Quitting can spell opportunity for business and investing
For people in large, stable corporations, there鈥檚 safety and security in resolutely sticking to a well-designed career track.聽But for plenty of聽, long-term success means embracing the idea of quitting.
In the common vernacular, quitting is generally associated with failure. A quick Google search reveals the following motivational trifecta:
- 鈥淲inners never quit, quitters never win.鈥�
- 鈥淧ain is temporary, quitting lasts forever.鈥�
- 鈥淩emember that guy who gave up? Neither does anybody else.鈥�
But as the founder of a financial planning firm, I know the entrepreneurial spirit wouldn鈥檛 survive in a land without quitting. Quitting doesn鈥檛 necessarily mean you don鈥檛 care or you don鈥檛 have drive; it frequently means quite the opposite.
When quitting is right
I began my wealth management career at a world-class firm. I learned much there, but I knew I wanted to help take our practice to the next level. When I became involved in leadership, I tried to push boundaries and effect necessary changes.
But I soon realized I couldn鈥檛. So I had to quit. That wasn鈥檛 easy聽for someone聽who constantly pushes his team and family to always try their hardest and live a loyal, dedicated life.
In embracing my newfound quitter status, I founded my wealth management firm on a promise of putting my clients first. I knew a limited product toolbox was not enough for my entrepreneurial clients, and I wanted to be able to offer more. I now have the opportunity to do so. And it鈥檚聽all because I quit.
Quitting for the right reasons means knowing your time would be better spent doing something that gives you a greater chance for success. As an entrepreneur, you鈥檒l explore paths that often lead to dead ends. Sometimes you鈥檒l take a few steps forward only to have to turn back or pivot.
In these cases, don鈥檛 just put your head down and forge on. Stop, think strategically, understand your limits and quit when you know that the path聽you鈥檙e on isn鈥檛 right. Celebrate that you have the power to explore other options.
As entrepreneurs, failures are the best lessons you聽can encounter. Quitting gives you the opportunity to start anew, but with more wisdom and a heightened sense of awareness. Your goals will become more refined, and you can innovate and grow.
Financial planning two-step
The same philosophy around quitting can also apply in the context of wealth management. Financial planning isn鈥檛 a set-it-and-forget-it endeavor. It鈥檚 a dynamic plan that ebbs and flows with your personal goals.
Sometimes, it鈥檚 necessary to make significant changes to your financial plan. Maybe you wanted to buy a home in Hawaii, but you鈥檝e changed your mind. Quit working toward that goal and replace it with another. Or maybe you thought you鈥檇 sell your business in five years, but you鈥檝e got some interesting projects in the pipeline and you鈥檇 like to hold out a bit longer.聽In that case, it鈥檚 fine to abandon your five-year goal.
奥丑别苍听蝉丑辞耻濒诲苍鈥檛聽you quit? When it means walking away from a sound overall investment strategy. For instance, when the聽聽and you鈥檙e tempted to sell all your holdings: Is that really what is best for your financial聽goals?聽Quitting in that case could ultimately derail your long-term plans. Have a candid conversation with a financial聽advisor about what you鈥檙e thinking. Holding tight and looking to the future may be your best bet.
The bottom line
Whether it鈥檚 in business or investing, winning for the sake of winning isn鈥檛 what makes聽you a winner. The true winners have the strength to strategically quit 鈥斅燼nd even fail 鈥� in order to ultimately enjoy greater success.
This article first appeared at
