GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
20 YearsHelping You Live Richer
Reviewedby Experts
Trusted byMillions of Readers
Are you risk-averse orrisk-seeking?
If you asked a handful of people, you would most likely have varying answers.
Risk isnt inherently bad.
Take Tesla, for example.
Tesla has been willing to take risks from day one, having several firsts under its belt.
Risk can be a powerful tool in yourwealth-buildingarsenal, helping you take leaps of faith with confidence.
That led him to think aboutthree ways that successful people think about risk and how these actions build wealth.
People who use risk to build wealth adopt this same mindset.
What does this look like in real life?
Maybe you are considering taking a risk and investing in a startup with a positive growth outlook.
Instead of putting every penny to your name into the startup, you leave your emergency fund untouched.
Confidence Is Key
Another necessary mindset to build wealth by taking risks is confidence.
Take Sethis recent move to San Francisco.
Was it scary to give up his affordable place in Palo Alto for uncertainty in San Francisco?
Pivoting Is Normal
Wealth-building with risk also requires the ability to pivot.
Risk-taking doesnt always work.
Whats the worst that can happen if your risk doesnt work out?
Are you able to weather the storm?
If his move to San Francisco didnt work out, he could have simply moved back to Palo Alto.
Finding ways to adapt and overcome propels you on your wealth-building journey.
If you constantly live life in fear, youll be paddling to the same place forever.
For most of you reading this article, that probably isnt the end goal.
More From GOBankingRates
Share This Article:
