Always Protect The Downside - Darius Foroux
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“It is only by being bold that you get anywhere. If you are a risk-taker, then the art is to protect the downside.”
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.
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.
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.
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.
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.
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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Silence is the way to avoid many problems & Smile is the way to solve many problems.
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