The more risks we take, the better we get at it.
Economist, journalist and risk-taking specialist, Allison Schrager, shares the fascinating relationship between the world of risks in the finance industry and how the same principles can be applied to the risks we have to make in our day to day lives.
Allison reveals the smart way to take risks and how to choose which risks are the right ones to take. She explains how to find the balance between risk and safety and shares the 5 principles to become a better risk taker.
Our lives will not move forward unless we take risks. The more risks we take, the more we’ll get out of life.
In this episode you’ll discover:
- Why risks are so important in the first place and when risk taking is something we should be doing in our day to day lives
- Why we should always know what we’re taking a risk for
- Why we need to be aware of our emotional and behavioral biases when risk taking
- Hedging and how to manage the downside
- What we can learn from poker players and the CEO of Cinnabon
- How to find the right balance between risk and safety
- The correlation between risk taking and being successful (it’s not what you think!)
- Idiosyncratic risk vs. systematic risk
- Why we should leave just enough flexibility to change our plans
- Why diversification is key in risk taking
- How to choose which risks are the right ones to take
- Why Allison spent so much time in a brothel (!) and how it helped her better understand smart risk taking
We should learn to take more risks — feel more comfortable with taking risks but knowing that we don’t have to take enormous risks all the time.— Allison Schrager
Ready to learn how to take smarter risks to enhance your life? Tune into the master risk-taker today.
Resources and Mentions:
- An Economist Walks Into A Brothel by Allison Schrager
- Phil Hellmuth
- Robert Merton
- Mindvalley Mentoring
Connect with Allison:
As inspired as us? Here are a few articles you might enjoy!
- When To Manage And When To Lead: That Is The Question
- How To Start Investing Your Way To Financial Success By Ramit Sethi
What’s your biggest takeaway from this episode with Allison?
Let us know in your review below.