Andrew Stotz – Valuable Risk–Reduction Advice from Guests

Recently, I posed this question to some of my prior guests, “How would you advise a young person to reduce risk in their life?” The answers rolled in from 40 guests! I grouped the responses into five categories: Building valuable relationships, managing finances, personal growth, risk management, and having awareness. There are tremendous pearls of wisdom!Valuable relationships – Communication with loved ones, mentors, and friendsDon’t be afraid to ask for helpSeek out trusted friends, family members, and mentors and listen to them&nbsp;“Don’t be afraid to ask for help.”Corey Hoffstein&nbsp;“At each stage in your life, find mentors and friends you trust and who you feel are invested in you – listen to their advice.”Colin W. McLean&nbsp;“Get married, listen to your wife, stay married.”Michael Markels&nbsp;“Alongside your time and money, the most important asset allocation decision you will make is with the trust you invest in a select few people: your spouse and family, your friends, those you work with, and those you entrust to take care of whatever or whomever you cannot personally care for. (You’ll note your choice of fund managers and CEOs of stocks you buy only fits into that last category).”Tariq Dennison&nbsp;Managing finances – Focus on investing in your futureStart investing earlyGet a great education and training in your fieldUnderstand what you are investing inStudy everything you can find about moneySet a long-term investment strategy and stay the course, even when it’s scaryTraditional jobs are often bad investments these daysDiversify your life by developing skills and relationships in multiple areas&nbsp;“Start investing early to create wealth and always live within your means.”Nicolas Rabener&nbsp;“Pass CFA exams and be a CFA charterholder.”David Ying&nbsp;“Invest in what you truly understand.”Sopon Srisakunpath&nbsp;“Study money! If you want more of it, you must talk about it and think about it daily, which means, read books; all and any book with the word money in the title.”Jerremy Newsome&nbsp;“Hold when your investments drop a little; hold even when they go up as much as you wish. There’s more on the horizon for you, always.”Philipp Kristian Diekhöner&nbsp;“The worst income source you will ever have as an adult is a traditional job.”Bobby Casey&nbsp;“Find ways to put multiple irons in the fire, aka develop skills that are valuable among several industries, and develop relationships with colleagues in a variety of industries and professions. This is much like the diversification of assets in an investment portfolio. However, the flip side is reducing risk generally results in lower overall returns since the investments are not overweight in any single industry (or portfolio holding). So, one must be content with not experiencing exceptional returns in exchange for reducing risk in life and career choices.”Bill Winterberg&nbsp;Taking responsibility – Admit your mistakes and learn from themBe honest about your mistakes, learn from them, but most importantly, move on from themChase your dreams, so you never have to regret missed chancesIf you are struggling to be who you want to be, just reach out to others who have been through it&nbsp;“Get away from the mistake, learn from it and try to avoid it in the future.”Roongkiat Ratanabanchuen&nbsp;“Be honest about your mistakes and losses so you can learn from them.”Michael “Mike” R. McGaughy&nbsp;“Live with no regrets. The memory of not chasing your dream at all is worse than the pain of going for it and failing.”Lisa Ryan&nbsp;“Curiosity is a superpower; use it to be open to what you don’t know and never be closed to what you learn.”Michael Falk&nbsp;“If there is a mismatch between your long-term goals and your everyday actions, there are professionals out there who can help you.”Anonymous prior guest&nbsp;Personal growth – Unlock your creativity and trust the direction of your lifeYou are your main engine of wealth; invest in youDon’t get distracted by the current situation; look beyond itBe open to give and receiveGet off the daily rollercoaster, set your long-term strategy, and stick to itBe curious and be bold; life is shortStudy about the opportunities you face before actingAlways have a planDon’t believe what you read, test for yourself, then follow your own path&nbsp;“Invest in yourself; your mind and hands are the engines of your wealth.”Dr. Daniel Crosby&nbsp;“Look beyond the current scenario.”Mohd Sedek Bin Jantan&nbsp;“Give without expectation and receive without resistance.”Christopher “Chris” Salem&nbsp;“Let time do the work for you, do not entertain the daily emotional rollercoaster; instead, stay true to your long-term strategy.”Emil Voehlert&nbsp;“Be bold and live your dream, for life is short.”<a...