Have you ever turned down a promotion that offered no safety net in case of failure? In other words no downward movement only outward?

  No, I have not, but to be fair, nor have I even heard of such a promotion.  It's possible that it's offered in certain lines of work and not others.  If so, I don't believe it's available/offered in my line of work.

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Not exactly but I did turn down promotions twice and each of those decisions proved to be in my best interest.   

no, i never got offered one