Sunk cost bias

Larry Janesky: Think Daily

We have a lot of stuff we don’t need.  We tend to value things we already own more highly because we have already spent the money on them.  We keep this stuff because we don’t want to “lose”.

But ask, “If I did not already own this, would I buy it now?”

If the answer is “no”, then get rid of it.

Simplify and make space.

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