Kristjan Vingel

Cutting your losses: don’t read books that you don’t like

November 13, 2019

I used to have a mindset that when I pick up a book to read, I have to finish it - even if I don’t like it. Don’t do that!

Don’t read books that you don’t want to read. If you start a book and half-way through, you don’t care about it anymore, then just drop it. Life’s too short to read books you don’t like.

There’s a great book, “What I Learned Losing a Million Dollars by Brendan Moynihan and Jim Paul” where one of the authors describes how he held on to a poor investment decision and refused to cut his losses. He did that mostly out of his pride and arrogance. Needless to say, he lost a lot of money and went from “hero to zero.”

The main financial point of this book is simple: There are many ways to make money, but only one way to stay wealthy - don’t lose money.

So, there’s no point in holding onto things that don’t benefit you or your endeavors anymore. Sometimes, it’s a wise choice to cut your losses (invested time, money, energy, etc.) and move on. Holding on will increase your losses even further.

KRISTJAN


This is the personal website of Kristjan Vingel. He likes to code and write about self improvement.

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