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January 25, 2023By Paula Pant

#424: The Power of Knowing When To Walk Away, with Annie Duke

Annie Duke

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.

Approximate timing of discussion points as of January 2023:

02:32: Interview begins

02:51: Why should we know when to quit?

05:39: The three reasons it’s hard for us to walk away

11:29:  Making decisions based on expected value

14:28: The role of ambiguity aversion and preferring the status quo

21:15: Thinking through the risk of ruin

24:54: Making decisions and the option to quit

31:50: Acting on good news vs bad news

50:12: How do we get better at quitting?

Resources Mentioned:

  • Quit: The Power of Knowing When To Walk Away | Book by Annie Duke

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#425: Ask Paula: My Dad Died, and My Mom Is CLUELESS About Finances
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#423: Ask Paula: Can I Make Money with My Passion?
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Posted in: Episodes, FIRE, LifestyleTagged in: decision making, lifestyle design

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