Americans are becoming risk averse and it is the riskiest thing you can do. There needs to be a paradigm shift. Either take risks or put yourself at risk. I played it safe in life. It didn’t do much for me. Then, I started taking some really big risks and started making big wins. You must take risks too, especially in these times and here’s why.
As soon as I started to take risks, I noticed more change, growth and opportunity. At 23 I got off the unemployment line and took a sales job. I knew nothing about sales but I knew my current situation wasn’t getting me anywhere so I took a risk and tried sales. I then left a sales job for a consulting job in Chicago, another risk. I moved countless times to different cities, which in itself, is a risk.
Once I became ok with the risky notion of moving for opportunity, it became a no brainer. I left the consulting job in Chicago to start my own business taking me to Houston, then La Jolla, California. At that point, I invested my entire life savings in my first real estate deal. Looking back, that was some serious risk but I took the risk because I knew my future depended, not on the money I had saved, but on what I’d do with it to make even more money… and that is where the risk comes in.
Understand these 5 key things when it comes to risk and investment.
- Taking risk is the new way to avoid risk.
- Working to earn more money isn’t greedy. It’s your duty.
- Save your money to reinvest in future income flows. (Saved money depreciates and only offers a false sense of security.)
- Invest in income-producing assets.
- Replenish and repeat!
Most Middle Class people were raised with the same values and messages about money and risk. “Be careful, just get a secure job, don’t get too much attention, just play it safe.” You must understand this old way of thinking doesn’t serve you in this new economy. So take some risks and watch things start to change. I dedicated my recent episode of The Cardone Zone to this topic, where I go into greater detail. You can watch the full episode here:
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Be great! Nothing else pays.