A classic card game provided an unexpected source of life skills for Chen Yu.
Most people think of poker as a form of gambling with no redeeming value. Yet, I think mastering the game is a great way to learn how to navigate decisions in everyday life. In poker, each player must decide to hold ‘em or fold ‘em when faced with bets by other players, balancing the risk of losing a bet against the reward of winning a pot. As in life, there is no free lunch. Thus, successful poker players must learn how to accurately assess risk or they lose their bankroll.
It turns out that assessing risk and reward is a fundamental skill that can apply to choosing a college, buying a stock, or deciding to go skydiving. I find that most people overestimate risk and underestimate reward. When I dropped out of medical school to join a tech startup, my family thought I had traded a sure thing for a speculative risk. But, as a 25-year-old with a college degree, the reality was that if the startup had failed, I could probably find another job that would have paid a similar salary. The risk of a startup career is far lower than most people think.
I see the same dynamic happening in college admissions now that my son is in high school. Parents and kids are constantly mimicking the strategies of their peers trying to improve their chances for admission. Yet, while the risk of being different is obvious, the imperceptible risk of being similar to others is often far higher. If you are marching down the same path as everyone else, you’re not likely going to be an interesting candidate to an admissions officer. The same holds true for distinguishing yourself in any job.
This is not to say we should all quit our jobs, start a new company, and take up sky diving. But, my guess is that improving our calibration of risk could offer life changing opportunities for many of us.
So, if you are a parent of a young teen or simply considering your own life pivot, consider learning poker. Trust me, it’s worth the risk.