Question

Do you think that the Ability to Embrace Risk is one of the Important Keys to Success?

Expert Answer

Absolutely. Risk is very relative. It’s not never anything absolute. Because for some people to jump down a - jump off a bridge. Do bungee jumping or parachuting is just fun. It’s a thrill. While other people say, “Well for me it is much scarier to speak in public.” And say, “I would rather jump off a bridge.” So it depends on each person. What are your fears? Where are your strengths? And it is of course a way to overcome fear and to accept risk because we need to accept it. We need to live with it. If not we would never - we could never leave our home. We could never get out of bed.

 So there’s one question or two questions that we can ask ourselves when we are - in order to be able to accept risk is, “What can I win? And, “What can I lose? What is the best that can happen if I go for it? And what is the worst that can happen?” When you ask the second question many times you come to the conclusion there is not so much you can lose. But if you succeed there is a lot that you can win by doing it.

 So by asking this question everyday and whenever you are in a situation where you need to decide can help you to take on more risk and to achieve much more because risk is always related to the reward. Especially in the world of investment. If you don’t want to take on any risk you can expect the return of 4, 5, maybe 6% on your investment. And then again inflation might eat up all your rewards. So you have to take on more risk.

 And when you look at the billionaires and multibillionaires who really made it to the top in the financial world all of them took on tremendous risk. But from their perspective it might have looked like a little thrill, a little bit of fun, a challenge. It also depends on how you call it. If you call it “risk,” if you call it “danger,” or do you call it “a game, fun,” or “thrill?” It’s always your words that will define your world. And if you are able to redefine your words you will redefine your world.

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