If you’re like me, your e-mail inbox is probably overflowing right now with messages that talk about all of the things that you can do better and “fix” in 2014…Perhaps it’s a gym wanting you to come exercise, a financial advisor with advice on how to get your finances in order, a resort with an invitation to come relax and recharge your batteries… No matter what the directive, it seems like everyone has an idea for what your New Year’s Resolution ought to be.
Well, I’d like to propose something a little different for this year…instead of worrying about what you should be adding to your already busy plate, maybe you should be thinking about what you should quit??
The Freakonomics blog touched on this very topic in 2011, and I think that their message was spot on:
"To help us understand quitting, we look at a couple of key economic concepts in this episode: sunk cost and opportunity cost. Sunk cost is about the past – it’s the time or money or sweat equity you’ve put into a job or relationship or a project, and which makes quitting hard. 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."
Take a minute or two and reflect upon the different projects you have going in your life…are they truly serving your ultimate goals? And if they aren’t, can they be delegated? Can they be removed from your list completely? And what would you do if you were able to recover that opportunity cost spent on projects that aren’t serving your goals?
To me, it’s all about focus. Focusing intently on the strategies you can employ to meet your goals, whatever they may be. I'd like to challenge you to take the next steps, break through barriers, implement tried and true systems, and (where appropriate, of course) to quit those activities that are getting in your way.
To your success,
David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder of MPS, Founder and Senior Partner of Estate Planning Law Center
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