Recently I got rid of some perfectly good jackets, shirts and vests that I purchased during the last 3 years. As much as I like getting rid of stuff, I’m frugal at heart and despise wasting money. And I spent good money buying all of these high quality items – not that long ago.
I’ve felt this way many times before like when I sold my truck, when I sold my house that I bought during a real estate bubble at a $50K loss and when I sold my trailer after 2 months for a $4K loss.
Ugh. I hate that.
But what I learned from Mr. Money Mustache many years ago was that I already took the loss when I bought whatever it is I’m hanging onto to avoid feeling the loss.
My money was already spent.
Now the only decision to make is how long will I hold on to something that no longer suits me? How long do I want to look at it? Feel bad about it? Ruminate about how I should have made a better choice?
I always feel like a weight has been lifted off of my shoulders the moment I get rid of something that no longer serves me. I have never regretted it.
Even so, that sunk cost fallacy and feeling is so strong that every once in a while, even I need to push myself to do it.