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📌 Protect against “average risks”: As a general rule, this might mean simply wearing your seat belt. In the case of protecting your life savings, other examples could be creating a strategic income plan or buying long-term care insurance.

📌 Build redundancy, but accept you’ll never be able to cover every scenario: Unfortunately, a zero-risk investment doesn’t exist. This is where risk management comes in, but it should be a delicate balance. Insurance is a great layer of protection, but you don’t need a surplus of policies. Emergency savings are necessary, but you likely don’t need 5 years’ worth stuffed away.

📌 Default towards optimism, although pessimism feels safer: As Mr-Stingy says, “You can’t live your life based on fear of low-probability events.” Instead, be a “realistic optimist” and have faith you’ll be able to figure things out.

📌 Catch the upside of asymmetric opportunities: Good, low-probability things have the power to change your life forever. Writing a book may not mean you become a worldwide best-seller, but what does it hurt to try?

You shouldn’t let the possibility of something happening dictate all of your financial decisions. Look at your own unique financial situation and leverage a comprehensive framework so you can ignore the news headlines and enjoy the here and now.