MORE IDEAS FROM THE ARTICLE
Preserving optionality means avoiding limiting choices or dependencies. It means staying open to opportunities and always having a backup plan.
The more options we have, the better suited we are to deal with unpredictability and uncertainty.
"Wealth is not about having a lot of money; it’s about having a lot of options.”
When times are hard is when many investors make their fortunes and when entrepreneurs innovate. They have to see the opportunity in chaos.
It happens when we make small, rational decisions that end up removing options over time.
Small decisions can lead to bad outcomes. At some point, alternatives disappear, thus we lose our optionality.
This is also known as the coach’s dilemma.
Over-specializing in one area is highly limiting, especially if it requires extensive upkeep. Like a football player, we can retain optionality by avoiding overtly damaging risks and ensuring we stay in the game for as long as possible—whatever that game is. That might mean lifting less metaphorical weight at any one time, while also working to keep ourselves flexible.
We are faced with options all the time, but life-altering ones often come up during times of great change. These options are the ones we have the hardest time capitalizing on.
If we’ve specialized too much, change is a threat, not an opportunity. Thus, if we aren’t certain where the opportunities are going to be (and we never are), then we need to make choices to keep our options open.
Time measurement seems so crucial that athletes forget what to do without any measurement of time.
Running an interval without any clock makes you keep in touch with your internal feelings and energy levels.
The precautionary principle refers to preventing harm by not doing anything that could have negative consequences.
It is best set out by using the proverb "better safe than sorry" or the medical motto, "first do no harm." The principle has strengths and weaknesses, and it is helpful to know the best way to use it and how we can apply it.
Most aspects of mental processing slow down as we age. While we continue to accumulate knowledge of the world at a slower rate, we gain more experience that increases our wisdom.
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