Ways to reduce RISK in various activities
In many areas of life, one can be successful and make a lot of money. But you can only have this success if you reduce risk. For instance, one can become wealthy investing. But, having the right investing strategy is maybe 10% of the task. The other 90% is reducing risk. Here's various ways to reduce risk in a variety of activities.
1. Poker
If you are in early position (first 2-3 spots in an 8-10 handed table), only open with AA KK, QQ JJ AK. Maybe AQ also. But not KJ, for instance. In middle position, some lower pairs, KQ, KJ, J10 and that's it. And if someone bets against you and you have nothing, then just go out. Plenty of opportunities later.
2. Investing
If you are investing in a stock, only use 1-2% of your portfolio. Only invest in stocks that has some strong investors in it already (like Warren Buffett).
3. Chess
If you have a good position and have good moves that you can make, don't make an unclear sacrifice for an attack. Just keep making improving moves. If you are losing, take risks. What do you have to lose?
4. Relationships
Be with someone who is similar in age to you, similar in values, and you are attracted to.
5. Investing in a private company (like VC investing)
Only invest if someone smarter than you is also investing. Let them do all the hard due diligence.
6. Writing a book
Every chapter is a compelling story. Every paragraph, almost, has a cliffhanger. Have a plan for publishing or self-publishing before you even write a word. Use content in multiple ways. For instance, make blog posts or articles for the chapters so, at the very least, they are read by blog readers or article readers.
7. Healthy aging
This has been on a million lists here, but the best way to reduce in health is: sleep 8 hours, don't smoke, limit drinking as much as possible, exercise, don't eat junk food. Just this will add, on average, 10-20 years to your life. Nothing fancy.
8. Arguments
A) steel man your argument (i.e. figure the best arguments you would make if you were ARGUING FOR THE OTHER SIDE). B) Don't argue. (i.e. if it doesn't hurt you to just nod your head and agree with the other person, or at least point out the good points they are making then just do it. You won't change their mind anyway).
This reduces the risk that you waste time arguing with no real outcome.
9. Sleep
You reduce the risk of bad sleeping by A) having your phone in the other room. B) no screen time an hour before sleep. C) no food 2-3 hours before sleep.
10. Friends and family.
Call people you love. Not every day. But stay in touch with people reduces the risk that your friends will be maintained and you will benefit from the networking.
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