In the second article, we discussed working up the courage to start taking more risks. This time, we would like to focus on being practical about how soon you wish to see results.

Realistic Goal Setting

As we have mentioned, your risks should be aligned with your goals in life. Some will take longer than others, but will often yield greater results. Anything worth having is worth waiting for. One example might be a college degree. It takes four years. You are risking tuition and effort. But the reward will be a Bachelor’s degree at the end of it, and hopefully a good GPA. The two together can really open doors in terms of your chosen career.

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Realistic Action Steps

But of course, you can’t sit still for four years, or party like a rock star. You have to take realistic action steps to complete all the work required, study for exams, and so on. The more you do what you are supposed to be doing, the less of a risk your decision will be.

Knowledge Is Power

Knowledge is power - not just in college, but also in terms of taking calculated risks. There is always something to learn and take action on. A good example would be the stock market. If you want to learn to invest, studying a little every day can help you make smarter choices about which stocks to buy and sell in order to get the best return for your money.

Success Can Take Time

Having said that, it is important to note that making a lot of different trades can end up being costly in more ways than one. First, there is the price you will have to pay to most brokers to make each transaction. Second, you might decide to buy or sell when there is a blip in the result, and then the stock starts to go up or down, leaving you in a worse position than before.

Studying a prospectus can help, but patience can as well. Don’t obsess about stock prices. Investors such as those at the Motley Fool have shown that people who hang on to their investments for an average of 8 to 10 years do far better than those who hop all over the place.

Breaking Down Your Goals

If you’re the type of person who wants to see results right away, consider breaking down a big goal into smaller milestones so you can gain rewards on a consistent basis. Even if there is no immediate reward, you can also treat yourself to a little gift to help keep you motivated to press on.

But what if you are not ready to take a risk? Let’s look at this in the next article.

Until next time …

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