Have you ever felt like doing something different with your life and taking a risk? Have you considered doing something others might not understand, but it’s something you feel deeply passionate about? Have you been considering going all in or putting everything on the line?
Here’s my advice – ask yourself: what’s the worst that can happen?
It’s a vital question to ask.
Sometimes the worst that can happen is really not all that bad. That’s why we need to follow up with the question – so?
If the worst case scenario is something we can live with, then why not pursue a life long passion?
The Worst Case Scenario as a Financial Friend
I’m conservative by nature. There are certainly situations where I think we ought to go all in, put it on the line, take the plunge, and go for it.
But at what expense?
There are things that I don’t think are worth risking – my home, my family, and my freedom to choose how I’ll serve God and others.
By exploring the worst case scenario, our family has avoided doing things that would have required a lot of financial risk. I’m glad I avoided those things.
The Journey Matters
I read an article that discusses 30 successful entrepreneurs who declared bankruptcy. But what about the journey? Sure, they might have ended up successful, but what did they give up along the way? How much more stress did they endure? How much did their families suffer through those financial hardships?
Advice: Don’t Just Operate on a Best Case Scenario Model
When I’ve talked with people about issues related to finances and business, one of the common themes I’ve noticed is that too often we make decisions solely based on the best case scenario.
Wouldn’t you rather be in a position where you can feel free to take a risk yet without risking it all?
I’ve heard stories of people who’ve mortgaged their house for a business deal. People who’ve borrowed money from friends to get in on an investment opportunity. Why? Is it a false drive to success? Is it greed? I don’t know, but I don’t want anything bad enough that I’d be willing to risk everything. Instead, I’d rather take it slowly, proceed based on a worst case scenario, and still reach the end goal.
5 Quick Tips for Taking Risks Without Risk
- Build up an emergency fund. Risk is always minimized when you’re not risking your last penny.
- Don’t get impatient when making financial decisions. Preparing yourself financially takes time. Impatience may cause you to make foolish decisions.
- Never risk the most important things in life.
- Take a test run whenever possible.
- Prayerfully seek the wisdom of others as you determine God’s will in your life.