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Whether we like to think of it this way or not life is just one calculated risk after another. Whenever you make a decision you're taking a risk because there's no way for you to know what its outcome will be. Just walking across the street is a risk because you could be hit by a car. Signing up for a home equity debt consolidation loan is a risk because you could run into an unexpected financial emergency and lose your house.
However, there are some risks you should take because the rewards could be great.
For example, you could risk getting turned down by a man or woman and it may have nothing to do with you as a person. Whether you're asking her or him to write down their email address or their phone number on a napkin you're risking rejection. But if you run the risk and are not turned down you could end up dating the person you spend the rest of your life with.
Another example in financial planning is the risk of failing. You could invest $10,000 in a startup venture with the risk of losing it all. But failing could be both the worst and best thing that could happen to you. Failing teaches you an important lesson that can help you figure out something that would lead to success. The harsh reality is that if you never risk failing you'll never succeed. Stephen Spielberg, who has won 13 Academy Awards, was rejected by the University of California's School of Cinematic Arts twice. The billionaire Oprah, who now has her own TV channel, was fired from her first job as a TV anchor in Baltimore. And J. K. Rowling was a single mother broke and on welfare and studying while simultaneously writing the first Harry Potter book.
If you have a problem with risk taking, here's a motivational video with billionaire and super risk taker Elon Musk that should help.
I should pay whatever’s necessary to get my child a great education
Are you aware of the fact that college students graduated last year owing an average of more than $37,000 in debt – just for an undergraduate degree? Given the fact that many of these people graduated with no debt, this leaves a lot of folks graduating owing $80,000 or more. And that's without an advanced or medical degree. Where were these peoples' parents when their children were making financial decisions that ended up with them owning so much money? The sad fact is that they were probably co-signing student loans and harming their own retirements.
Have you learned to say no to your children when they want the latest iPhone or $200 jeans with rips at the knees? If you haven't, now is the time to learn. When your child says that he or she wants to go to a private school in some faraway state to get a degree in English, here's where you need to just say no. Tell her or him that they can get the same degree for half the price at a school that's like an hour from home. Or you can use the "yes but". Yes, you can go to that private school but you'll have to pay for it. I won't pay off your student loans because if I do I'll end up living with you as I won't be able to afford my own retirement.