The Power of Knowing When To Walk Away

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 25 January 2023

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

We’re taught to stay in the game. Persist. Be gritty. Try, try again. But sometimes, the best decision is to walk away. Move on. How do you know when that’s right? When should you double-down … and when should you fold? Today’s guest, Annie Duke, won more than $4 million as a professional poker champion. She wrote the bestselling book Thinking in Bets and co-founded a nonprofit that teaches kids decision-making skills. Her most recent book, “Quit: The Power of Knowing When To Walk Away,” teaches the behavioral science, mental models and recognition of cognitive biases needed to successfully quit. It highlights real-world examples of startup founders, athletes, mountaineers, and entertainers who either quit – or didn’t – and explains how to make a wise, grounded choice. She joins us on today’s episode to describe the forces that hold us back from quitting – and how to recognize when quitting could lead to a better life. For more information, visit the show notes at https://affordanything.com/episode424 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything but not everything.
0:10.9	Every choice that you make is a trade-off against something else and that doesn't just
0:13.5	apply to your money, that applies to your time, your focus, your energy, your attention
0:17.4	to any limited resource that you need to manage.
0:20.0	And that opens up two questions.
0:21.6	First, what matters most and second, how do you make decisions accordingly?
0:26.8	Knowing those two questions is a lifetime practice and that's what this podcast is here to explore.
0:31.3	My name is Paula Pat on the host of the Afford Anything Podcast and today, former professional
0:36.8	poker player Annie Duke joins us to discuss how to sharpen the decision-making skill of when
0:45.2	to quit.
0:46.8	Knowing when to walk away is crucial to success in any endeavor, whether it's career, investment,
0:53.2	relationships, and yet we live in a society.
0:56.7	In which we are fed ideas like winners never quit and quitters never win.
1:01.7	Many of us have internalized this message.
1:04.8	And as a result, we stay in bad jobs for too long.
1:07.8	We hold on to poorly performing investments because we quote unquote are just waiting for
1:13.1	them to come back.
1:14.5	We wallow in toxic relationships.
1:17.0	Many of us tend to stick to the wrong course of action for far too long.
1:21.7	There are even cognitive biases such as status quo bias that fuel this tendency.
1:27.7	And so in our upcoming interview, Annie Duke, who is internationally acclaimed as a decision-making
1:34.4	expert, draws on behavioral science to explain strategies for identifying when it's best to
	...

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