424 | One Day or Day One
The Minimalists
Understanding the Sunk-Cost Fallacy and its Impact on Decision Making
The sunk-cost fallacy extends beyond budgeting decisions and applies to all aspects of life. It involves the misconception that persisting in something to justify past investment saves resources, ignoring the opportunity cost. There is always a cost to every decision, and holding onto something just because of past investment impedes the freedom to pursue other opportunities.
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