Weigh the risk versus the reward when making decisions.
Tim Ferriss has made a career out of not working. He is an author, entrepreneur, and speaker known for his contributions to self-help and productivity. His seminal book, The 4-Hour Workweek, offers advice on time management to attain a more balanced life by outsourcing your job.
Ferriss is considered a thought leader, particularly in the areas of productivity, self-improvement, and entrepreneurship. His methodology involves identifying and optimizing essential processes to achieve desired outcomes with minimal effort, resonating with individuals seeking personal and professional growth. “Work smart, not hard,” in other words, like my high school physics teacher, Mr. Hessling, always said.
Listening to Ferriss’s audiobook and hearing him in subsequent videos, he scores a bit low on the humility meter for my taste, but that doesn’t mean he doesn’t have worthwhile ideas.
When I read this in James Clear’s 3-2-1 weekly email and saw Ferriss’ name attached to it, I was skeptical, but after rereading it, I thought it was worth sharing.
Clear credited Ferriss for the hat tip, who once compared making decisions to choosing a sweater, which sent him down this line of thinking. Here’s what Clear wrote:
“I think about decisions in three ways: hats, haircuts, and tattoos.
Most decisions are like hats. Try one, and if you don’t like it, put it back and try another. The cost of a mistake is low, so move quickly and try a bunch of hats.
Some decisions are like haircuts. You can fix a bad one, but it won’t be quick, and you might feel foolish for a while. That said, don’t be scared of a bad haircut. Trying something new is usually a risk worth taking. If it doesn’t work out, by this time next year, you will have moved on, and so will everyone else.
A few decisions are like tattoos. Once you make them, you have to live with them. Some mistakes are irreversible. Maybe you’ll move on for a moment, but then you’ll glance in the mirror and be reminded of that choice all over again. Even years later, the decision leaves a mark. When you’re dealing with an irreversible choice, move slowly and think carefully.”
I have a lot of hats—most of them are baseball hats. It’s easy to pick a new hat depending on my mood or if it’s a game day. I have one haircut nowadays. My only decision is when to cut it. That’s Monday and Thursday if you’re curious. The closest I came to getting a tattoo was after my business partner Andy and I started Qonverge. Fortunately, I opted not to get a tattoo of the black “Q” with the red tall (for those unfamiliar with the logo, that’s the squiggly line in a capital Q.)
Don’t be afraid of taking risks. Consider the risk versus the reward, but be wary of choices that are difficult or impossible to reverse. That’s good advice in my book.
