How does it affect your finances if you are being safe, or taking a blind risk or taking a calculative risk?
How does it affect your finances if you are being safe, or taking a blind risk or, taking a calculative risk?
Hey, my friend, today I'm going to talk about being safe when it comes to finances or, taking a risk for the business. So the three things we do. Being safe or we take a blind risk or we take a calculative risk. So let's talk about it. Welcome to Wealthy Wednesday.
So in a nutshell, being safe means you're not taking any risk. You just be in the comfort zone as long as the bills get paid off. That's being safe. And blind means you're following someone else's result and not knowing the whole thing. That the whole path that particular person went through to get that success. And calculated means you're getting the proper knowledge of it and doing your number, then you jump for it. Means, you're jumping on a pool knowing it's a 3ft deep or 6ft or 8ft deep. That's calculated. So there's still some risk involved when it's calculated, but you will not lose a large amount. You're not going to lose so much that you can't even get back up. So that's the good thing about the calculative risk.
Now let's talk in details about it. So when someone is being safe means they're looking for a job. And problem is not the job. There's nothing wrong to have a job. You can get a job first and learn and then you can always mix and match. You can keep that job, maybe have some side income. There's a lot of things you can do. But when your mind is telling you to just be safe means you are focusing on just paying the bills. You get some income, you pay the bill, you're comfortable, you're never going to grow. So that is being safe. It's not good for your growth. It's going to pay the bill, you'll be safe.
Number two is taking a risk because somebody else has did it and not doing enough research. Whenever you're doing a new business or new project, it's always advisable, and of course, you must know the hole story. If you see, for example, a real estate agent doing very good in a farm area, they're sending the mail and, you know a little bit. Ok, this person has this area 2000 homes. They are getting a lot of listings and doing very good. But problem is you don't know the whole story. Maybe they are sending mail over that area for ten years. Maybe other than sending me, they have a whole follow up process, making the phone calls, being on the social media. It could be different things involved. So if you don't do that and start spending money on that, there's a huge chance for lose out. Same thing on the fix and flip or any investment you do. Don't just go blindly. That's taking a blind risk and you have a huge, big chance to lose.
The other thing is the smart one is a calculated risk. You want to do something, do the research, gain the knowledge, maybe have a partner who already did that before having the knowledge, got success. So initially get a partner and then you can go by your own later days once you have enough knowledge but definitely get the full story, get the full plan, draw the step-by-step process. And also hey, if the business thrives I'm going to do this, but worst-case scenario, I'm not going to lose out, I'm going to make less profit but I'm going to make profit. That is a calculative risk. So my friend, anytime you're going to jump on any kind of investment, don't just go blindly. Learn about it, talk to the people who did that before and get their honest opinion, and take a calculative risk.
Hopefully this information is going to help you to invest in real estate or any other places. If you have any questions give me a call. My name is Shawn Bhakta from Remax Presidential, South Florida Home Finder Team. I'm glad to help.
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