We all aim to optimize our careers and make savvy decisions for personal and professional success.
Recognizing when to pursue versus when to quit is pivotal in achieving our goals. Sometimes, we sink time and resources into endeavors for too long or frequently change course.
🧪 My experimental and critical nature often leads me to seek maximum value in minimal time, obstructing deeper learning without extra effort in less prioritized areas.
Balancing persistence and adaptability is crucial. Understanding the following Fallacies has been enlightening:
⬇️ Sunk Cost Fallacy: tendency to persist with a project or path because of resources already invested, even when it’s no longer relevant.
🔄 Opportunity Cost Fallacy: quitting prematurely, overlooking potential future gains by focusing on immediate results.
Two guiding questions have been immensely helpful:
1️⃣ If I hadn't invested this much (time & effort), would I continue?
2️⃣ What's the minimum time & effort for the returns I want?
The Sunk Cost Fallacy taught me it’s ok not to persist with something when it is not relevant for me anymore, because past effort doesn't equate to higher value in the future or losing past gains. Conversely, I've been more prone to the Opportunity Cost Fallacy, learning that less value today doesn't mean I should quit immediately.
🕰️ Past Time/Effort Invested doesn’t mean More Value.
📈 Less Value Today doesn’t mean I should Invest Less Time/Effort.