How To Avoid Making the Wrong Moves: Think Twice

In their 2008 Investor’s Guide, Fortune magazine offered ten tips to help you “prevent the heat of the moment from melting your better judgment.” The tips form an acronym – Think Twice – and are worth keeping in mind no matter what you’re thinking about.

1. Take the Global View. Always keep an eye on where you’re headed.
2. Hope for the Best – But Expect the Worst. Having a plan for the worst case scenario can help keep you from panicking.
3. Investigate then Invest. Get the facts; count the cost.
4. Never Say Always. Leave room for error.
5. Know What You Don’t Know. Don’t assume you know it all; keep an open mind.
6. The Past Is Not a Prologue. Things tend to move in cycles.
7. Weigh What They Say. Know where your information is coming from.
8. If It Sounds Too Good to Be True, It Probably Is. There’s no such thing as a free lunch.
9. Costs Are Killers. Keep an eye on the details. The little things can make the difference.
10. Eggs Go Splat. Don’t put all your eggs in one basket. Don’t burn your bridges or pin all your hopes on one solution. Have a back-up.