Confronting Sunk Cost Fallacy
One of the biggest obstacles to starting in on minimalism is sunk cost--not wanting to get rid of something solely because we've spent money on it, even if it's something we don't like. Sunk cost fallacy is the financial equivalent to emotional sentimentality, and can hold new minimalists back from discarding the right items. How can I identify sunk cost fallacy? The phenomenon of sunk cost fallacy is a set of behaviors where we keep trudging along with an object long past its use or our interest in it, and we do so only because it cost us money. It's a trap where we artificially attach ourselves to items just because we had to pay for them. A good example is when you move to a new apartment or house and you take along the same box of assorted phone chargers, power adapters for other devices, etc., over and over again with each move. Those items cost money to buy, cost money to replace, and prompt a lot of "what if I need them one day?" questions. But in the e...