Justin Wright

Monday Velocity - When to Quit

publishedabout 1 month ago
2 min read

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When to Quit

I'm the first person to knuckle down and put as much effort as possible into something. Quitting is not something I take lightly, and also something I actively avoid doing. In general, I think people give up far too early with most endeavors in life.

There is a downside to this mentality, however, that can negatively affect your decision-making ability. For those hard-chargers and "never give up" people, the sunk cost fallacy can be detrimental to long-term success.

Essentially, this fallacy clouds our judgement by giving undue weight to the cost and effort we have already put into something. Let's say, for example, that you've spent 5 years at a job you hate. When deciding whether to leave and try something new, we tend to overemphasize the time already invested. "I've already been here 5 years," you say to yourself. "If I leave now, that time is wasted."

Ripping the bandaid off saves us time, effort, and pain down the road, but we often don't see it that way. This happens frequently with investment decisions. A company reports bad news and its stock price plummets; instead of selling at a small loss, we stubbornly hold on and hope that the price will rebound. We're already "pot committed" as some would say in poker. What happens, more often than not, is the stock continues to drop, increasing losses.

It can be difficult to admit we were wrong , especially when we feel that we have put time, effort, money, etc. behind our initial decision. The problem isn't what has already been lost, it is the additional losses we can incur should we stay the course and not adjust.

When making decisions, look to see whether you are exhibiting the sunk cost fallacy. Are you holding on to things that no longer serve you simply because of the time and effort you've already invested? You can't do anything to get that time back, but you can certainly save yourself from wasting more of it!

Hit List

The most interesting things I've encountered this week

What I'm reading: Moonwalking with Einstein by Joshua Foer

After the memory discussion last week, one of our lovely readers responded with this book recommendation. I had completely forgotten about it, so I wanted to share it here. This book dives deeper into many memory techniques for those curious. (Also, if anything I write reminds you of a book, podcast, etc. that is relevant, PLEASE respond and let me know!)

What I'm also reading: "How Schools Promote Fixed Mindsets and Prevent Growth" by Justin Spears

I'm a firm believer that the current education system is broken and technology will disrupt this system eventually. There are already successful startups like Synthesis School which are building new ways for children to learn. This article touches on many problems with the current approach, and paves the way for how some of these problems can be solved.

My new favorite bag: Nutsac Sling

First off, this is not an affiliate link, and I am not endorsed by this company in any way. I needed a durable bag to wear on set that could hold notes, pens, markers, tools, my iPad, etc. So far, this bag has exceeded my expectations and has several thoughtful design elements. It's certainly not cheap, but is well-made right here in the US.

Quote of the week:

"What will happen if I don't do this?" - James Clear

This quote is a gem from James Clear's weekly newsletter. We tend to create undue stress for ourselves by assuming that everything we put down on our ToDo list needs to get done, or else. Next time you are overwhelmed, go through your tasks and ask that question. You'll be surprised how many annoying things can be completely eliminated with no remorse.