The Quality of Our Work Is Affected by Our Student Debt
The sunk-cost fallacy looms large in our careers
Student debt in the United States, all $1.6 trillion of it, is second only to mortgages in household debts. Upon graduation, it feels as if we were immediately gifted a mortgage; house deed not included. But we are given a wealth of knowledge, which theoretically, will help us achieve success, or at least allow us to participate in a given field. What is rarely accounted for, is the blind adherence to the education provided to justify the houseless mortgage.
The sunk-cost fallacy looms large
How we make future decisions that can impact other people is influenced by our cognitive biases, with the sunk-cost fallacy occasionally taking the reins. The sunk-cost fallacy is investing time, money, effort, or all three into an endeavor simply because we previously invested time, money, effort, or all three, not necessarily because it will provide value. In the case of student debt, the bills we rack up affect our daily decisions beyond the development of a budget. The budgetary concerns are large, to be sure. On a grand scheme, the impact…
