Yep. It is understanding that the sunk cost fallacy is not just about business decisions but is also very relevant in our personal lives.
The freakonomics podcast did a great episode on the subject.
Hell, even Kenny Rogers wrote a song about it.
You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run
Poker player Annie Duke has a book on this, it’s worth the read.
Quit: The Power of Knowing When to Walk Away
This reply is as wholesome as the post that got it started.
While this is probably true, the unspoken assumption is that you have some kind of safety net that allows you to take that risk.
I would argue that: People who have the luxury to quit when things don't work out tend to win at life, not because they quit, but because they had the luxury in the first place.
Some of us quit even without the safety net
Is it stupid? Absolutely. I didn't have white hairs before I did that, stress was insane.
Did it work out? After almost a year, yes.
Was it worth it? Also yes
It's not necessarily having the means to do so immediately, but having the ability to make it work ANYWAY, and having the mental fortitude and strength of will to live through what can only be described as a living hell of stress
I'm aware there are many people that will never work for, but more probably can than they think
It's definitely important to know when to quit, but it's also important to know when to fight. For example, I'm in the tech industry working for a AAA videogame company. I could leave, but I'm in a luxurious position where I don't get harassed or put in dangerous situations. I also know that the rest of the tech industry is full of the same bullshit. So, I'm choosing to instead fight back and change the status quo.
Good luck, I hope you succeed. I know that changing jobs in the industry can be a case of out of the frying pan.
But personally, I have found that organisational culture is really hard to change.
So, I'm choosing to instead fight back and change the status quo.
Fight what? Why would you want to fight a luxurious position where you don't get harassed?
There are a lot of issues. I'm not personally experiencing harassment, but several coworkers have. We're way underpaid in the industry, we're especially fighting against RTO, and communication from management is awful. Retaliation is common. The company has been engaging in illegal union busting. We have a lot to fight against.
I have walked out of damn near every job I've had so far, always when they think that attempting to screw me is a good idea
"Oh, you're one of our best drivers, flawless record, history of cleaning up other drivers messes, and we even specifically called you to hire you back after you left because we knew we could trust you? We're gonna file this blown oil filter as an accident that was your fault, no raise for you this year"
Got into a literal shouting match with my ex boss after that one, holy fuuuuuck
Yup, it sucks being a genuinely passionate and hard worker, because that just means that inevitably, they're going to try and take advantage of you. And then you've gotta quit, because there's no coming back from that. It's happened to me twice and I'm seeing the early warning signs at my current job
cops if my quick
Money grows on tree.
People really underestimate how much the sunk cost fallacy can derail your life. Don't waste time. A year becomes 10 very fast.
A year becomes 10 very fast.
To quote those great 20th century philosophers, Pink Floyd.
And then one day you find.
10 years have got behind you.
No one told you when to run.
You missed the starting gun.
They also give the best reason to fight against procrastination:
Long you live and high you fly And smiles you'll give and tears you'll cry And all you touch and all you see Is all your life will ever be
To be fair, I have noticed this with people that I know that became successful. They were always super quick to turn the tables over in a neg situation. It takes a toll though.
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Is this a meme?
We are breeding an entire generation of failures. People who cant take any negative criticism and cant accept that sometimes they need to try harder. This 'just quit' mentality is toxic and degenerative.
Edit: To answer the guy who commented but erased their post. I wasnt talking specifically about the workplace. I was more broadly talking about picking something up and not sticking to it because reasons 1, 2, and 3.
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Hmm let's do the math real quick:
If I leave the table now, I'm garaunteed to lose $7,200
If I keep playing, I have a 50% chance (either I will or I won't) to earn a billion gajillion dollars.
But yeah, quitting is for "winners" 🤣🤣
If I keep playing, I have a 50% chance (either I will or I won’t) to earn a billion gajillion dollars.
Let me guess you were also a frequent visitor to wallstreetbets and other such fantasy subs...
If you’re doing it only once, pick whatever option feels right. If you’re in these situations all the time, you really got to read about expected value. Statistics and probabilities can be very counterintuitive.
