The Sunk Cost Fallacy: Time Does not Equal Value
Well all invest our time into things we believe in or at least want to be doing. It would be wonderful if this meant that what we invested our time inherently held value, and if that value increased with time invested. Sadly, that isn't the case. Let's talk about the sunk cost fallacy.
Your Time
Your time is the most valuable currency you have. Once spent, it's gone. No refunds, no take backs. Accordingly, you want to be careful about where and how you spend it. You, like most people, also probably believe on some level that investing it in something or someone grants it or them value on an increasing scale.
Sometimes, this is the case. Some people appreciate and reciprocate the time and effort you put into them. Some projects, hobbies, and pursuits become more rewarding the more valuable the longer you spend on them.
Unfortunately, this is not ALWAYS the case.
The Fallacy
We want to believe that we're never wasting our time. This is especially true when we've invested significant quantities of it over a long period of it. It can be devastating to confront the possibility that we have been wasting our time by investing it in something or someone that is not worth it, not working, or otherwise not viable.
In these cases, many people will fall into the sunk cost fallacy. They will argue that based on the amount of time and effort they have put into this, they "can't stop now," or "might as well see it through." This is a falsehood. Having sunk a large amount of time into anything does not inherently make it valuable or correct. On the contrary, the more you have put into something, the more crucial it is to recognize when it is no longer worth it to do so.
The Difference Between Avoiding Fallacy and Giving Up
None of this means that you simply give up when things get difficult. One of the pillars of this community is facing challenges and hard work head on, and recognizing that it is through them that you grow stronger.
There is a significant difference between backing down from challenge and growth vs. cutting your losses. You need to have the honesty, conviction, and humility to both recognize and admit that difference.
In the end, you need to decide where the tipping point is. You can and should listen to those around you and be willing to be checked. Any of us can get tunnel visioned and lose sight of this difference. But only you know for certain when it is time to cut your losses, do things a different way, or even abandon the time sink altogether.
Making the Change
This is a difficult decision to make, and that's why you need to be ready to make it. If you even suspect you're falling victim to the sunk cost fallacy, take a hard look at your situation. Evaluate everything, including the impact of this situation on the rest of your life and those around you. Consider whether or not you are working "harder not smarter." Cliches are cliches for a reason: they tend to have some level of validity.
If you do find that you need to make a change, don't wait. Don't make excuses. Make the call, and take action. Tear off the band-aid. Break off the relationship, change the method, leave the job, or whatever it is you've realized you need to do. Every moment you spend in the previous state now is time you are stealing from the new solution and yourself. The sooner you make change, the sooner you can adapt, heal, and improve.
What Changes Have You Made?
As always, I want to hear from all of you. Tell us about the difficult changes you've made. Tell us about a time when you've realized you were falling into the sunk cost fallacy and made the hard choice, the choice to change.