In this episode, our host Daniel Nickles discusses his personal ultimate risk tolerance test. He shares his experience of starting out as an investor, feeling a lot of resistance when it came to taking action and making offers on deals. He realized that fear of the unknown and the risk involved were holding him back. To overcome this, he developed a risk tolerance test consisting of one question that provided clarity and helped him move forward. He emphasizes the importance of recognizing uncertainty and confusion and responding with either a firm “no” or diving deeper to gain a better understanding. He cautions against doing nothing and highlights the potential negative consequences of avoiding decision-making. Additionally, he mentions that the fear of missing out on a deal should not overshadow the fact that there will always be more opportunities in the future. Finally, he warns that the habit of doing nothing can extend beyond investing and impact other areas of life, ultimately hindering personal growth.
HIGHLIGHTS FROM THE EPISODE
[00:00] Overcoming Fear of the Unknown
[3:44] Two important responses
[6:45] Just do nothing
[10:19] Risk tolerance test
[12:59] Ultimate risk assessment question
[14:56] Importance of the question
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