Should You Take Risks?

Life is full of risk but you can avoid them to an extent, this is what poor people seem to do. Chances are the safe path is also the path to average success or below. Just 6% of poor people said that they have taken risks in the pursuit of wealth, but 63% of rich people admitted to taking risks. It appears that these poor people may be missing something.

Should You Avoid Taking Risks?

Chances are the only way you are going to minimise your risks almost completely is to work for someone else, whatever happens the blame ends on their shoulders. They will take responsibility for the failing of a business. But even working for someone else has a risk, you could be fired or made redundant. The first thing you need to accept when talking about risks is how we take them every day, wether it;s crossing the road, driving to work or even walking along the pavement. There is opportunity for danger to strike at any point, but we continue to take risks every day in our lives because if we didn’t we wouldn’t have a life. Maybe this is similar to how rich people view life, if you really want to get rich then maybe you have to be willing to take risks to pursue it. Just as you take a risk by driving to work because you really want to get there, rich people take risks to become rich.

Don’t Take Risks On Important Things

You should not take any risks that may have direct consequences for people that you care about and are not involved. Don’t take money out of you and your partners joint account and invest it in some risky shares, you could ruin their life. Don’t stake your life on something, the consequences of it would be too bad. Take risks wisely, only risk things that you can afford to lose.

The benefits Of Taking Risks

– It can be the quick way to financial reward.

– It often has huge payoffs.

– It can add a sense of bravery and accomplishment to your life.

The Drawbacks Of Taking Risks

– Pretty obviously you can lose all that you invest.

– There can be a high chance you’ll end up in a worse position than you began.

– Your life can become unstable and you can end up in a self destructive pattern, taking more and more risks to cover losses.

Take The Slow Route

Taking risks is important to making any money, if you own your own business then every decisions is a risk, the advertising campaign you launch may not work, the new product your trying may not be successful. All you can do is do your research, educate yourself and minimise the potential damage. Like I said earlier don’t gamble anything you can’t stand to lose. Don’t invest all in one thing, keep backups. Take your time, slow and consistent progress is better than quick inconsistent progress, that only leads to failure.

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