December 8, 2012

Go Safe or Go For It?

I came away with some thoughts on risk taking watching this scene from the movie "Lies and Alibis."

The girl says: "Simple is boring."
The guy answers: "Boring is safe."
The girl responds: "Safe is for old people."

(Note: nothing personal here to the elderly. Also, hope I didn't get the who said which thing wrong, but the point is the same.)

Take-a-way: Very often in life we aren't sure whether to take a risk or not. Is it worth it or is it reckless? And we have to weigh the pros and cons, carefully!

- We have to ask ourselves, where's the risk and where's the reward?

We have to decide whether we want to try something new and accept the potential risk or stay stable and go safe with the status quo that we already know.

At times, staying with a bad status quo can be the more risky proposition and change the safer option--so it all depends on the situation. 

- We also have to look at our capabilities to take chances: 

For example, in terms of age appropriateness--it can be argued that younger people can take more risk, because they have more time to recover in life, should the situation go bad. 

At the same time, older people may have more of a foundation (financial savings, built-up experience and education, and a life-long reputation) to take more chances--they have a cushion to fall back on, if necessary. 

- In the end, we have to know our own level of risk tolerance and have a sense of clarity as to what we are looking for and the value of it, as well as the odds for success and failure.

It's a very personal calculation and the rewards or losses are yours for the taking. Make sure you are ready to accept them!

Finally--always, always, always have a plan B. ;-)

(Source Photo: Andy Blumenthal)


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