#197: Tape Measure Factor, Longevity Risk & the Dirty Water Principle
3 Ideas in 2 Minutes on Being Prepared
I. Tape Measure Factor
Operation Neptune Spear, the raid on Osama Bin Laden’s compound, was meticulously planned. They knew what to do in case bin Laden wasn’t there or SEAL Team 6 had to fight their way out. They had an interpreter on-site and made sure they could take not one but two different DNA samples. From the political fallout of the operation to a downed helicopter, there was a contingency plan for everything. Almost everything.
There was one thing Admiral Bill McRaven, the commander in charge, and his men forgot: a tape measure to check if the person they had just killed was as tall as bin Laden. So they had to improvise and have a SEAL lie next to the body to gauge how tall it was. This Tape Measure Factor shows that no matter how well you plan, there’s always something you miss.
Given the overall outcome of the operation, President Obama took it lightly and gifted McRaven a golden tape measure mounted on a plaque.
II. Longevity Risk
People may be well prepared for their sudden death. Have life insurance and emergency documents ready for their loved ones. But how well are we prepared in case we live much longer than expected?
This Longevity Risk is the financial risk of outliving our savings because we live to be 100 and beyond. This means we may not have enough funds to support ourselves in retirement. Or we fail to arrange for our care completely.
And since this sounds like the beginning of an insurance ad, let me assure you that I’ve failed to think ahead and affiliate myself with an insurer before sending out his newsletter.
III. Dirty Water Principle
Preparation is also a matter of what not to do. Here’s one of my favourite quotes by former German Chancellor Konrad Adenauer:
You don’t throw away dirty water unless you have clean water to replace it.
(Man schüttet kein schmutziges Wasser weg, solange man kein sauberes hat.)
—Konrad Adenauer
Having a dirty dress shirt is better than having none at all. Having a terrible first draft of an essay is better than starting from scratch. Hold on to things, ideas and plans until you have something better to replace them. No matter how imperfect. 🐘
Have a great week,
Chris
themindcollection.com