Literally a little over a month ago, I wrote a post titled, “Banking Diversification & Frozen Funds” warning of the dangers of putting all your “eggs in one basket” and this week we’ve had total chaos with airlines, banks, hospitals and just about any thing else that runs on a computer because of too much concentration in too few technology companies. In this case something Crowdstrike did that propagated to Microsoft ended up crippling computers worldwide.
These are all warning signs that as more and more dependence on these concentrated power players (banks, tech companies, etc) the higher and higher risk of something going bad globally will happen.
There is a great quote from Paul Coelho (The Alchemist) that reads, “Everything that happens once can never happen again. But everything that happens twice will surely happen a third time.“
This is also a very nice tie in to my other recent post about Corporate Burnout where employees are now being asked to carry all sorts of burdens not really related to their core job such as cybersecurity, money laundering, & cultural dynamism.
Don’t forget that a few months ago, my whole healthcare situation was upended when United Health was hacked and you can read about that post here. I was unable to get my prescription for Zepbound for weeks because of the disruption caused by the hack.
Do A Self Audit
One of the things I’ve been busy doing as a result of all the issues mentioned above is conducting a comprehensive self audit and trying to identify where my weak links and single points of failure are and how I can remediate or risk mitigate the issue.
I am trying to also build a well diversified sets of vendors: banks, brokerage accounts, doctors, parallel medical healthcare, suppliers and anything else that can have a large negative impact on our lives for when the next big outage comes and rest assured, it will come.
Share The Wealth
What do you think? Are you well diversified in all critical aspects in your life? Let me know in the comments below.