Bravery, Recklessness, and Cowardice
All three of these traits can be defined in their relationship to risk:
- Brave people understand risks, take steps to minimize them, and then act despite the presence of those risks. In other words, they take calculated risks (see Risk-Resistant Business Structures). They are the people who make things happen.
- Reckless people charge ahead without stopping to consider the risks they are facing. Many of them score an occasional win, but few keep on winning indefinitely. They are relying on dumb luck.
- Cowardly people are paralyzed by fear. They never act. They remain immobilized in most all areas of life, avoiding anything as risky as real estate. You won’t hear them mentioned again in this book.
A Rock-Solid Way to Minimize Risk
People who succeed in real estate are brave, but not reckless. They have developed some very effective strategies for analyzing a problem and taking action:
- First, they accept the reality that real estate investments are risky. In other words, they are realistic.
Second, they invest the time to understand the risks that surround what they want to achieve.
Third, they take considered actions, despite the risks that they have identified and analyzed. By understanding and minimizing risk, they reduce it to an acceptable level.
- Fourth, they learn a lot from every risk they face. Then they apply their learning, and build success on success.
Those are the skills you will learn in Fortune Without Fear. Let’s get started.
PREVIOUS PAGE - The Ability to Handle Risk
NEXT PAGE - Risk-Resistant Business Structures
