We all deal with different situations in our life that will have us asking ourselves- should I hang it up or should I just hang on?  My general belief is that in most situations, you should hang on; especially in those where you have invested lots of time and energy.  But perhaps that was my youthful naivety.  As I get older, and I suppose, a bit more cynical, I can look at some things and recognize or rather, rationalize that I should hang it up.  Basically, I should count my losses, be grateful for the experience, and keep it moving.

Am I wrong here?  A bit cynical?  At what point do you decide to hang it up as opposed to hanging on?