Single Point of Failure

Mindset Monday

The object isn’t to win the game, the object is to play the game for as long as you can.

In business, there is no finish line. The goal is to stay in business as long as possible.

With your health, there is no end. The goal is to stay in shape and do the things you enjoy for as long as you can.

In finances, there is no get-rich-quick. The goal is to sustainably build wealth and stay out of financial ruin.

Morgan Housel, author of The Psychology of Money, wrote this about single points of failure:

“A good rule of thumb for a lot of things in life is that everything that can break will eventually break. So if many things rely on one thing working, and that thing breaks, you are counting the days to catastrophe. That’s a single point of failure.”

Never put all of your eggs in one basket. Not with your health, your finances, or your self-identity.

If your entire business relies on one social media platform, and that platform goes away, your business is ruined. If your business doesn’t rely on that one platform, its absence requires only minor changes.

If you are a runner, and running is all you do, an injury to your leg becomes catastrophic. If you are flexible and turn to strength workouts while you heal, that injury turns into an inconvenience.

If you put all of your money into one investment, and that investment fails, you’ve sent yourself into financial ruin. If you diversify your investments and one fails, you’ve reduced it to a lesson learned.

Avoid single points of failure in your life.

~ Coach Alex