Good day, readers!
Are you in a sunk cost trap? Find out, then set yourself free.
What’s a sunk cost trap? And what does it have to do with healing? I’m glad you asked!
According to Investopedia, sunk cost trap refers to someone’s tendency to follow through with an activity not meeting their expectations because of time or money already invested.
Earlier this week, a friend sent over a podcast recommendation, Choiceology – Episode 3 Summit Fever (thank you, Andrea!). It’s a quick 30-minute episode – great to listen to during a walk or while cooking a meal.
In it, host Dan Heath talks about the sunk cost trap. He unpacks the intense ‘lure to continue’ people experience everywhere, from auction houses to climbing Mount Everest. Sometimes the lure can lead to a lighter wallet, but other times the consequences are tragic.
While I listened, I couldn’t help but relate those circumstances to my own experiences in life and healing. How many times had I pushed to complete something simply because I had made a goal or more frequently because I already invested x-amount of dollars?
I’ll say it.
Your financial investment should not determine your commitment level.
This is especially true when making decisions regarding your health and healing.
Often we stick with a person or protocol far too long. Sunk cost is one reason why.
We are ever-evolving. It makes sense our healing journey would mirror that evolution.
So, when is it time to end a relationship with a therapist or coach? Should we ever cut our losses and exit early from a workshop or certification program?
Ask yourself these questions for clarity:
1. Does this (coach, program, etc.) align with my values?
2. Am I moving towards my goals?
3. What are my deal-breakers?
4. What are my more nuanced options?
5. What would a wise outsider do in this situation?
Michael Roberto reminds us of precious opportunity costs related to continuing with something or someone past its due date, “What opportunities are we forgoing because we’re continuing to pour money, people, and effort into rescuing this failing project?”
Your time is valuable. When you stay committed for the wrong reasons, you’re limiting access to who or what’s right for you now.
We can be both grateful for the gifts of old paths and ready to move towards what’s next.
If you don’t like the story you are in, you have the power to turn that page, write a new chapter, or start an entire new book.
Helen Marie
This post is your bit of encouragement to take stock and then bravely walk away from what’s no longer serving you.
Remember, you know best. Ultimately the wise outsider is inside you. It can be infinitely helpful to have another’s perspective, but you get to choose whether to stick it out, take a break, or fly the coop. Trust yourself – you got this.
Ready for the next steps? Here’s advice on how to break up with your therapist by Kim Troung, then read my post on finding your perfect coach (or therapist or healer). Happy reading, friends.
Stay curious,
Caroline
Caroline Exner is a Healing Conversationalist and Ceremony Facilitator supporting her clients on their journey inward. Find out more about her work or schedule a session with her here.
Feature Image by Fabian Blank. Cute piggy bank.
In-text image by Katie Harp. Money Styled.
Such a good point, I think we tend to commit and follow through when we actually spend the money on it. I do suggest you add more to your headline. It is falling short right now. May be 3 Fact about sunk cost and healing or Sunk cost and healing: What it means for you