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Marry K

Sunk Cost Fallacy: How to Avoid It

Business - B1-B2 | Intermediate Level

Description

In this session, we will learn about the "sunk cost fallacy" and how it affects our decisions. You will see simple examples from daily life, like money, work, and relationships. We will practice how to recognize this mistake and think more clearly by focusing on future benefits instead of past losses. By the end, you will feel more confident making smart choices without being trapped by past investments.

Questions list

1. Do you find it hard to throw away old clothes or things?

2. What is the most useless thing you ever bought?

3. Have you ever felt guilty about wasting money?

1. Why do people fall into the sunk cost trap?

2. How does emotion affect our decisions about sunk costs?

3. How can we remind ourselves that past money or time cannot be recovered?

4. What should we focus on when making future choices?

5. Can sunk cost fallacy happen in relationships? How?

6. Have you ever stayed in a job you didn’t like because you already worked there for years?

7. What strategies can help us stop wasting energy on bad investments?

8. How do successful people avoid the sunk cost fallacy in their lives?

1. Interact Freely

Get ready for an engaging 10 minutes where you'll receive valuable feedback from your tutor regarding vocabulary, pronunciation and grammar mistakes

Rules

Be kind and respectful to everyone.

No flirting! If someone doesn’t want to share their social media or phone number, respect their choice.

Let everyone have a chance to speak.

Please avoid smoking or drinking while talking.

Keep your camera on at all times.

Note: If you break any of these rules, you may be banned