I sat down, thinking of what to do. I’ve started learning web development, then jumped ship to writing articles on finance, and now I’m thinking of starting technical writing. Why do I have to keep changing from one thing to another? To jump ship yet again or not?
This has been a recurring theme in my life, I find it difficult to stick to one thing because I’m always switching from one thing to another. I think it has to do with me getting bored easily. Maybe not.
What happens is that there are numerous choices for any decision we want to undertake. From small decisions such as the choices of clothes or shoes to wear to more complex decisions such as what career or the person we choose to marry, we tend to have a handful of options.
Choosing an option means that we are refusing to choose the other options. Knowing all the options seems to make it easier to select from a pool of choices.1
However, it gets murkier when your options reveal themselves after you’ve already chosen an option. When this happens, you have two options:
To stick with the choice you’ve made earlier or
To consider the new option
When you stick with your initial choice, you forgo the possibility that the latest option might be better than the one you choose.
But if you consider the new option, you discover two things:
that the new option is better, and then you switch to it2
that your initial choice is better, and you stick with it.
It is not enough that the new option is better. You’d need to weigh the switching cost and determine whether switching is a net positive.
When it Comes to Switching
The thing is, there is nothing wrong with switching in itself. The problem arises when you continuously switch because you find another thing “interesting” or “enticing”.
You find the new thing interesting because it is novel. Then you get tired as the novelty subsides. Then you find another interesting new thing, ditch the former, and keep repeating the circle. This is known as the shiny object syndrome.
Shiny Object Syndrome (SOS) is a concept where a person focuses on a new and fashionable idea, regardless of how valuable or helpful it may ultimately be.
When Investing
There are numerous assets and combinations of assets that are traded every day in the market. When the options are limitless, like in the investing world, investors have to be careful not to fall for shiny object syndrome.
New assets are floated frequently, marketed and advertised as the “newest” or “fastest” way to wealth, and all look exciting. Do not fall for it. Some do have their merits.
However, the novelty that comes with new things makes them look more attractive than they really are.
New tools will always be created, but this doesn’t mean you should abandon your tool and follow the trend. There are things that are timely, others are timeless. Discern which is which and adjust accordingly.
Depending on the context, one should avoid jumping ship unnecessarily.
“Essentially, all the benefits in life come from compound interests. Whether it’s in relationships, or making money, or in learning.” -Naval
Readings
On bullshit in investing Highly recommend
Seems because it creates analysis paralysis. Also, it does not necessarily mean knowing all the available options.
How you reach that conclusion is left for you
Thank you for this.
I remind myself to weigh options before "switching" but I guess I need an external reminder too. 😁