Calculated Risks Worth Taking

| September 11, 2017 | 0 Comments

Successful financial management is all about making smart decisions. Sometimes that means taking calculated risks. After all, those small gambles can often open the door to far greater stability and freedom. Ultimately, nobody ever got anywhere by constantly playing the safe game.

That shouldn’t be an excuse to throw caution to the wind, however. Every risk needs to be carefully considered before making a final decision. This means taking your circumstances into account too. Nonetheless, here are some that are commonly worthwhile.

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Financial Investments

There’s nothing wrong with letting your savings accumulate in a bank account. Nevertheless, it’s very rare that this will be the best solution for unlocking quicker growth and maximised potential. Smart investments are often the factor that makes all the difference to a person’s personal wealth.

The list of potential investments is virtually endless. While all come with a sense of risk, choosing real estate or a less vulnerable area is advised. When investing in stocks, for example, you could lose everything. When you have a genuine physical asset, you can always cut your losses if things go wrong.

In truth, though, dealing in properties will usually bring immense gains. It’s a simple idea of supply and demand.

 

Going For Gold

Not all investments require a huge level of capital. Sometimes, you can afford to risk a small amount of cash for the shot at a life-changing outcome. The key in these situations is to find activities that offer minimal risk for potentially monumental gains.

In truth, games such as the lottery are your best option in these cases. While you may lose the small amount of a ticket price, you could potentially win millions. Furthermore, the fact that no skill is involved means that you have a chance at winning without putting time or energy into the activity.

If you’re struggling to justify the potential loss, why not use this as a motivation to quit a bad habit like smoking? That way, you’re a winner even if those numbers don’t come up.

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Smart Home Upgrades

Everybody deserves a happy home, and regular upgrades are a necessary feature to make that happen. Aside from boosting your life, they could go a long way to improving your financial wealth.

There’s always a slight risk that the projects won’t increase the property’s value or attraction. Eco-friendly upgrades such as water-saving toilets and new windows will usually bring a positive impact. This makes them a great choice for the immediate and long-term aspirations.

Money shouldn’t be the only motivator, as there’s no substitute for greater happiness within the home. Still, the fact that you could see financial rewards should be ignored at your peril.

Threatening To Quit Providers

Whether it’s car insurance or energy rates, the costs relating to services can fluctuate massively. Therefore, you must always go the extra mile to find the very best deals on the market. Sometimes, threatening to quit your current provider is an important aspect of this challenge.

Price comparison websites are a good starting point. However, you can often haggle yourself into a better deal by speaking to an advisor. You may need to get a little pushy to get what you want, which can sometimes result in no progress. Even if this does happen, though, you can usually find an equally good alternative at a similar price.

When things go well, though, you can enjoy the benefits of reduced rates without needing to switch accounts. For the sake of your finances and your sanity, this can only be a positive outcome.

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Category: Finance

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