This is basic risk management…
Everyone wants to go BIG! And why wouldn’t you? You want to shoot big, go for it all and win big…
The trick is to never lose big.
If you’re going to make investments, you need to take the time to truly understand what you’re investing in whether it be real estate, stock market or even just your friend’s business. Sure, you want to be supportive of your friend and take the opportunity to make some money too, but you’ve got to know what you’re getting into or it gets really sticky really fast.
We saw this happen quite a bit with crypto back in 2020… We were in a pandemic and the government was handing out checks….
The government trying to stimulate the economy and keep some of the people’s jobs secured by not allowing every business to be shut down, well this created a different kind of stimulation and a different flow of revenue… What we witnessed was millions of people who had sat at home for a few months wanting to capitalize on their “pandemic paper,” as a friend of mine like to refer to his. He simply stated, “he wasn’t expecting it nor did he really need it, so it was a “free play” …so to speak. He was able to spend willie-nillie without any concern of loss. It wasn’t his money…he didn’t earn it or work for it; he was given it from the government so he could freely spend without repercussion… He bought a new gun, went to some auctions, put some money into the stock market and even bought some crypto.
First, I’m not even to get into reality of the “nothing comes free” perspective because that discussion will take far longer to really break down… but let’s rather discuss the fact that if it’s a “free play” so to speak, yeah, you could go for it all and who does it hurt… or you could use the opportunity to change your life by making wise decisions.
I really took the opportunity during the pandemic to try and educate as many as possible and really help more people to level up and get to a better place in life. The pandemic forced an economic rebirth… I’ve spoken about this at great lengths many times and want to reiterate that this was and still is a time for people to reinvent themselves and take a chance on something huge. Now, do not misunderstand my words; I do not use the word “chance” as in a gamble as if you were to not know what you are doing.
The idea behind taking a chance is that you’ve got to step outside of your comfort zone and do something bigger than you normally would. Please take the time to learn, research (and I use that word lightly as most have no idea what real research is) and plan what it is you are trying to do. Speak with some experts. Get informed and prepare before diving in. Make that “free play” really count!!
beingcoreybayless 