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That's the business term for a thinking trap that catches many of us.
I see it in my thoughts and I read it here.
Maybe I realize I'm thinking "I should keep that coat, because I spent more than $100 on it" --
but here and now, the truth is it doesn't matter how much I spent on it, because I can't change that decision.
Any decision I make now (to clean, use, keep, donate, sell) needs to be based on current factors.
And if I decide to sell it, than my accounts today will reflect some income today.

[of course, when I'm contemplating my patterns of behavior, it's fair to judge whether I buy the right things and to count how many coats I have accumulated)

Here's a friendly story about what I'm trying to describe
http://www.getrichslowly.org/blog/2011/08/09/sunk-costs-and-...

Economists say things like this:
"costs that have already been incurred and that will not change with any of the specific choices now at the margin should be irrelevant to one’s decision"
http://www.thefreemanonline.org/headline/sunk-cost

YeilB
looking at belongings with clear eyes
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