Quitting isn't always losing

Persistence is a skill crucial to the path of achieving your goals. In the face of constant setbacks and adversities, one must stand their ground and just move forward. However, persistence is much more nuanced especially when building wealth. Sometimes, quitting is also necessary. You can’t run a deteriorating business and expect to continue generating income. You can’t get a negative or barely measurable return on investment and expect to become a multi-millionaire.

There will come a time when you would have to choose whether to double down in grit or quit. In the moment you are stuck between these two choices, you can ask yourself two simple questions: “Is it working?” and “Do I still enjoy it?”

The first question relates more on the financial side. If the direction you’re headed isn’t going to help you become a millionaire, then it’s time to quit. Is the path you’re on right now going to deliver the wealth you want, in the time you want? If your answer is no, then you’re going to have to make a change or quit entirely. In order to come to a more definite conclusion to this, proceed to the next question. 

There’s more to life than money. Doing something you hate for a long time won’t make you a successful millionaire. Your enjoyment of the process is important to the equation too. Obviously, if it’s working and you enjoy it, you should definitely go for it. If it isn’t working and you don’t enjoy it, you shouldn’t. The issue lies in the middle. Ask yourself, “What is the best possible outcome? What is the most likely outcome? What is the worst possible outcome?”. Of course, you wouldn’t want to quit something you enjoy doing that can also still be fixed. But what if you don’t like it, or it can’t be fixed? Then it’s time to do what smart millionaires do and quit.

Once you are faced with this dilemma, you will realize that there is a lot to unpack not only in the technicalities involved in your business, but in yourself as well. Persistence and quitting are both not optional in the path to building wealth. There are times when you need to brave through the storms, and there are times when you have to cut your losses. As a person who wants to become wealthy, it’s your job to determine when to do which.