I love to read books. For the longest time, I would read five books at a time, switching among each one depending on my mood. Over time, though, I felt like I wasn’t reading as much (not true) or concentrating on each book as much (somewhat true). So, I decided to force myself to read one book at a time and give it my full attention.

I’ve been satisfied with this strategy for the most part. However, when I decide to read a book and I end up not liking it after 20 or so pages, I feel terrible about wanting to give up on it. I fall into the old trap that I should finish what I started, that winners never quit.

You should embrace quitting, though. Learning when to quit can make you more successful in the long run. Here’s Stephen J. Dubner, co-author of Freakonomics, on the upside of quitting.

So I hang out with a lot of economists. (I know, you’re envious.) But there are two things they love to talk about that will help us understand quitting. One is called “sunk cost” and the other is “opportunity cost.” “Sunk cost” is about the past — it’s the time, or money, or sweat equity that you’ve put into something, which makes it hard to abandon. “Opportunity cost” is about the future. It means that for every hour or dollar you spend on one thing, you’re giving up the opportunity to spend that hour or dollar on something else — something that might make your life better. If only you weren’t so worried about the sunk cost. If only you could quit.

The “sunk cost” is what hurts us most of the time. It’s living in the past instead of the now or the future. It’s a cause of most of our worries.

These past couple of weeks, I started three different books that looked great. Upon reading, they were real stinkers. I started to worry that maybe I was quitting too soon, that I wasn’t giving the book its due. That’s absurd on one level, because a book is an inanimate object. But it’s more absurd that I worried about quitting something that wasn’t making me happy. I found myself in a worry spiral, and the only way to get out of it was to quit.

Dubner goes on to say:

Of course it takes tremendous amounts of time and effort and, for lack of a more scientific word, stick-to-itiveness, to make any real progress in the world. But time and effort and even stick-to-itiveness are not in infinite supply. Remember the opportunity cost: every hour, every ounce of effort you spend here cannot be spent there. So let me counter Napoleon Hill’s phrase with another one, certainly not as well known. It’s something that Stella Adler, the great acting coach, used to say: Your choice is your talent. So choosing the right path, the right project, the right job or passion or religion — that’s where the treasure lies; that’s where the value lies. So if you realize that you’ve made a wrong choice — even if already you’ve sunk way too much cost into it — well, I’ve got one word to say to you, my friend. Quit.

Exactly. Why continue when you know you’re going to fail? Quit and move on to something that you know will be more successful. Myself, I started to read another book, The Harvard Psychedelic Club. It’s fun to read, interesting, and, more important, it makes me happy.

How easy is it for you to happily cut your loses and move on as quick as possible? Or do you have difficulty quitting things?

(Photo credit via Flickr: Frits Ahlefeldt-Laurvig / Creative Commons)

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