Taking asymmetric risks

What has a very low cost, but could have a major reward (or save you from disaster)? This should be thought of in terms of any of your resources (most importantly, your time, money, and energy).

For example, buckling your seatbelt takes two seconds, but it can save your life (or save you from an expensive ticket). The reward (living and/or saving money) seems to be well worth the cost (a few seconds).

Where can you find these asymmetric risks in life? Whenever you find them, make sure you take advantage of it.

Take a shot, take a chance

You miss 100% of the shots you don’t take.
“You miss 100% of the shots you don’t take.” – Wayne Gretzky

“You miss 100% of the shots you don’t take.” – Wayne Gretzky

This quote isn’t just about hockey, or basketball, or any other sport for that matter This quote is a metaphor for life. If you want something more for yourself or your family, you have to take a shot at it. You might miss. It might be embarrassing. But if you don’t take the shot, and you “play it safe,” eventually you’ll realize that playing it safe wasn’t so safe after all.

How to get lucky

You can’t expect to win a jackpot if you put no money on the line. You have to risk something to win a truly large reward. You can wish all that you want, but it won’t matter. As Michael Jordan said, “some people want things to happen, others make things happen.” It won’t happen unless you take action. The harder you work, the luckier you’ll get.