The term sunk cost refers to the resources we’ve invested into a project that cannot be recovered. And the sunk cost fallacy is our reluctance to abandon a project because we’ve already put in so much. This mistake can cause us to spend more money, time, and effort on a piece that we have no pleasure working on and with costs continuing to add up. 

A common sunk cost fallacy I face is when I start a book and feel the need to read it cover to cover. The thing is, if I’m reading something that I don’t enjoy or get value from, I’m not reading something that can actually benefit me. Persisting through isn’t the best use of my time and energy.

Sunk cost is more painful when it comes to writing. Writing takes much more effort than reading, and therefore, we invest so much more of ourselves into it. I have written so many stories that I kept tearing them apart over and over again trying to make them work. I tell myself one more time, revise it once more and see what happens. At some point, I question why I’m still working on that story. I have a million ideas in my head that I want to get to. When is it time to move on to something new?

Internally, there is a constant battle between reducing sunk cost and persistence. Whenever I return to a project I’ve invested a lot into already, I ask myself why I’m working on it. Am I working on it because I’ve already put in so much work, or am I working on it because I still believe in it? It’s not only a matter of mindset; it’s a matter of prioritization. Is it important for me to keep watering a plant that won’t grow, or is it worth sowing new seeds? 

Managing sunk cost is desperately personal because time is so valuable to us. We cannot get more, no matter how hard we try. Investing in the wrong areas can end up killing us slowly. It’s easy to look at our writing and think, “Oh my god, I’ve wasted my life.” But remember, time was going to pass either way. And it wasn’t all wasted. Now you have a few drafts, a snapshot of your life. Go and do something else if that is what you want, but dwell on the sunk cost. You’ve brought it here, it exists, and you can always come back to it when the time is right. 

Whenever I’m debating whether to abandon a project—especially a significant one that would only cost me more and more time—I remember all the expensive Hollywood projects that don’t see the light of day. Production companies would often develop a pilot episode to test whether it has any viability in the market before they make more. That is because the networks want to make something that audiences would watch and, more importantly, be profitable if they were to make more episodes. 

One recent example is The Game of Thrones spin-off called Bloodmoon. This prequel was supposed to take place 8,000 years before the events involving Jon Snow and Tyrion Lannister—and cost $30 million to produce. Yes, $30 million. 

How could HBO abandon such an expensive project? The Chief Content Officer said that the show would require more innovation. Bloodmoon didn’t simply require scripts, actors, and cameras, it required the whole network to figure out how to make it—and then make more. Additionally, this new show had a different feel from the original, which required more setup and may not appeal to some returning viewers. The risk was huge. Who knows how it would have all played out, but HBO decided to focus their attention on House of the Dragon. Which, in many ways, was a safer bet. 

That’s how I see my projects now. I work on something, get it to a point where it’s good enough to show someone, and then send it out on a test—like a television pilot. When it comes back to me, with whatever feedback attached, I decide whether I want to take the gamble of revising it or focusing on another project. While it may be frustrating to be losing constantly like someone on a cold streak at a roulette table, I find joy in always having chips to make another bet. 

Regardless of what project I’m working on, I’m grateful to be able to play the game. Maybe I won’t bet on the same horse every time, but it’s reassuring that I still have the time and money to do so. I can manage my sunk cost while persisting. I’m doing both. I’m HBO trying to make six different Game of Thrones spinoffs at the same time to determine which one to invest in long-term. It’s nice to know that one day I can make $30 million decisions around my work, but today, I just need to decide whether I want to put my novel on the shelf or return to it for another edit. 

I’ll leave you with this. Whether you want to keep going or abandon your work, there is a quote, often attributed to Leonardo Da Vinci that really helps me, and it goes: Art is never finished, only abandoned. 

I like it because, eventually, you’ll need to stop working on everything. So don’t feel so guilty when you abandon something. It’s bound to happen in one form or another. 

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