If any of these 5 signs are true of you, the sunk cost bias may be distorting your judgment. Consider taking these steps to evaluate whether or not you should cut your losses on some project and go a different direction.
- Talk to someone about your struggle who will maintain their objectivity and be honest with you.
- Play out the scenario if you did stop. What benefits would you gain? What new costs would you incur? What more productive project could you then invest your time and energy into?
- Were you to stop, who would you need to explain your decision to? How would you explain your decision? Might they actually respect you for making such a decision?
- Re-visit your values. Does the project align with your personal and ministry values and God’s call on your life?
How have you seen the sunk cost bias play out in your life or other people’s lives?
This article on the sunk cost bias originally appeared here, and is used by permission.
