Fear and stress make people make bad decisions. At the same time, life sometimes involves real risks, and it’s important not to navigate them blind. As an investor and a “human guinea pig,” Tim Ferriss has taken some major risks over the course of his career, yet he considers himself quite conservative. How does he mitigate risk? How does he manage fear and stress? Like everything else Tim does, there’s a system to it.
- How do you take risks, and manage risks? … Well, it starts with defining risk, … so people start to manage risk … and think of risk and plan … for risk without ever defining it in the first place. … This is where we get ourselves into a lot of trouble. … I think of risk as the probability or the likelihood … of an irreversible negative outcome, … and many people view me as a risk taker. … How do you get comfortable taking so many risks? … I don't view myself as a risk taker at all. … I actually view myself as an expert or a would-be expert … at the very least in risk mitigation. … I think of myself as very, very conservative. … (engaging music) … The way that I work through different decisions … or potential risks is by following … an exercise called fear setting, … and I do this at least once a month. … I do this certainly multiple times a quarter, … and it is akin to goal setting. … A lot of people focus on goal setting, … well, if you're riding without the emergency break on, i.e. …
This course includes videos from:
Deepak Chopra, medical doctor, public speaker, and author of more than 80 books
Sarah Robb O'Hagan, executive, activist, entrepreneur, and the CEO of Flywheel Sports
Dorie Clark, marketing strategy consultant, professional speaker, and author (Reinventing You)
Stephen Miles, founder and CEO of The Miles Group
Tim Ferriss, podcaster and author (The 4-Hour Workweek and Tools of Titans)
Note: This course was produced by Big Think. We are pleased to host this content in our library.