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Don't Force It. It’s Okay To Start All Over Again 
Money Psychology

Don't Force It. It’s Okay To Start All Over Again 

Contrary to popular belief, starting over in your financial journey is not a sign of failure but a demonstration of resilience. This is true in all aspects of your finances where you might find yourself forcing it, whether it's sticking to an unattainable budget, holding onto a failing investment, or staying committed to a low-paying job. 

Life throws curveballs, plans shift, and sometimes, despite your best efforts, financial setbacks will occur. In these moments, it's easy to cling to what once was and resist the idea of starting over. However, what if you approached financial resets not as failures but as opportunities for growth and transformation? 

This perspective can encourage you to shed the weight of financial guilt and recognize that hitting the reset button might be the opportunistic move you need to make.  

Read Also: Are You Unknowingly Digging Yourself Into a Deeper Financial Hole? 

Why Do We Force it When it is not Working?

In your quest for success in your career, job, or business, you might find yourself entangled in situations where the existing path seems untenable. Despite facing evident challenges, there's a prevalent tendency to persist in the familiar, even when it's not working optimally. 

This persistence can be attributed to many invisible forces, such as fear of change, societal expectations, financial obligations, and the psychological comfort of the known. 

But what are the possible reasons you might resist changing course, even when it's evident that the current path isn't working as intended? 

The Sunken Cost Fallacy

The sunk cost fallacy describes the tendency to follow through on an endeavour because you have already invested time, effort, or money into it, even if the current situation suggests that the costs outweigh the benefits.

For this reason, the sunk cost fallacy can lead individuals to force things to work even when they are not. 

Recognizing that cutting losses early can be more cost-effective than continuing to invest in a failing project is the first step in overcoming the sunken cost fallacy. 

Sometimes, the sunken cost fallacy can be driven by other factors, including fear of failure and public perception. For example, you might be hesitant to pivot or close your struggling business because of internal pressure to continue to save face and maintain a positive public image.

Instead of forcing yourself because you have invested money and effort into something, take a step back and reevaluate the project's original objectives. Are they still relevant and attainable? Next, do a thorough and honest cost-benefit analysis and determine if continuing the project outweighs the current and future costs. Depending on your findings, you will know whether it's time to start over. 

Cognitive Dissonance

Cognitive dissonance refers to the psychological discomfort, tension, or anxiety that arises from holding two conflicting beliefs simultaneously. It can create an inconsistency in your thoughts and your actions. For example, you may know it is time to give up on a venture; instead, you keep forcing it because you fear starting over.

How do you know when you are stuck in a rat race due to cognitive dissonance?

When you are presented with opportunities for improvement or change, but you resist acting or making necessary adjustments. Or when you ignore red flags or overlook evidence that challenges your beliefs. 

To reduce cognitive dissonance, you may rationalize your decision to "force it" by downplaying the potential negative consequences or justifying it based on short-term gratifications. Ultimately, all this can prevent you from considering a fresh start.

Emotional Attachment

Personal finance is personal; most people tend to get attached or develop deep-seated emotional connections to their assets, investment strategies, and financial decisions. 

But emotions, especially in financial matters, can cloud your judgment. Fear of loss, the thrill of past successes, or sentimental value may overshadow your ability to see the bigger picture. This emotional cloudiness can lead to irrational persistence in situations that demand a start-over. 

While Emotional attachment to your finances isn't wrong, it can hinder you from making the necessary decisions to move forward. It can act as a set of financial blinders, limiting your ability to see when it's time to cut losses and begin anew. When making financial decisions, it is imperative that you acknowledge your emotions but also evaluate the situation objectively to arrive at rational conclusions.

Read Also: Why Saying "No" is an Essential Life Skill

The Opportunity Cost of Not Starting Over

Opportunity cost refers to the potential benefits you forego when choosing one option over another. This principle is particularly relevant when it comes to clinging to failing ventures. 

When you allocate resources—whether it's time, money, or effort—to a particular option, you're simultaneously forgoing the benefits that could have been derived from choosing an alternative course of action.  

When you channel resources into endeavours that are not yielding positive returns, you lose the invested resources and the potential gains that could have been achieved elsewhere had you started afresh.

Consider the case of Sarah, a 32-year-old accountant. She has worked in her firm for five years in a junior position. Despite her dedication and hard work, she hasn't received a promotion or a significant salary increase. 

Sarah knows her skills are undervalued, but the fear of leaving the familiar and finding a new job paralyzes her decision-making. The opportunity cost here is the high salary she might be missing out on by being hesitant and the potential for personal and professional growth that a new opportunity might offer. 

When faced with two hard decisions and you have to calculate the opportunity cost, consider assessing the potential long-term gains and growth in a new venture. 

Understand that "forcing it" may provide short-term comfort but hinder long-term development and financial progress. Determine if the future benefits you stand to gain outweigh the initial challenges of starting afresh and if those benefits cancel out the losses you count by starting over.

Read Also: The Four Causes of Financial Regrets and How to Overcome Them 

Embracing the Fresh Start

The Power of Adaptability

The ability to adapt, pivot, and start over can empower you to take control of your financial destiny. It allows you to make proactive decisions that align with your new values, aspirations, and financial goals. 

The fear of starting over often stems from the discomfort associated with uncertainty. However, adaptability sees uncertainty not as a hindrance but as an opportunity for growth and exploration. Starting over can lead to discovering new passions, skills, and opportunities previously overlooked.

However, adaptability does not mean impulsivity. It involves strategic planning and a thoughtful approach to change. Assess your financial situation, set realistic goals, and create a roadmap for the future. This strategic planning helps ensure that your decisions are purposeful and align with your long-term objectives.

Learning from Mistakes

To start over, you need to embrace a growth mindset that allows you to perceive past challenges as valuable learning experiences rather than insurmountable obstacles. You can extract valuable lessons from successes and failures by identifying what worked and what didn't. 

This reflective practice forms the bedrock of informed decision-making and can enable you to refine your strategies moving forward. 

But how do you learn from your mistakes?

Start by digging deeper to understand the root causes of your financial mistakes. Was it a lack of knowledge, impulsive behavior, poor planning, or external factors? Once you understand the root cause, you can fix it and move forward more confidently. 

Building Financial Resilience

If you are trapped in a financial rat race, recognizing the need for change and acting on it by starting afresh is the first step towards building resilience. It involves adopting a proactive and strategic approach to manage your finances, overcome challenges, and create a more stable and secure financial future. 

The first step to building resilience is to conduct a thorough analysis of your current financial status. Evaluate income, expenses, debts, and assets. Understanding where you stand financially provides a foundation for strategic planning.

Next, you need to figure out what you want your financial future to look like and draw up a plan on how to actualize it. 

Find Support

Finally, seek inspiration and guidance from individuals who have faced financial ups and downs. Connect with those who have rebuilt their lives after setbacks; inquire about their lessons and whether they would alter anything in hindsight. 

While the present may be challenging, connecting with those who have been in your shoes can help you get the morale you need to navigate through difficulties and emerge stronger in the future.

Read Also: 6 Psychological Issues That Could Be Behind Your Money Issues 


If you choose to start over, you should be aware that abruptly closing down your business, quitting your job, or changing your career can have effects on your financial stability. Therefore, it's vital that you assess the potential risks that would come with your decision and create a contingency plan.

Starting over may involve a period of transition that's full of uncertainties. This can cause you financial stress as you navigate the challenges of a new endeavor and come to terms with your decision to start over. During this time, practice self-care, seek support from friends and family, and consider talking to financial professionals if needed.

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Farah Nurow is an experienced Content Writer who enjoys writing creative and educative articles meant to provoke readers' thoughts. He loves sunny weather and thick books. You can connect with him on LinkedIn.

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