“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell
Most blogs like this one will eventually get around to telling you that you have to follow your passions. I took it a bit further, by calling that passion a cause. Therefore, the formula is hard work + passion = success.
Except the equation is wrong, or at least incomplete.
It goes without saying that hard work and passion are going to be instrumental for success, but there are missing ingredients. One of them is a willingness to take risks.
There are lots of people that are passionate and hardworking, but they don’t have the success they want because they have not taken any chances. I started my career at a large Fortune 500 corporation. There was an older gentleman there nearing retirement. As he shared his career path and “success story” with me, all I could think was, “this is going to be me in thirty years if I don’t get out of here.” This gentleman was passionate and hardworking, but risk adverse.
Fear of Failure
I believe most people don’t take risks because they are afraid of failure. Studies show that people will work harder to avoid pain than to experience gain. The allure of what could be by starting a business or investing in real estate just isn’t enough to overcome the fear of failure should these moves go wrong.
There’s a way to reverse that equation and put fear back on your side and I’ve already shown you what it is. When I met that older man nearing retirement, it was like a Reality Face Punch of what my life might look like if I didn’t man up and execute on my goals of getting into real estate full time and making a living being a landlord. In other words, the fear and pain of a missed opportunity was the compelling catalyst, not the appeal of a luxury lifestyle or the accumulation of material possessions.
For God gave us a spirit not of fear but of power and love and self-control.”
— 2 Timothy 1:7 ESV
Respect Your Fear
I’m not going to berate anyone for being unwilling or uncomfortable taking risks. Many people have a spouse and children to consider, and the money needs to keep showing up or lives are going to be disrupted. Sticking to a mediocre job with a bleak future can be the result. Consider 1 Timothy 5:8 ESV, But if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever.
Being married and having children are some of the most important responsibilities a person can have. It’s not your future you’re gambling with; it might be theirs. So, a healthy respect for the consequences of failing is prudent.
While I won’t berate anyone for being uncomfortable taking risks, I will berate people for having loose financial practices that obliterate any possibility of starting a business or making investments. Said another way, some peoples’ spendthrift habits are the reason they fear failure. Their financial world is already a house of cards and any disruption to income flow precipitates immediate disaster. They lack Walking Away Money.
Walking Away Money
Have you heard about the golden rule? Forget about that do unto others stuff. The golden rule is he who has the gold rules.
If you’re employed, your boss should be a mentor, growing you and challenging you to do better. If your boss is a jerk and you’re not looking for another job, it may be because you lack Walking Away Money.
Walking Away Money gives you the freedom from fear you need to take a flyer on a career change, an investment or even starting your own business. You don’t dread failure because you can afford it. If a sizeable chunk of money disappears on a failed endeavor, your kids won’t starve, your mortgage won’t be foreclosed, and your life will continue as before.
Keep Your Fear Working for You
The world of retail is hard at work with every kind of temptation to separate you from your cash. Here’s how to fight back – amp up the consequences of every purchase. Now buying those fancy coffees means being stuck in a dead-end job forever. Getting a new outfit jeopardizes investing for your future. Getting a new car may mean postponing acquiring real estate.
Your fear is not to be avoided, it’s to be cultivated. Use your fear to drive you to carefully investigate different investment or business opportunities. Take risks, but those risks should be calculated risks. Work hard to mitigate every risk you can. Don’t take blind risks – that’s what casinos are for.
The prudent sees danger and hides himself, but the simple go on and suffer for it. – Proverbs 1:27
Come back next time for more on this topic.