206: The Psychology of the Sunk Cost Fallacy: Why We Hold On and How to Let Go

A few months ago, I was talking with one of my new Inner Circle members. She said to me, "Katy, I joined your program because I can't keep living this way," and even though I knew I could help her, it broke my heart to hear that. 🥹 After beginning to work together, I quickly I realized the root of why she wasn't seeing progress wasn't a lack of willpower, lack of consistency or lack of strategy... NOPE. It was because (unbeknownst to her) she had a psychological bias called the "sunk cost fallacy" . Essentially, it's this idea that if you've already put resources (like time and money) into something, you should continue to invest in it (or KEEP it, in this case), even if you know it's not the best decision. This bias is known as the "sunk cost" fallacy because the resources you've invested are already gone, just like a ship that has sunk. And after taking my advice, which I also share with you too, in today's episode - her declutter progress skyrocketed. 🚀 I'm talking going from 0 to 100.  This is why I LOVE 1-1 coaching... Dialing into the roots AND providing people with tangible solutions they need to FINALLY get the results they deserve - there's nothing sweeter. If you, like her, are ready to dig deep, let go and create a home you love and that supports you, make sure to listen to today's episode and join me in my coaching program to get personalized support! https://www.katyjoywells.com/innercircle Cheering for you, xx Katy P.S. My 1-1 Coaching Program Is OPEN! Don't miss this opportunity to get direct support from me, conquer your clutter, and make this your best year yet. 💖