Every single one of us have experienced risk and reward and usually (but not always) the two are linked. We see an opportunity to gain or achieve a desired result and weigh up the risks involved (if any) and make a decision to act or not.
During that process I try to find a balance between the reward and risk initially to determine if I should even be contemplating it and then begin to weigh up the risks and what repercussions they may have if the worst was to happen which, as we all know, often does. Of course, many times the risk aspect is not so bad, simple failure, and that brings a reward in itself meaning the ability to learn from it and re-try, but sometimes the risks have serious ramifications.
The need to manage risk and reward, find balance, occurs right across a person's life and in every aspect of it so learning to manage the process early can pay dividends as one gets older and there's more to gain...and more to lose of course. Unfortunately, the trick of managing and balancing risk and reward is something that usually takes time to learn and in that process...well, sometimes we get burned.
I recently took a big risk, I had to make a decision to trust someone who had lost my trust or to remove my trust forever; the risk (if it went bad) was to my emotional self, something I'd have to deal with (which we know can be difficult at times) and the reward was a rekindled friendship (which I used to value greatly), albeit with clearly defined and inflexible boundaries I'd decided to set; self-preservation I suppose.
It wasn't a difficult decision, I wanted to re-engage, but for peace of mind I had to go through the same process of considering the risk and reward allowing me to be content with whatever decision I reached. It's worked out, so far, but even now the shadow of distrust lurks at the edges - I'm not one to easily trust someone who has proved untrustworthy - but I'm working on it.
How have you managed the risk and reward process and have you done it well or badly? If you want to share your thoughts or even an occurrence feel free to do that in the comments.
Design and create your ideal life, tomorrow isn't promised - galenkp
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Something similar happens to me, I don't trust again someone who has let me down or hurt me, but it is also true that people can change if they make the effort to do so.
I have taken risks, sometimes too big, I have gone wrong, but on those occasions I have learned and improved. On other occasions the rewards were slow in coming, but they did, and for that it was worth it. Most of the time the risks have brought me good things and that is rewarding.
I figured you'd taken a few risks; it's good things worked out for you.
Look... my biggest risk was to leave everything, home, my things, work, family, friends, for a complete change of life and I'm glad I did it.
I've had to do this with vendors in the past. I have a few that have burned me, but all of my colleagues have had great experiences with them. It takes quite a while for me to give them my business again. The few times I have, it has worked out well so far. I'm glad you were able to reestablish your friendship but with some clear boundries.
It's sometimes possible but once trust is broken it's never really the same.
I can appreciate that. It's bittersweet for sure.
Hi Galen, I liked how you raised the issue of risk and loss. Not only is there a risk in betting on the stock market, as in your example. Choosing the people we are close to is also a risk that can bring rewards or losses, and not necessarily economic ones.
A couple of months ago I decided to “lose” an investment that I shared with another person. I think I came out a winner, although in economic terms I lost out. Nothing irreparable and I have gained peace of mind.
Best regards.
It's important to see both sides of the scenario, for me at least. So many look to the benefits only and being optimistic is not a bad thing, but being that way can sometimes cause a person to miss the possible risks and then not plan for them I guess right?
Sometimes losing something can be a good benefits you found out I think.
That's right; everyone should see both sides; Have a great day!!!
I'm planning to and I hope the end of your week is a good one too. Not long until the weekend.
The week is going very well, for this weekend I don't have anything prepared yet, but for December I'm preparing a little trip 😃.
See you later.
I have experienced situations that were very risky recently. But surprisingly the results turned out unexpectedly good. Natural experience didn't make it look like it could work, but it rewarded bountifully. Those who risked it really gained in cash and otherwise
It's better that it turned out good than it turned out bad, don't you think?
Big risk means big reward, but big risk is a barrier to success. Sometimes it is good to take big risks but you should also think about whether it is possible to succeed
Big risk sometimes comes with very little reward, but people take it anyway...the risk I mean.
In my work, I try to minimize the risks as much as possible. I perform risk assessment and create recovery plans - because I work in the IT industry, there is no space for risk.
While in my life, although I'm not inclined to take risks, I sometimes "walk on the edge", for the sake of achieving some benefit, better income, better fun, adventure and adrenaline, a better life.
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