Sunk cost fallacy

This is an economic principle which will help you make better decisions. A sunk cost is a cost you can’t get back, and this cost can be anything – money, time, resources etc.

Because we can’t get the cost back, it should not influence how we make future decisions. But the fallacy is that we include the sunk cost in our decision-making.

This happens a lot in uni. Getting a degree takes a LOT of time and effort. At graduation, your decision to choose a position should ONLY be framed by the future possibilities. You shouldn’t be factoring in the years spent gaining the degree, especially if you won’t enjoy it as a profession! You are succumbing to the sunk cost fallacy if you are limiting your career options simply because it’s taken a lot to achieve a piece of paper.

I have a friend that studied for 5 years to be a surveyor, and upon graduation, he decided to go into sales. He completely left surveying behind because he didn’t enjoy it, and he has loved the transition he has made. If he had decided to continue being a surveyor out of uni, he would have been miserable, and this could have lasted for years if he felt he needed to “do his time” as a surveyor to make up for his degree.

So when you’re in this present moment and thinking about the future, make sure that you don’t allow past costs to influence your decision.

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