This topic means learning to understand and manage risk, and learning to risk only what you can afford to lose. It also means only taking a risk after the proper amount of inquiry and research, so that you know what the potential hazards are. There are other ways to make a living, but doing this is the only way to get rich and stay rich.
Looking at your risk tolerance. For example, if you are poor and only have $5000, it is wise to not invest it in the stock market but rather to spend it on essentials like food. However, if you are rich, $5 million might be nothing and would be a good idea to invest. It is all looking at your opportunity cost and if you can actually live without something that you take the risk for.
It’s time to get down to the raw, honest, and real-deal nitty-gritty on this topic. I got with quite a few passionate people interested in sharing their ideas with you and this article is an interview-style approach to helping you regain control of your time.
Topic at Hand: Taking Acceptable Risks For Successful Outcomes
[This article is part of the research done for the book: “Push the Damn Button” a straight-forward guide to getting off your butt and getting goals done – click here to check it out.]
R: Explain why this topic is important to people like you and me.
I: This topic has many practical applications in many fields. For example, risk-taking and what you define as your personal degree of acceptable risk is important to consider when investing in the stock market. Another example is in the workplace – an acceptable risk might involve asking a superior for a salary increase, for instance.
R: This is very interesting stuff here and I think it could help people. What do you feel is the most life-altering thing about the topic?
I: Taking risks is part of life. Making sure the benefit outweighs the risk of failure. If you take a risk that pays 10 1 in the long run and it looks like you will succeed 3 out of 10 times then this is a good risk. Understand good risks and bad risks will help out in any plan.
R: Tell me about your thoughts on how this helps folks be better in life?
I: It allows someone to overcome some of their fears in exchange for something better. It allows someone to see the bigger picture, which can translate to other activities or aspects of his/her life. It allows someone to become successful regardless of obstacles.
R: Describe the perfect person to be the poster-child for this topic.
I: Someone who has a good business sense would be good at taking the right kinds of risks in order to get what they want. They’d know how to assess their risk. They’d be able to think of any possible problems that might arise.
R: Tell me who in your personal experience is not up-to-speed on this subject at all.
I: A person who claims they are always a winner is probably not accurate, and certainly not a good role model. The only way to successfully win every time is to engage in projects that have some possibility of failure. It will cause you to never develop your full potential. While sports metaphors are overused, one here make sense. Assume that you are a newcomer to a sport like tennis. If you only play matches against people who you know you can beat, your game will never dramatically improve. The best you can become is a talented beginner, no longer how long you play. It’s only when you play opponents who try to beat you and succeed sometimes that your game will truly improve. Show me a tennis player who’s never lost, I’ll show you a weak tennis player. Show me a businesswoman who’s never lost a sale, and I’ll show you one that’s not making presentations to all the prospects her company wants her to see.
R: How could the average person plan to bring this topic into the stuff they do on a daily basis?
I: The best way to understand risk is to read books or take classes about business or investing. Learning how to make good investments will teach you all about taking, assessing, and managing risk to reap profits. Learning about risk this way show you that it is something that can be mastered, and can be made to make your money work for you.
R: When do you think the average person should start paying attention to this topic?
I: It’s a good time to take acceptable risks when the risk is relatively small and the gain is sufficiently substantial, in both personal and career matters. For example, when you want to get married, it’s a risk. You are inviting someone into your life forever and essentially giving them half of what you have and will have forever. But if you trust the person and want to commit, then this is a good time to take the risk and work toward having a successful outcome together in your marriage.
R: Are there any times when you think it is a bad idea to bring this topic into our lives?
I: When a person cannot afford the loss that may be the outcome of the risk. If the risk leaves the person with nothing, and they can’t rebuild what they had, it is not smart to take that risk. Once someone has built up enough back up, then the risk can be taken.
R: Is there at least one place you can think of that people should consider bringing this into their daily lives?
I: When someone is trying to start their own company. When someone is trying to follow their passion as a career. Submitting a novel, a piece of art, or a song.
R: Give an example of where folks should not be working on this subject.
I: It can be difficult to figure out what an acceptable risk is. Sometimes we think a risk is acceptable but actually it is much worse than we thought. That means the outcome can be very bad.
R: Who’s someone that could gain quite a bit from looking further into this topic?
I: Businesses need to be sensitive to this problem. Taking excessive risk can damage your reputation and finances. Think carefully about the worst case scenario but also don’t let great opportunities pass you by.
R: What special tricks, tactics, or strategies could you recommend for us today?
I: I would say that some risks are wise and some are not. It helps to gather information and also to check with others whom you trust in order to figure out if what you’re considering is wise. A risk is acceptable if not taking it would bring you more regret than taking it. After all the facts have been gathered, only familiarity with your intuition and your own inner compass can tell you that.
R: Share with us your thoughts on what’s most damaging when it comes to this subject.
I: I think most of us must subject ourselves to a certain level of risks. I think that people who should avoid this topic are those who have exhibited risky behaviors that did not serve them well. This would only be a problem because there are people who do not have a mechanism for measuring their risky behaviors.
R: What would you recommend folks do today to work on this topic at hand?
I: As the saying goes, in order to achieve what others don’t you must do what others won’t. Risk is inherent to everything. There is no certainty in this world. However, risk can be controlled to a certain extent. By knowing what you are doing you enable yourself to minimize risk and achieve what you had set out for.
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Come on now! Aren’t you fired up and ready to get more done in life? There’s at least one golden pearl of wisdom (or is that nugget of pearl?) to take away. See how you can apply it to your life today and start getting more stuff done. There’s just ain’t enough time to dilly-dally, folks!
It’s time to get off that chair, get your butt pumped, and get more important stuff done in life! It’s time to Push The Damn Button already. Click here to regain control of the minutes floating away from your life.
Please feel free to share your thoughts, comments, or personal life-changing wisdom below.