Avoiding Single Points of Failure

Housel stresses the importance of avoiding single points of failure in both business and personal finance. He explains that unforeseen events can jeopardize a company's future and the same applies to personal finances. 'Avoiding these kinds of unknown risks is, almost by definition, impossible. You can’t prepare for what you can’t envision,' he states, advocating for building savings to create a buffer for unpredictable expenses.