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HomeBlog Financial LiteracyHow To Be Brave And Take High Financial Risks
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How To Be Brave And Take High Financial Risks

October 28, 2015 by National Debt Relief

money trapFinancial risks will always be present in money transactions. It can be as simple and straightforward as a savings account or it can be a more complex transaction like investing in stocks or mutual funds. The risk usually involves losing some value in your hard-earned money. No matter how foolproof your financial systems are, there will always be a level of risk in it.

This is the reason why people are scared of taking a risk when it comes to their money. Take for instance what happened to the housing market during the Great Recession. We always thought that you will never lose when you invest in a house and lot property. After all, land is a resource that you can never replicate. It will run out as more people buy real estate properties. But when the economy crashed, the house that we thought would never depreciate suddenly lost its value. A lot of homeowners were forced to give up their property because their monthly amortization was already bigger than the actual value of the house.

While financial risks can lead you to lose money, it is still something that you need to take. Taking a risk is better than not doing anything. The truth is, one of the financial mistakes that you can make is to be too complacent when it comes to your money. Being safe is okay. However, it does not necessarily translate to security. Sometimes, a financial risk is necessary to place yourself in a more secure position.

Saying that you need to embrace a certain level of risk is easy. Doing it is another thing. The reality is, we are finding it hard to risk our money because it is limited. We have a lot of financial obligations and we do not have a lot of finances to meet all of them. This makes us cautious to take risks because losing is sometimes not an option for us.

If you want to put your finances to the next level, you need to be ready to take financial risks. While there is nothing we can say to lower the risk, there is something there are things that you can do to make you brave enough to take them.

4 ways to find the courage to take money risks

Complacency can become a fault when it comes to your finances. That is why you need to find the courage to help you take on the money risks that can improve your financial position. You may be hesitant to take risks, but you should not let your fear keep you from the gains that you could be getting.

Here are 4 things that you can do to help you be braver in taking financial risks.

Educate yourself.

Start by educating yourself. The only way that you can make smart decisions about your money is when you are knowledgeable about it. When you educate yourself, you will find yourself more courageous because you know what is at stake. Even if there is danger ahead, you understand what it is. That will make the risk less daunting. According to an article published on CNBC.com, your decision about financial investments like buying a house will depend on what stage you are in your life. Unfortunately, their study revealed that even the older adults could use some improvement when it comes to their financial knowledge. Not only that, you have to understand that although there are many risks when it comes to your money, not all of them will reap rewards. You have to find out the specific risks that will help you achieve your financial goals. These risks, as uncontrollable as they are, can be lessened. You just have to make the right decisions about it.

Secure your future.

Another thing that you need to do so you are braver to take financial risks is by securing your future. The best way to do that is to save up for it. Of course, we are talking about your retirement. But beyond that, you also have to save up for your emergency fund. Your savings will serve as your safety net. Although the money that you are investing is at risk, you know that even if it fails, you will not be completely at a loss because you have your savings. Even if your investment does not gain profit, you will still be left with some money to spend or possibly invest again. This is the best way for you to remove the possibility of a financial ruin in your future.

Secure your family’s future.

Sometimes, people are scared to take financial risks because they have people depending on them. They cannot afford to lose money because their family is relying on them for financial help. This is why it is also important to think about the financial security of your family. If something happens to you, they will be left with nothing. If you care for them, you need to ensure that they will be taken cared of financially. Once you know that they will be okay even if something happens to you, then you will be braver when taking money risks.

Be aware of your financial position.

The last thing that will help you be braver in taking risks is when you know and understand your financial position. The truth is, you need to know your finances if you want to be better at managing your money. How can you manage something if you know nothing about it? Once you understand your finances, you will be wiser and smarter when it comes to making decisions about it. That confidence will then help you find the courage to take financial risks.

Benefits of taking risks with your money

While the above-mentioned activities will help you find the courage to take risks with your money, there is one other thing that is also effective – motivation.

When you know what you will get out of risk, you will find a way to overcome your fears and take the plunge. To motivate you in taking more high financial risks, here are the benefits that it will bring to your personal finances.

High risk equals more return.

When something is risky, you know that it is of value. If it is not worth while, then nobody will risk their money on it. This is why it is only logical that the higher the risk, the greater the chances that you will earn from it. According to an interview published on CUTimes.com, Jeanne Kucey (CEO of JetStream Federal Credit Union) was noted to be a believer that great risk leads to bigger returns. If you want great returns, you need to be brave enough to take a great leap of faith on your risk.

You learn lessons along the way.

Taking risks is the best way to learn lessons. As you make mistakes, you get to be more cautious of your decisions. As you make mistakes, you will increase your knowledge about the financial market, and your financial capabilities.

You become confident with your money.

When you are used to taking financial risks, you start to become confident with your money. It does not matter if you have your share of failures. Every time you are successful, you will increasingly gain the confidence to take on more risk. Repeating the process will help you be more financially confident.

You overcome your fear of failure.

As you gain confidence, you will naturally overcome your aversion to failure. Sure, nobody wants to fail but sometimes, it is by failing that we figure out how to succeed. Sometimes, we need to learn the wrong path before we can discover the right one. According to an article published on CNN.com, you cannot really cure fear. What you can do is to overcome it by coming up with a plan. This plan will involve taking risks because facing unknown is the best way for you to gain the courage to overcome your fears.

Financial risks may be daunting, but it is the only way for you to grow in your finances. Unless you learn how to face these risks, you will never find the courage to take the steps that can help improve your financial position.

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National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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Easy National Debt Relief Caller: Austin Transcribed WE 1/17/2021 Austin: Our call may be recorded. What led you to National Debt Relief and why did you choose National Debt Relief over a different company? CARA: Honestly, it was just kind of on a whim. I just saw a commercial, I think, and then looked it up. And we were just tired of living paycheck to paycheck and not feeling like we were getting anywhere with our debt. Austin: What were your thoughts and was wondering as far as like the enrollment process, what process or where are you at this point in the process? CARA: We are almost done. Well, they've paid off almost everything or we've paid off almost everything. We're working on our last credit card. So I think our last payment will be in December, so nearing the end. Austin: Do you remember the name of the negotiator? I'm sure you've probably worked with a couple of people, but what's the name of the negotiator that you worked with? CARA: Well, I didn't really, I guess really work one on one with like one negotiator. I don't think. We just got email saying, "This is where we're at with this. Do you agree?" you know, type situation. Austin: Do you feel that there's anything that maybe the negotiator did well or anything that they could have improved? CARA: No, I don't think so. Nope, I don't think so. We've been happy with everything so far. Austin: Have you seen any positive impacts from working with National Debt Relief, just to kind of notice any changes to your life? CARA: I mean, definitely less stress, and then we've just been able to be better about our spending and our budget and everything. It helped get us on track. Austin: How would you rate your experience with National Debt Relief on a scale of one to five, where five means you would recommend to friends and one means very dissatisfied? CARA: I'd say 5. Austin: Would it be okay if we shared your comments as a review on our public site with a first name and city only, they're for National Debt Relief and to help other consumers make good choices? CARA: Probably not. I live in a smaller area. If anybody were to hop on and say Cara from Beddington, they would probably know. Austin: We can definitely remove that 'cause we very much respect your privacy. So we can either remove the name and just do a ‘C’ or completely remove the city and just do like ‘Cara from the USA’ whatever -- mainly comments than identifying you, I guess would be important. CARA: Yeah, I don't care if you use like my name and just put USA. I just don't -- where I live, it's not a very big area. Austin: I can totally respect that. Not a problem at all. CARA: Yes, we are a little bit of ashamed of having to go this route, but it was what was best for our family at the time. Austin: Would you like us to email you a link to that review whenever it's published? CARA: Yeah, that'd be great. Austin: Our call may have been recorded.

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