Since you can’t get anywhere without taking any risks (the
proverbial ‘nothing ventured nothing gained’), your attitude to risk will
determine the amount of money you make. That is, the more you risk the more your
financial success and the less risk you take the less wealth you make.
Although you must speculate, you must take only ‘calculated risk’. And
like everything else, risk is relative and you must determine your own
perception of risk and update it regularly.
On the other hand, any action (such as throwing your life savings
into a procedure to resuscitate dinosaurs) which does not fit into an educated,
well researched and carefully timed investment is a gamble. A billionaire pumping
large amounts of capital into even an innovative business is not gambling but
taking a ‘calculated risk’ because that decision is based on their increased
attitude to risk.
So not only must Law 25 (which dwelt on wealth strategy and your
attitude to risk) be your benchmark but you must also stick to it like a leech.
What you must not forget is: only invest money you can afford to lose and never
chase money that you have lost.
Your road to wealth begins with speculation and not gambling. Gambling
is not based on much forethought while speculation is the result of your
careful selection [Law 7]. When you speculate your money, you are investing it to
produce a greater return for your long term wealth. And you don’t do so until after
discussion with and advice from investors, mentors and successful people, combined
with some careful thought [Law 7 again] and some action [Law 29].
Although carefully thought out, speculation is still a guess. So mistakes
may crop up and you may lose some money. But that is all part of the game
because you cannot get money out if you don’t put any in.
No comments:
Post a Comment