Going All In
Whenever we talk about risk-taking, people always say that we should take calculated risks, yet every time I hear someone talk about their success story and how they made it so big in life, they always talk about a moment where they took a very huge risk that could have easily ended their career or business if things hadn't worked in their favor.
And hearing all of that always makes me ask myself if maybe the one thing holding me back is the fact that I'm still trying to take only calculated risks by making sure I always have something to fall back on if things don't go my way. Don't get me wrong, I know doing that is smart, but what if we have to be less smart and more strong-hearted to do things we normally wouldn't do?
The other day, I asked my friends what they would do if they were presented with the option to go home with one hundred thousand naira, which properly could last for a few weeks of groceries, or flip a coin for a chance to win one hundred million naira, an amount that could change their lives.
The majority of them had said that if they didn't have any money at all, they would go for the 100k, but for some reason I feel like that wouldn't be the best option because to me, you aren't just asking me to pick between both amounts, but rather, you're asking me to choose between having food to eat for a week or two or having the chance of never being hungry again in my life.
And when placed between both options, I sincerely feel like I would lean towards flipping a coin because what if it goes my way and I win? And yes, I know you guys will say, What if I don't win?. Well, I guess that's where taking that huge risk comes in.
Taking huge risk does not mean gambling. Obviously it must be calculated also. Let me change the scenery of flipping coin because your flipping coin Idea was not ideal because in that case you had actually nothing to lose from your side which was unrealistic. Let me give example. Suppose if you guess become right in case of flipping coin, you will get free poverty otherwise you will lose half of your asset. Will you still prefer to go for flipping. I won't recommend. It's not taking risk. It's gambling.
It is gambling but isn't that what most things are in the real world. In order for you to get somethings sometimes, you have to be prepared to risk losing that which you have to gain more. And I only used that example because that was what came to mind at the time.
You actually do have something to lose because in this case, the 100k is as good as yours.. All you have to do is say you want it. But then if you choose to go for the coin toss, then you're deciding to risk that 100k for something bigger.
It is a kind of bonus. Suppose I get some funds from an airdrop, and I am ready to take high risk with the airdropped funds, but when it comes to my investment, I am not ready to take the high risk.