This past weekend was my first race back after the COVID shutdown and I made a ROOKIE mistake!
I speculated,
I got in dirty air and hit a surprise dry ditch without ever slowing down…
OUCH!
The car is fixable…
and luckily James and I were relatively unharmed, but I did end up with a cool new scar on my knee…
James (my navigator) and I were lucky.
Life lesson: Stay in the clear air.
(Speculation, IE gambling, results in loss over time.)
The problem, as I see it, happens when we speculate in any area of life, but end up winning the gamble.
It’s a problem because the short term “win” makes us feel immune to future risk…
So, it’s all too easy to speculate again and again…
Let me be clear: You cannot gamble and win 100% of the time.
It’s rigged, a zero-sum game!
I’ve had some recent calls with clients who were about to speculate with their cash.
It’s a great reminder…
If you have knowledge, expertise, and experience in an area, then it is not speculation.
This would be building yourself and your business/career. #1 Asset & #1 Investment.
If you don’t have knowledge, expertise, and experience then you demand that there are guarantees, protections, and liquidity!
These are the only two choices that will keep you from hitting the ditch or worse…