Home Finance How to reduce setbacks from life’s unknowns and unknowns

How to reduce setbacks from life’s unknowns and unknowns

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“Life,” said John Lennon, “is what happens to you when you’re busy making other plans.” We have seen enough evidence of this in the past year.

However, here is a tool, a mental model, a practice that can help us reduce the shocks that the unknown and unknowable of life provide us from time to time.

This is called the ‘margin of safety’ – a widely known but rarely implemented idea – which is an engineering concept used to describe a system’s ability to withstand loads higher than expected. is. In simple words, it is a buffer between what you expect to happen and what can happen (and will often happen).

Life can offer you a raw deal, sometimes when you least expect it. A wide margin of safety ensures that the effects of good decisions are not erased by errors, uncertainties, or mere misfortunes.

Of course, implementing a margin of safety in your decisions won’t make situations go wrong, it will act as a cushion for you and if things go wrong, they are saved.

Be safe Get vaccinated Wear a mask

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