TOTALLY GEEKED!

Charls Schultz, the creator of the Peanuts cartoon series, once said that "no problem is so formidable that you cannot walk away from it." Although perseverance can be an admirable trait and is essential for all success in life, when taken too far it becomes self-destructive. People who let go of their unattainable goals experience higher well-being. Thus, sometimes failure needs to be recognized and celebrated as a victory. 

An important force biasing us against quitting is the notion of sunk costs—the time and effort we have already spent on a project. Sunk costs are those costs that are beyond recovery at the moment a decision is made. Consider membership in warehouse clubs (Sam’s Club) that cost $40 a year. The natural inclination is to continue buying stuff so that you can “recoup” the membership fee. The result could be overspending, even on things we don’t need (e.g., five pound barrels of pretzels or 48 packets of instant oatmeal). In this case, sunk cost is the motivation factor.

The sunk costs fallacy (link is external) encourages us to throw good money after bad. But resources are limited and we need to pay attention to opportunity cost—every dollar spent on one thing is not spent elsewhere. We cannot solve future problems if we are determined not to abandon today’s useless projects. Economists recommend always consider opportunity cost, but ignore sunk costs, in decision-making. Sunk cost is about the past, whereas opportunity cost is about the future. However, people tend to do the opposite. We have all experienced the influence of sunk costs or commitment in some form or another, such as investment of time or money in projects or doomed relationships. It is hard to let go. The deeper the hole we dig ourselves into, the more we continue to dig. In part, the act is a way to save face.

People who disengage from seemingly impossible goals are mentally healthier than those who stay entrapped. Researchers (link is external) point out that striving for goals that cannot be brought to completion leads to a host of negative outcomes, including negative affect, anxiety, and diminished well-being. Unfulfilled and failed goals from which a person does not disengage create rumination about the incomplete goal.

In short, one needs to be aware of the sunk-cost effect of continuing to invest resources in a goal pursuit that is failing. Dropping frustrating goals allows one to avoid achieving the impossible and use one’s limited effort and time more effectively. Giving up frustrating goals create opportunities. When we are overly focused on a particular goal or outcome, we become rigid and inflexible. This narrows our options and makes us feel more limited about our course of action.

https://www.psychologytoday.com/blog/science-choice/201504/the-advantage-quitting