It’s okey to be wrong. Sunk Cost fallacy we’ve all done
I saw a YouTube video clip, posted on an American friend’s Facebook, Joe. About making a wrong decision, and stay with something wrong because you invested in it. About Investing in Sunk Cost, Sunk cost fallacy. In personal life, politics and business. Well worth the watch!
I felt my own comment to Joe’s post on Facebook could do for a blog post as well. Because I too have adhered to do wrong things, and having to admit it, turned around. And survived. In business and personal life. It’s hard, but it’s not so scary as you initially think it is. It’s refreshing and energizing and give you powers to do right.
He, the guy Beau in the youtube clip is totally correct. I hope its not to late to make the change to do the right thing. Scary with us humans, is we have a short memory. Maybe it’s part of our survival kit in the mind. To not dwelve, to move forward. And so we forget what bad we did or someonelse did. To survive. This guy is right. And he’s political insight in this is correct. Some will never move away from wrong, even when they know it. It becomes prestige. A way of being. People invested so much in something, and the people they connected with became a sort of family, group of friends. And they got a feeling belonging to something.
And if they admit they were wrong, they will risk losing all that new found family and friends and sense of belonging to that something. So they continue banging their heads, shaking things off. The real friends of that group will accept it and respect you. Others will haunt you and call you names. It will pass, even if it feel like a horrible storm.
Refusing to accept what is right, because it would risk making them feel as if they would have to admit, to apologise or something in that line that they made the wrong decision. It has become like a sect.
The second they admit to be wrong, they will lose everything they felt they gained. Friends will no longer be the friends they got. Especially difficult if you didn’t have many or any to begin with. And they are scared standing alone. To be left behind, lonely.
But the day they turn around and accept having been wrong, and accept losing everything – like leaving a sect that became their family, a bad business decision or political conspiracy that they know is wrong – they will gain new family and friends and feeling of belonging. They won’t be alone. If it means they have to leave physically, then do.
There is no good in being in something clearly wrong. In the midst of everything it’s always easier to do bad things. It’s easier to hit and run its easier to be aggressive.
It’s easier to be mean, to be angry. It’s easier to hit someone and easier to call someone names and backstabbing. It takes more of a man, a woman and what have you to think to do better. It’s harder to do halt. It’s harder to do the right thing. It’s harder to think many steps and understand under pressure cause and effect.
The guy in the videoclip talkes about not electing Trump again. It is also said, as a reflection seeing how Trump acts during the Corona pandemic situation.
So, Joe, What I prefer with our Swedish government and government health agencies strategy in the Corona pandemic for instance is that they didn’t immediately panicked. And then shut everything down. Instead they made a series of bold decisions on what to do now, and what to do to stay a course over months, maybe a year or more. And to think of how it will affect the entire society and people in it. And not only think now, but also on how our society will look like in 5-6 years from now. If it turns out this was wrong, then they in Gov over here have to be wise enough to admit and do the right thing. Time will tell.
The guy, Joe, is right. And he is good. Focused. Impressive. I wish you in America to stay safe, be safe. Survive this Corona and elect a new president, yes. Its time for good to take over again. Its time we have good life’s again.
It’s okey to be wrong as long as long as you eventually do the right thing. In business, personal life and politics. Be nice, be caring. Be smart.
More reading on Sink Costs
Stefan Lindblad
Illustrator
