WHAT: Fear Setting is a structured exercise developed by Tim Ferriss — popularized by his TED Talk: Why you should define fears instead of goals — to help overcome fear and anxiety about taking action on important goals or decisions.
I consider this a time hack because it speeds up the decision-making process without compromising the decision itself (or at least I'm aware of the compromise before deciding).
It involves systematically examining the worst-case scenarios and creating a plan to mitigate them.
HOW: I do this every quarter to challenge myself to do something new or different. The Fear Setting exercise has three main steps:
- Define the worst-case scenario: I clearly articulate my fears and imagine the absolute worst that could happen if I took the action I'm considering.
- Assess the likelihood and impact: Evaluate how likely the worst-case scenario is to occur and how severely it would impact my life. Often, my fears are exaggerated.
- Create a mitigation plan: Outline concrete steps I could take to prevent the worst-case scenario (prevention) or minimize its impact if it did occur (repair). It's a simple 4 column chart that helps me feel more in control.
WHY: Fear Setting is a powerful tool for overcoming inaction and indecision caused by anxiety about the unknown. By systematically examining my fears, I can often reduce them to a manageable level and gain the courage to take meaningful steps forward. This exercise has helped me make important life and career changes.
"What we fear doing most is usually what we most need to do." — Tim Ferriss