In this episode, we explore the concept of optionality—how small, strategic decisions can lead to outsized rewards with limited downside risk. From ancient philosophy to modern financial strategies, discover how recognizing and seizing options can unlock opportunities in both life and investing. Topics covered include:How call and put options workThe difference between American and European style options and why it mattersWhy options are positively skewedExamples of using optionality in business and lifeWhy it can be challenging to commit when an option is "in the money" Sponsors Shopify - Sign up for a $1 per month trial period NetSuite - Download the CFO’s Guide to AI and Machine Learning Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Antifragile by Nassim Nicholas Taleb—Penguin Random House The Wisdom Of Finance: Discovering Humanity in the World of Risk and Return by Mihir Desai—Harper Academic Refuse to Choose!: Use All of Your Interests, Passions, and Hobbies to Create the Life and Career of Your Dreams—Penguin Random House An Economist Walks into a Brothel: And Other Unexpected Places to Understand Risk by Allison Schrager—Penguin Random House Related Episodes 482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity 268: How To Better Manage Risk See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.