October 1, 2013

Taking Risk

"If you really want to make a lot of money, look for as much risk as possible," Author unknown.
This video is geared towards younger people, but who is to say how young. You can start whenever you are ready because the younger you are when you start taking risk the better. When I say risk I am talking about in the markets not with yourself. Someone who is 20 should take a ton of risk because if they fail they will have more time and a better chance at recovering versus someone who is 75 and making a ton of risky decisions. When I, Dave Paladino, was young I made a lot of risky decisions without even knowing it. Lets take an example: a 25 year old should make more risky decisions even if it takes them five years to realize that they are going to completely fail. After that failure they will only be 30 years old and have the rest of their lives (40+ years) to recover. Now lets look at someone who is 75 years old making some risky decisions. If this person were to fail they may only have ten years to recover and will most likely not do very well. Most people these days are afraid to take risk, but that is the best way to get ahead of the game. Pastor Mark Ashton once said, "Centenarians, people who are 90 years+, wish they would have done three things differently in life. They wish they would have left the legacy, reflected more, and taken more risk."

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