Are you one of those people who always believe that in everything, all will be well eventually, you always give people and situations the benefit of the doubt. It doesn’t matter how much wrong you see you somehow still hold faith.
This could paint you as a good person who has a positive spirit of optimism, but when it comes to enduring toxic situations that’s where the problem starts, and that is what experts call the sunk cost fallacy.
In definition according to Very Well Mind, the sunk cost fallacy is a “Cognitive bias that makes you feel as if you should continue pouring money, time, or effort into a situation since you’ve already “sunk” so much into it already.” The publication explains that you feel this way even though you see that the best option is to leave the situation, you still feel compelled to start because of your investment in it.
Several relevant publications advise on how to overcome the sunk cost fallacy:
Reasoning: According to Wall Street Mojo, the first step in fighting the cost fallacy is reasoning. It is stated that by weighing out the facts and reasoning the situation, they can then see that leaving has more advantages than staying.
Seeking impartial advice: The above publication further mentions that “To make a rational decision, an individual should seek advice from people who are not emotionally involved.” This is because they can provide you with new insight and help you to a well-informed conclusion.
Accept change: Although change might be unsettling, you should be open to trying it out if it has the potential to improve your circumstances, states the Facet publication. “By acknowledging when a decision is no longer beneficial and adjusting accordingly, decision-makers can release sunk costs and focus on future possibilities for success.”
