Always Protect The Downside - Darius Foroux - Deepstash

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Always Protect The Downside - Darius Foroux

https://dariusforoux.com/protect-the-downside/

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Always Protect The Downside - Darius Foroux
What's a big goal or dream that you have? Do you want to start a business? Become a fulltime author? Travel the world? Become financially independent? Change careers? I bet you've thought about it, and at some point thought, "I'm not sure I can achieve that."

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We Are Put Off By Fear

We Are Put Off By Fear

We always think about the risks involved in making a big chance in life. We consider the risks and then decide not to do it. But, the risks shouldn't scare us into inaction.

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Make old Moves

You can't achieve anything if you lock yourself up in your home. To live life to the fullest, you need to make bold moves. And this doesn't necessarily imply risk-taking.

Try to limit your potential losses. Protect the downside.

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Richard Branson

Richard Branson

“It is only by being bold that you get anywhere. If you are a risk-taker, then the art is to protect the downside.”

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Career Decisions

Your most valuable resource is time. Yet, most spend their time working on other people's goals.

Use your time wisely by daily improving your skills, learning new things and building relationships. Then you will always have something to fall back on.

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Business Decisions

If you're in business, consider serving more than one group of customers, or focus on more than one industry.

When sales don't perform well in one area, you always have another option.

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Investing Decisions

Invest in something that has an underlying value.

Limit your potential losses by diversifying. For instance, invest in an index fund, real estate, and business.

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Avoid Taking A Big Hit

The purpose of protecting the downside is to prevent losing everything. You shouldn't put all your life energy into a single thing. This is true for your personal life too.

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SIMILAR ARTICLES & IDEAS:

Extrapolating our thoughts

A few examples of how we extrapolate our exceptions all the time:

  • “House prices will probably keep increasing.”
  • “That person will never change.”
  • “My busi...

We’re fast thinkers

But that doesn’t mean we should follow through on every single thought that pops into our mind.

Every time you start thinking about future events or start making mental movies, keep count on a post-it note or a small piece of paper. Be aware of your thoughts. But don’t follow through.

Ryan Holiday

Ryan Holiday

“It takes skill and discipline to bat away the pests of bad perceptions, to separate reliable signals from deceptive ones, to filter out prejudice, expectation, and fear.”

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Four Steps To Building Wealth

Four Steps To Building Wealth
  1. Don’t Be a Consumerist: keep your expenses as low as possible without sacrificing the quality of life. Spend money on things that yield lasting benefits.
  2. Have An Emergency Fu...

Money rules to increase your net worth

  1. Don't spend all your income at once: the easiest way to grow your bank account is NOT to spend it all.
  2. Know how the Economy works.
  3. Avoid debt; personal debt destroys your net w...

It takes more time to make money than to spend it

You work thousands of hours to make a certain amount of money. And then, you can drop it all on a new car, luxury vacation, watch, or anything else that you desire.The easiest way to grow your bank account is NOT to spend it all. It’s solid advice. The ancient Stoics knew about this too. True freedom means you desire less.

Know How The Economy Works

Why do economies generally collapse? What’s debt? Who prints money? Why do they print money?You don’t have to be an economist. The point is that basic knowledge about how all this stuff works prevents panic. “Oh shit! The market is down! What now!!” Panicking will not help you.