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.