(Watch the video online: Market coach Doug Hirschhorn, PhD, discusses the lessons that can be learned from Tiger Woods’ handling of this week’s events.)

So this week, we learned that Tiger Woods is human, after all.
And for the rest of us, his situation is an excellent reminder about how to execute Great Risk Management

Here are Four things I think we can learn from Tiger.

1) Quickly Take Responsibility for your Actions
a. Sometimes you make good decisions and sometimes you make bad ones.
b. Either way it is yours now and you have to deal with it

2) Choose the Lesser of Two Evils
a. When forced to choose between two bad options like whether you should
take a loss on an investment or hold onto that bad investment, choose the less bad option
b. I know it’s hard – but you will live to fight another day

3) Cut Your Losses
a. For Tiger, the hardest thing to do was that first admission of guilt.
b. For the rest of us, the hardest loss to take is the first one.
c. Once you do that, managing the risk of the situation gets a lot easier.

4) Learn From Your Mistakes
a. Mistakes are part of the game. Tiger is not perfect and neither are you.
b. All that matters is that you learn from your mistakes
and move on to the next opportunity.

Tiger is going to be a better golfer, a better person, and even a better dad as a result of what he is going through.
And you know what, if you learn from your mistakes, then you’ll be better too.

If you want to learn more about how to become GREAT, then visit my website at DrDoug.com or pick up a copy of my new book 8 Ways to Great.