This Time It’s Different

“This time it’s different” are the most expensive words in investing, according to John Templeton. He’s talking about investors who panic to buy or sell thinking that a new fad is their route to guaranteed, quick wealth, or that an economic correction is a sign of the end times. I agree that it’s generally not a good idea to trade on impulse, but I want to talk about a broader application of the phrase.

The times I find myself saying “This time it’s different” are when I’ve disgusted myself by overindulging in a vice. Once the binge is complete, I solemnly swear that I will never go within 100 feet of my new sworn enemy, the vice I was so desperate to indulge in hours before.

…But then I think about the other times I’ve sworn off that particular vice. I felt certain I was going to quit then, so what makes this time different? The fact that I feel really motivated to quit right now?

After repeating this cycle enough times, I came to realize that I wasn’t always going to have the resolve my hungover self had. The pain of the hangover gave me strength in avoiding the vice, but it was unlikely I’d never feel weakness again.

The first time this thought occurred to me, my stomach sank. Am I doomed to a life marred by compulsion?

Fortunately, I think the answer is no. “This time it’s different” can be powerful words, but they have to be followed by a reason that this time will be different. A damn good reason.

“My attempt to quit smoking will be different this time because I’m going to pick up a copy of Allen Carr’s Easy Way to Stop Smoking,” is a much better reason than “I’m actually going to stop smoking this time because I just chained-smoked two packs, and the thought of smoking another cigarette makes me sick.”

(The Easy Way method is fantastic, by the way, and I recommend it for anyone who wants a new way to think about overcoming addiction.)

You don’t have to figure out the perfect reason on the first try – as if one exists. Even if you succumb again, you will at least have told the truth when you said, “This time it’s different.”

(P.S. If you’re wondering what particular vice prompted this essay, it was Pac-Man.)