Sunk cost fallacy is the thought of if you have already
invested (time/money) in something (car/video games) that you should continue
to put investment in it regardless of if the situation may be pointless or a
waste of your time. I have seen this from people around me do anything from
collecting something that isn’t worth money to cars like I have experienced
myself. The thought of people continuing to put money into something is mind
blowing because of how bad the economy is anymore and you see people end up
wasting a lot of time and effort. This could be a large part in the whole
lesson learning in life however I am sure that almost everybody does something
that is in regard to the sunk fallacy cost.
I have experienced this myself when I got back to Hawaii from
my deployment because instead of me buying a new car, which I could have, I went
with buying a 2004 Cadillac DTS. I had been in love with the car for many years
leading up to when I found one that I liked and wanted and my ignorance lead me
to buy it for cheap even with the pre existing issue going on. I had dumped
over six thousand dollars into the car over the two and a half years I owned
the vehicle. I wanted nothing more than to have the vehicle set up and made the
way I wanted it to be ideally and instead of cutting ties with it like I had
been told to consider I learned that a lemon is a lemon.
Due to the experiences I have had with this factor I found
this part of the chapter to be the most significant to myself and probably many
others we have these kinds of lessons to show how much we can be dedicated to
something regardless of where it will leave us.
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