I’m digging into ‘The 4 Hour Work Week’ Book by Tim Ferris and really am enjoying it
It’s definitely redefining the way I think about work, my approach to work and ultimately even my outlook on life as a whole
The author has this equation for measuring risk and perhaps mitigating and minimising those risks so that you feel empowered to take the risk and break away from a life of boredom and discontentment
The first thing to think about when considering whether or not to make a decision that is seen as risky is to outline all the worst possible outcomes that could happen
Let’s use the example of quitting your job
what’s the worst that could happen when quitting your job?
Well, here are some of the things that could happen if you quit your job without having thought things through
- You struggle to find a new job or your ‘dream’ career doesn’t pick up as quickly as you thought it would.
- You begin to struggle to pay your bills
- You end up losing the roof over your head
- You end up needing to move back in with parents/family/friends
- You go on welfare/benefits
- You must now get support from the Government to survive
- You outstay your welcome with the people kind enough to host you and you end up homeless
- You die lonely, broke, with no family and friendless
Okay so things could spiral and get really bad if you don’t think things through before quitting that soul crushing job of yours but the problem is, that very thought, that very fear of the worst that could happen is also preventing you from seeing or envisioning the best that could happen
But that’s not what we need to do just yet, before thinking about what’s the best that could happen, we need to mitigate and minimise the worst
How do you prevent the worst that could happen from happening?
so now that you have an idea of the worst that could happen, it’s time to think about how to prevent it. here are an example of preventable measures and steps you can take to mitigate the worst from happening
- Have 6 – 12 months worth of expenses saved before quitting
- Informed trusted loved ones about your decision to quit your job in the future and have three options minimum of people you could stay with for a duration of 3 months maximum should you burn through your 12 month savings, so that gives you an additional 9 months where income will not be necessary
- Minimise your bills but keeping only the bare necessities for life. Move into cheaper, perhaps small accommodation.
- Register yourself to service gigs sites where you can freelance in the world of hospitality for something similar to ensure you can earn ‘something’ to hold you over while you build your career or seek your dream job
- Apply for every funding, grant, or financial support you can as a new business, self employed person and make the most of networking opportunities
- Do 3 major things every single day towards achieving your goal of building a sustainable dream career. Over the course of a whole year that would be 1,095 steps taken towards your goals….beats doing nothing at all
- Never give up no matter what!
As you can see, a person that has put measures like the above in place will already have secured 21 months (nearly 2 years) where they can essentially have no to limited income and still not be homeless
They also have accounted for ways to have a bit of work on the side to keep things ticking over while they grind for their dreams
The apparent ‘risk’ is no longer so risky anymore because this person has chosen to face the fear head on, only to realise that it’s more of a mirage than they ever imagined. It’s not that all fears are not real or worthy of being taken seriously, it’s just that fear should never stand in the way of our truest desires and dreams
Now that the worst has been imagined and anticipated, it’s time to think about what the best could be
I’ll leave that for tomorrow