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Win Big by Cutting Your Losses

Essentialism - Eliminate

Have you ever continued to invest time or effort in a nonessential project instead of cutting your losses? Have you ever continued to pour money into an investment that wasn’t panning out instead of walking away? Have you ever kept plodding down a dead end because you could not admit, “I shouldn’t have pursued this direction in the first place”? Ever been stuck in a cycle of “throwing good money after bad”? A Nonessentialist can’t break free of traps like these. An Essentialist has the courage and confidence to admit his or her mistakes and uncommit, no matter the sunk costs.

Nonessentialist

  • Ask, “Why stop now when I’ve already invested so much in this project?”
  • Thinks, “If I just keep trying, I can make this work.”
  • Hates admitting to mistakes

Essentialist

  • Asks, “If I weren’t already invested in this project, how much would I invest in it now?”
  • Thinks, “What else could I do with this time or money if I pulled the plug now?”
  • Comfortable with cutting losses

* Source: Essentialism by Greg McKeown

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