3 Habits of Risk Takers That can Be Useful in Your Own Life

You could learn a lot from a Risk Taker! I know because I’m married to one! Risk Takers profit from their optimistic mindset and all of us can benefit too. That side of Taylor’s personality used to catch me off guard and even make me (Megan) a little anxious. But I have seen time after time how it adds to our marriage and I understand how wonderful it is.

A lot of financial experts like to shame Risk-Takers. All the praise is extended to the Savers. But here at The Money Couple, we love Risk-Takers. The world would not be the same without Risk-Takers. In fact, if it wasn’t for Risk-Takers, people would probably think the world was still flat.

We applaud Risk-Takers. In fact, 30% of The Money Couple community is made up of Risk-Takers. How do we know? We offer a free, online assessment to determine Primary and Secondary Money Personalities. So we know there are wonderful, risk-embracing people out there.

Taylor’s two Money Personalities are Primary Spender and Secondary Risk Taker. Mine are Saver and Security Seeker. While we do see eye-to-eye on some things, we need more time to discuss and trust other money decisions because of our different Money Personalities. Understanding our Money Personalities was a game-changer for us.

Whether you are a Risk Taker or not, you can benefit from these 3 things Risk Takers profit from:

1. Embrace your strengths.

A Risk Taker is successful because they understand their strength. They know they are wired to find “the next best thing” so they watch for it.

Other personalities may miss an opportunity that is right in front of them. Risk Takers will seize the day.

I read a stat this week that said by the year 2025 fifty percent of all employees will work for a small-to-medium-sized business. And it’s no surprise that most new businesses are started by Risk-Takers. So, keep at your strengths, Risk Takers, because it helps all of us in the long run.

This business, The Money Couple, exists because of a Risk Taker. WE saw the need to help others experience rich relationships. To help couples improve and enjoy their marriages and their money. So, we took that risk.

When Huffington Post asked Kay Koplovitz how she became the first female CEO of a television network, she responded:

You really have to put one foot in front of the other and start on your journey. You have to be comfortable that you don’t know exactly how you are going to get to the results that you want to see.

Risk Takers profit by tapping into their strengths.

2. They prioritize communication with their spouses.

Another way Risk Takers win is to communicate their ideas to their spouses. A team of two tennis players beats a solo player every time (unless maybe that player is Serena Williams). No amount of money replaces the “profit” of a happy marriage.

Taylor loves coming up with ideas but working on them as a team makes them better. And it helps me get on board with his great ideas, sooner.

Taylor used to try and talk to me about his Risk Taker ideas when we were getting ready for bed. I would try and listen, but all it did was start my mind spinning when I wanted to wind down and make me worry. I’m not feeling my most innovative right before I fall asleep.

So Risk Takers profit more when they communicate with their spouses and pick their time wisely. Bring your spouse in on your ideas, BUT at the right time.

Try getting away from the house where bills and kids and dogs and cats seem to be everywhere. Go somewhere that enhances your sense of adventure and possibility and discuss the ideas there.

Risk Takers and their spouses profit when you talk through their “out-of-the-box” ideas together.

3. Reflect on past risks and rewards for the future. 

Risk Takers profit by learning from their successes and their almost-successes. They reflect on the past and assess what opportunities paid off and the lessons learned from those that didn’t.

In the book, Thinking, Fast and Slow, Daniel Kahneman explains that we tend to automatically see the risks as larger than the potential gains. And the truth is the outcomes are more evenly matched or trend towards higher success than failure. 

A Forbes article recommends asking these questions:

1. What would I do if I were being more courageous?  
2. How will inaction cost me one year from now if I do nothing?
3. Where is my fear of failure causing me to over-estimate the size of risk, under-estimate myself, and holding me back from taking risks that would serve me (my business, etc)?

Inaction is often a cost that non-Risk Takers fall to calculate. When surveyed, middle-aged people wish they had taken more risks not less.

At The Money Couple, we love Risk-Takers. They are SO important to our marriages and our world. Be proud of your Risk Taker-ness and if you aren’t one, learn from those who are.

Fortes fortuna adiuvat. “Fortune favors the bold.”

And as we always say (not in Latin), “Make it happen!”

Taylor & Megan Kovar

The Money Couple

 

Pick up a copy of our new book, The 5 Money Personalities: Speaking The Same Love & Money Language on our website!