In the last article, we discussed the importance of patience when taking a risk, because you may not always get your reward right away.
Now let's look at being patient before taking the risk, in order to make sure it’s right for you.
It’s Okay Not to Take Risks Sometimes
It is perfectly fine not to take risks sometimes. The risk might not be fully aligned with your goals in life. Or, it might be such a huge risk that it is really not worth the rewards you may gain.
Are You Ready?
Sometimes, you just might not be ready to take the risk. For example, you might want to go back to college, but you are already working 14-hour days at your job.
You might have your heart set on buying a house, but discover your credit score is not as good as you had hoped and the down payment and closing costs are going to take every last penny you have.
In these cases, you can decide to not risk what you have at the present, but do your research to see what options you have so you can make your dream come true in the future.
Setting Your Goals and Sticking to Them
Sometimes the risk you are thinking of taking might not be your own, but influenced by other people. Your partner or a friend might think X is a great idea and hope you will go along with it.
In this case, consider whether the risk will help you achieve your own goals. How much money and/or time will you have to spend? What do you discover about the risks when you do some due diligence of your own?
At the end of your fact-finding mission, be honest. If it does not align with what you want in life, consider saying no. Have a couple of logical reasons ready.
It is true that you may disappoint other people, but you can’t follow along with every scheme you are presented with. You need to pick and choose. Educated risk-taking is the best option, and that means avoiding the risk from time to time.
A lot of people avoid risk because of fear of loss. Let’s look in the next article at not getting too hung up on outcomes.
Until next time…
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