From the course: Success Habits
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How to assess possible risks
- Successful people do take risks. I don't think you can get ahead of the pack without taking some risks, but they don't take too many, and they think about the risks before they take them. They get as much information as they can from experts, from history, from thinking about all the things that might happen, and then they calculate using actual numbers whether they're prepared to run that risk. That's not to underestimate the importance of your gut feelings, your instinct, as well. Ideally, you do some calculations, and also see how you feel, and compare the two. Then, if the two don't agree, then one of them must be wrong. It could be the numbers, but it could also be your instinct. So, let's look briefly at how you can apply numbers in order to think scientifically about risk. The procedure is that you compare the financial value of taking the risk with the value if you don't, and you see which one is better. Here are a couple of examples. One's about risking money to try to get…
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