Hello and welcome back to Millionaire Visionaire! Today I am just gonna do another short article on whether it is “worth” doing something. This is just my personal opinion on the topic.
Is it worth it
How do you know if something is worth doing. I have had friends ask me on multiple occasions if they should get involved with something(could literally be anything). I don’t ask them about the details unless they are willing to reveal it.
So anyway, one of my friends did a poll on his Instagram Story. It was just a question of “Should I do it?” with the options “Yes” and “No”. For me when I see such questions, I would like to know more before giving an answer. I wouldn’t want to find out after that his/her question might have been something along the line of “Should I end my life?”. Friends could be encouraging with good intentions, but without knowing the exact question, might lead to some harmful results. When I asked him about it, he told me that nope its not about him harming himself or others, but did not reveal more about it. So I asked him if it was something he wanted to do, and he said he wanted to but wasn’t sure if he should. To him the positive outcome of whatever he was thinking to go into was really lucrative. I asked him if he felt it was worth it to do it then, and he said it was really worth it cause if he “made it” it would be a good “reward”. Then next question I asked him then was what if he failed, and he immediately replied, “oh then it isn’t worth it man.”
I could tell from the conversation with him, that the way he was weighing whether it was worth doing something was the reward and not what was at stake for him.
Is it really worth it
I personally feel that to know if something is worth doing, is by weighing the Risk and the Reward of the decision. To many, the reward is the the only thing they care about. I know there is the good in having the “eye on the prize” as you will be focused on your goals. But before you go into it, is the risk worth the reward. For businesses or investments, one would compare the risks and the rewards. I feel it is the same for decisions we make as well, let me give you an example.
Let’s say there was a lottery with the winnings of maybe US$50 million, and each ticket for the lottery would cost you just US$2. Would you sell all your assets to buy all the lottery tickets you could afford just to raise the chances of winning the grand prize. If we put your asset value at maybe US$500k, that would give you 250k chances at winning the US$50M. For just US$500k you could turn it to US$50M, sounds nice when you look at it like that. However, if you none of your tickets was the winning one, you would have loss everything you have. Doesn’t sound worth it now does it?
The difference of weighing the risk
One of the things that make investors or professional poker players grow their wealth isn’t luck. It is them knowing the risk they are taking and weighing it out properly. To me that is what makes the difference between gambling and investing, and I learned this when I started trading Forex. I went into it not knowing what I was getting myself into. I was attracted to the potential earnings and ended up paying for an expensive lesson.
No matter what you are going to, it doesn’t only apply to investments or poker. Know what you are getting yourself into. Know what you have to risk for that reward and then decide from there. What may seem worth the risk to others, may not be worth the risk for yourself. So make your own decisions, you can ask for advise from your peers but ultimately you make the decision which would work best for yourself, as you know yourself better.
Thank you for joining me again today on Millionaire Visionaire, See you all again tomorrow!