Managing RiskPosted on April 4, 2016 by
So you did not win the 1.5 billion dollar lottery. Now what are you going to do to pay the bills, Christmas expenses, college tuition, medical expenses, health care insurance, car payment etc.?
Yes I played the lottery to the extent that if I lost I would not jeopardize my wealth. I would not experience a hardship even if I didn’t win the 1.5 billion dollar lottery. (You know that sounds great when you say it) I’m sure there is at least one reader of this article who spent $2,500 dollars on tickets for the lottery. I hope this wasn’t your rent money! I play a game of chance when I travel. Will the plane crash? This game of chance happens when I am riding in the tram to pick up my car. I count the number of people and calculate in my head, what is the percentage chance I will be the first person to get off the bus? I know that there is at least one person who will beat those odds just like the lottery. (You have to buy a ticket to win).
So we take risks everyday in life. However, too much risk can lead to failure or even death. SO let’s get a solid plan for your success in real estate. Let’s not gamble but manage risk! Let’s talk about your goals and what do you need. Do you need money short term or money long term? Happiness short term or happiness long term? Excellent health short term or excellent health long term? Being spiritual and doing the right thing every time? Being able to sleep at night comfortably?
I am an ex-control freak. (Can you relate?) I wanted to know everything before I would take a risk. As I became an entrepreneur I realized that taking an uncalculated risk is fool hardy. Taking a calculated risk is business. Going to Las Vegas is a calculated risk if you know you are guaranteed to win a minimum of 33% by law. The loss risks in Las Vegas are too high for me to play. Yes I understand that someone must win. Yes I understand that 3 people won the 1.5 billion lottery. I spent 20 dollars on that risk. That is what I felt comfortable with losing. If you can lose it, then you can play it. It drives me nuts to be at the craps table with a person who is gambling with their rent money. After they lose the rent money they will have to make up an excuse to their family of what happened. They look very dejected when they walk away from the table. I know why. Their personal relationship is about to change. Their physical risk just went up, and the lying and cheating stress went up too.
This is America! You can do everything or nothing. The choices are unlimited. You only have to put into action the plan you have made for yourself. It can even be a bad plan and you can still win. Having any plan is the key. Making it a great plan involves the many steps that I have explained in previous articles. Evaluate it on a consistent basis and make the necessary improvements. Test it often.
You have intuition. Use it. I have been paralyzed by questions. I ask a lot of really good questions. Reality with action will get you to where you need to go and when you add in intuition and evaluation the road is easier.
By you asking questions you are learning what you don’t know! Great! By not taking action you will never know! Having a great mentor and coach can help you get feedback and support to achieve your goals. What are you waiting for?