I often think of the Freakonomics podcast from 2011 …
… “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. …
Jim VandeHei, founder of Politico and then Axios:
In 2009, I was recruited for one of the most prestigious and cool appointments in American journalism: to serve a nine-year term on the Pulitzer Prize Board.
Three years later, I quit. …
So, how do we know when to quit? Looking back over my decades of best quits, here’s how you know. If the position is…
- Life-sucking
- Energy-draining
- Time-sucking
- Brain-numbing
- Brain- or body-harming
Axios Finish Line: Be a better quitter
Rick McCharles 