Don’t Happy, Be Worry
I was reading Tim Ferris’s article on Fear Setting. I feel that it relates to most parts of my life where I have an irrational fear that things will turn bad before taking any action.
This recently happen when I was offered my current job. I was in a very comfortable spot in my previous company — I was getting recognition, decent compensation and yearly increments, making friends etc. So when the offer was brought to my table (with a much higher compensation plan), I struggled.
It was an industry that I have no experience in, what if my colleagues are not as nice, what if the working hours are much longer, what if I can’t be as good as what I am doing now.
I explained in point #4 below, on my thought process.
Tim puts this in his podcast: “We suffer more in imagination than in reality”
Here’s a summary for the article-
1) The real necessities that you need proved to be foods and good friends, the worst wasn’t really that bad.
2) Define what your nightmare would be — the worst thing that can happen from the decision that you are about to make.
“Set aside a certain number of days, during which you shall be content with the scantiest and cheapest fare, with coarse and rough dress, saying to yourself the while: “Is this the condition that I feared?” — Seneca
3) What are the steps you could take to repair the damage or get things back on the upswing — even if temporarily.
Worried about the loss of your income? What will your next step be if you really lose your source of income today? Look for a part time job to pay the bills, start a side gig, sell your furniture or your car, cut back on expense etc. It’s easier than you imagine.
4) Think of both negative and positive outcomes from the action you will take.
What would be the impact of these more likely outcomes be on scale of 1–10, 1 being nothing and 10 being permanently life-changing.
Quitting your day job to start a business. Worst case scenario — Business fail, lose your savings (4) . Best case scenario — Business succeed, become a startup millionaire (10).
How likely is it that you could produce at least a moderately good outcome ?
maybe not a millionaire, but a steady stream of income without answering to anybody OR go back to the job market with a different kind of experience.
In my case, accepting a new role at another company. Negative — I screw up really badly. (3) Positive — I will be working the same hours with a much higher salary, in an equally good environment at the same efficiency level (8–9).
I rated the negative outcome as 3 because I don’t find it permanently life-changing, I can always look for a new job or just go back to my previous company, since I have a good relationship with them.
Whereas, best case scenario, getting the raise allows me to do the things I want to do, build the side hustle I want to, invest more etc. Quite a life changer…
If it’s not the best scenario, how likely is it that I could produce at least a moderately good outcome?
Maybe I will end up being the average worker, who needs to put in an extra few hours of over time every week.
Still..not THAT bad for an extra few thousand bucks a month. I can always do something else after a year or two.
5) What is the cost of inaction? If you were to start a business and it is a massive success, you could have been a millionaire — the cost of inaction is therefore a million dollars.
6) What we fear doing most is usually what we most need to do.
Whether is walking up to the girl at the bar to start a conversation, asking for a pay raise from your boss or quitting your day job. What are you waiting for?
P.S. I found this tool online to do your Fear setting