Benjamin Todd

Then come up with two or three alternatives.

For instance, if you're already in a job and applying to master's programs, one possibility is that you don't get into the programs you want.

In that case, your plan B might be to stay in your job another year and to assess later, or to apply for a master's in another discipline.

Or if your plan A is to work in policy by getting a job in the executive branch, your plan B could be to try think tank internships or working on a political campaign.

3.

Plan Z. If it all f***s up, this is your temporary fallback.

Your plan Z is what you'll do if this all goes wrong.

In other words, if your A and B plans don't work out, what will you do to pay the bills until you can get back on your feet?

Having a plan Z can not only help you avoid unacceptable personal outcomes, but it can help you get more comfortable with taking risks.

Knowing you'll ultimately be okay makes it easier to be ambitious.

Your plan Z can be very short if you're comfortable with the risk you're taking, or are in a secure position.

If you're in a higher stakes situation, for example you have dependents, you might want to do more careful planning.

Some common examples are sleeping on a friend's sofa while paying the bills through tutoring or working at a cafe, living off savings, going back to your old job, moving back in with your family, or taking a job you find relatively undemanding.

It could even mean something more adventurous, like going to teach English in Asia, a surprisingly in-demand, uncompetitive job that lets you learn about a new culture.

Then ask yourself, is this plan Z acceptable?

If not, you might need to revise your plan A or prioritize building your safety net for a while.

Optional, further ways to reduce risk.

Sometimes you need to take risks in order to have a big impact.

Thinking about them ahead of time can make this easier.

First, clarify what a realistic worst-case scenario really is if you pursue your plan A. It's easy to have vague fears about failing, and research shows that when we think about bad events, we bring to mind their worst aspects, while ignoring all the things that will remain unchanged.