The Other 8 Hours by Robert Pagliarini

Author:Robert Pagliarini
Language: eng
Format: epub
Publisher: St. Martin's Press
Published: 2010-04-07T04:00:00+00:00

Rule #4—Limit Risk

Unless you’re sports-challenged, you know if you get three strikes you’re out. But what if that weren’t the case? What if you could swing and swing and swing without ever striking out? This is a concept I call Strike 4!

I have a metal paperweight on my desk with the inscription “What would you do if you could not fail?” It’s a nice ornament with a positive message, but over the past several years I’ve realized that it’s the wrong message. Anybody can fail at anything. It’s important to know this going in. A much better and more useful message would be, “What would you do if it didn’t matter if you failed?” To me, that’s much more realistic and powerful, and that’s what the Strike 4! strategy is all about—limiting risk.

If you start a new venture without first thinking about and limiting risks, you can put your finances—and, worse yet, your relationships—in jeopardy. Here’s a scenario that gets played out all the time. Someone gets an idea and talks his spouse into starting a business. They both put their heart and soul into it. They quit their jobs and deplete their savings, investments, home equity, and retirement accounts. But for whatever reason, it fails. Now with no job, income, or savings, it becomes harder and harder to pay the bills. They use credit cards to buy groceries and pay the mortgage. Tensions rise and stress builds, leading to arguments and divorce.

What starts as a way to build a dream life, become your own boss, or make a fortune can turn into a nightmare if you don’t limit your risk. Instead of taking a lot of risk and jeopardizing a cataclysmic strikeout, the Cre8tor’s goal is to limit the risk of financial catastrophe. This means containing projects so a swing and a miss doesn’t have the potential to ruin your life.

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