I recently read a report that stated that wealthy and successful people were always willing to lose money trying something new.
Most of the people questioned said they would be willing to lose somewhere between one and ten thousand pounds on a new venture.
The amount of money people are willing to lose is usually dependent on how wealthy they were.
A billionaire probably wouldn’t bat an eyelid at losing £100,000, whereas someone with just a couple of million pounds they would not want to lose more than £10,000 if they could help it.
It also depends on what the potential outcome could be if a new venture or investment went well. Risking over £10,000 might be worth it if the return is believed to be a couple of million pounds over several years.
The point I want to make here is that wealthy and successful people are willing to lose some of their money trying new investments and ventures.
As the saying goes: nothing ventured nothing gained.
Wealthy and successful people don’t want to lose money, but they will risk it for something they believe will make them more.
Just because they are willing to risk losing money doesn’t mean that they are willing to jump feet first into just any old thing.
They will study the venture or investment carefully and only take calculated risks. If they have any doubts whatsoever and believe that a venture or investment is highly likely to lose money, they won’t do it.
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Again, the point here is that wealthy and successful people are willing to put their money on the line as a way to make more.
They are also willing to risk their time and energy on a venture they believe will pay off. If they have any doubts that something will be a waste of time, they will simply say no and walk away.
If you want more money then you are going to need to adopt the same attitude as wealthy and successful people and be willing to risk some of the money you have.
Obviously, you cannot risk more than you can afford to lose, which for a lot of people isn’t that much. But without actually risking your money (or time) you will never enjoy the potential rewards that can come from new ventures or investments.
When it comes to making more money you need to:
- Carefully study what the new venture or investment entails. Learn as much about it as you can before making any decisions.
- Decide on how much you are willing to lose should the venture or investment not work out.
- If the venture or investment looks sound enough and you believe that there is a greater chance of success than failure, take positive action.
- Do all that is required to make the venture or investment a success, and if it fails, accept it and move on.
Successful and wealthy people take risks with their money, it is called leverage.
They use what money they have, they don’t just leave it in the bank to gather dust.
Money is your best tool for further success and wealth.
Kind regards.
John Harrison.
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