There’s reckless risk taking. That’s the type of things that those without self discipline do and it usually leads to disappointment and failure. Then there’s the type of risk taking that winners with self discipline take. This brings huge rewards and makes the most out of opportunities.
I’m about to teach you how to make risk taking an asset rather than a liability.
Look Before You Leap. Risk nothing, gain nothing. It’s usually true, but this doesn’t mean you should be acting on impulse and not using your head. Over thinking things to the point of paralysis is a big mistake. So is jumping blindly into the lion’s cage. Always think over the pro’s and con’s of your actions before you act. Look before you leap.
Mentally Rehearse Your Strategy. When you do take risks the self disciplined approach is to be as prepared as possible for any associated events that are likely to arise. The best way to do this is to go over your strategy and consider what obstacles you could face. Writing these down is helpful for many people too, when “brainstorming”. It’s not possible to be ready for everything, but you can be ready for most things in many cases!
Consult a Mentor. Experience is a great teacher, maybe the greatest. Self disciplined risk takers contribute to “mastermind” groups where they can ask for outside thoughts on opportunities and risks as they appear. They also do their best to find a mentor who has achieved the goals they are working on. If you can find a mentor and consult him (or her) when you need to. Being humble and accepting you don’t know everything is a sign of real self discipline.
Prioritize Your Risks. Don’t take a risk for something minor that will endanger something major. Knowing how to keep your priorities in order is a “master key” of self discipline. Your top priorities must always get the most focus, energy applied to them and be protected from risk of things less important. Don’t ever forget this.
Resist the Urge to go All In. Going “all in” is a risky move in Poker, and even more of a risky move in life. Hardly any opportunity, ever, is worth risking
EVERYTHING over. Even a sure thing (remember nothing in life is a 100% sure thing!) There’s few things more demoralizing than having built up a great deal of success and then risk it all on something and lose. Most investors suggest never going beyond 20% in a single investment. This is great advice to keep in mind for the rest of your life too.
Never taking a risk is a cowardly way to live life. And you will never be able to see real change following that kind of philosophy. Taking reckless risks is also a destructive path, not for the man or woman with self discipline.
The middle road of disciplined risk taking is the way to go, friends. Take it!