it’s time to figure out your exit plan. Give yourself as much time and space as you can to finalise it.
If you’re communicating with another person, you may want to write down what you’d like to say or even practice saying it out loud.
Certain circumstances, like jobs and educational courses, may require you to complete additional tasks, like filling out forms or meeting with staff.
Whatever you need to do, remember: you can only control your half of any interactions you have with others. Staying calm, diplomatic, and graceful will always serve your best interests.