My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
Personal Capability as Safety Net
Viewing your own skills, knowledge, and earning ability as the primary financial safety net rather than relying solely on savings or investments.
Decision Rule
When evaluating financial risk, ask 'If I lost everything, could I rebuild it?' rather than 'Do I have enough savings to weather this?'
How It Works
Reduces over-conservative financial behavior by recognizing that human capital is often the most valuable and resilient asset, enabling more aggressive wealth-building strategies.
Failure Modes
Overconfidence in ability to rebuild during health crises or major life changes
Ignoring industry-specific risks that could impact earning ability
Underestimating psychological impact of losing accumulated wealth
Example Decision
“Entrepreneur decides to invest aggressively in growth assets because 'even if I lose this money, I'm confident I could rebuild it within 3 years using my business skills.'”