Anonymous
09/14/2023 13:27
Subject: Re:Help me break DH’s “sunk cost” mindset
Very easy. Tell him not to buy his coveted item until he reclaims the money for it from the sporting goods equipment.
Let him list the sporting goods for whatever price he wants. If it doesn't sell, his desire for the new coveted item will eventually encourage him to adjust the price to a price point where someone will actually buy it. Once he gets the $1K then he can buy the new coveted toy.
Let him list the sporting goods for whatever price he wants. If it doesn't sell, his desire for the new coveted item will eventually encourage him to adjust the price to a price point where someone will actually buy it. Once he gets the $1K then he can buy the new coveted toy.
Anonymous
09/14/2023 12:40
Subject: Help me break DH’s “sunk cost” mindset
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I'm struggling to figure out what this scenario has to do with sunk costs.
+1
In the future, OP, please stick to using terms whose meaning you actually know.
The stuff isn’t worth what he thinks it’s worth, so he won’t get rid of it. I thought that’s what it was? Am I wrong?
Like if I bought a dresser for $1000 and I no longer need it, but won’t part with it because the most I can get is $100 today, but I paid $1000 for it years ago, so it has to be worth more!
I apologize, I thought that was sunk cost! What’s the term I’m looking for?
That’s sunk cost fallacy
But, OP said it was if he sold it at bargain bin prices. Maybe he would get a bit more.
Sink cost fallacy is typically making a decision by favoring the money you already spent. So, you spend $50k on first year of law school, but you hate it and want to drop out. But, to do that means “wasting” $50k, so you spend $100k more to finish. Now you’ve spent $150k instead of $50k for something you didn’t want.
Anonymous
09/14/2023 12:30
Subject: Help me break DH’s “sunk cost” mindset
Anonymous wrote:^^ Why? Because it is SO tiring to sell your crap and realize you should have never purchased it to begin with. They would also need to clean it, take a nice picture, dig up the instruction manual that they never bothered to file, monitor the listing site, and wait around for potential buyers.
IF you want to be nice, assist with the selling. Your decision.
It is in fact NOT hard to sell things priced cheap. I find people fight over it.
Anonymous
09/14/2023 11:28
Subject: Help me break DH’s “sunk cost” mindset
^^ Why? Because it is SO tiring to sell your crap and realize you should have never purchased it to begin with. They would also need to clean it, take a nice picture, dig up the instruction manual that they never bothered to file, monitor the listing site, and wait around for potential buyers.
IF you want to be nice, assist with the selling. Your decision.
IF you want to be nice, assist with the selling. Your decision.