I’m not a quitter. Once I make up my mind to do something, I’m in it 100%. That’s usually a good thing, but not all the time—I’ve had the experience of staying with things long after they ceased to be the right thing for me to do, and got hurt.
When it comes to money and our endeavors to make it, keep it, and invest it, we need to know when to quit. Think about the following.
1. Quitting your job. In today’s economy, it can be wise to hang on to the jobs we have because we don’t know if we’ll be rehired any time soon. But there are times to quit. If you are being treated unfairly in a way that is unbearable, if you aren’t making enough money to meet your basic needs, if you are being asked to do things that go against your ethics, these might be reasons to quit.
2. Quitting an Investment. If your investments are regularly losing money, you might look into this. Years ago, my mother had money in a plan that was costing her 3%. It was supposed to be this amazing investment, but you aren’t supposed to be losing that much on a regular basis. We found a savings account, just a regular one at a bank, that offered 1.5%. Now, 1.5% isn’t much when you’re talking about investing, but for her, it sure was better than losing 3%.
3. Quitting a Subscription. If you’re trying to save money, take a look at your expenditures. Are you subscribed to things that require a monthly payment, things that you really don’t use all that often? Are you reading your magazines and newspapers, are you getting the most out of your direct mail movies, are you on anyone’s mailing list that requires a fee? Quitting these things can save you money every month.
Yes, there are times to stick to it, and there are times to quit. If you aren’t getting what you need out of your money, it’s time to do something different with it, and to quit handling it the way you always have. If you want different, you have to do different.
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