Modern Wisdom #269 - Richard Meadows - Optionality: How To Make Your Own Luck In Life
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Jan 14, 2021 Richard Meadows, a journalist and author of "Optionality," shares insights on balancing life and making the best choices amidst uncertainty. He emphasizes the importance of earning early for greater flexibility and discusses how to develop systems that create personal luck. The conversation dives into the rise of nomadic family lifestyles, personal growth through skill diversification, and the complexities of managing career and family life. Meadows also critiques predictive financial models, advocating for an action-first mindset in decision-making.
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Optionality Defined
- Optionality, from finance, is the right but not the obligation to take action.
- It's a proxy for human flourishing, maximizing possibilities.
Cultivating Optionality
- Look for actions with small downsides and large, open-ended upsides.
- Systematically collect these "options" like a portfolio.
Negative Asymmetry Examples
- Driving without insurance offers a small upside (saved premium) but a massive downside (liability).
- Stockpiling supplies protects against disaster; small cost, huge potential benefit.
