#137 5 Steps To Move From Risk Averse To Risk Manager
Are doctors really “risk averse?”
In this episode, Dr. Peter Kim will provide you with a 5 step process to move from being “risk averse” to a “risk manager” to get the outcome you want.
Physicians utilize the risk-benefit ratio daily to help you process the level of benefit received for the decision made. To be risk averse is about the caution you take, which may cause the inability to make decisions that require risk. Incorporating a “risk averse” nature into your identity affects all areas of your life: family, entertainment, investments, and being an entrepreneur.
Listen to this podcast for the 5 step process to move you from the identity of being “risk averse” to mitigating risk and managing it well.
Join our community at Passive Income Docs Facebook Group by CLICKING HERE.
Episode Highlights
Now, let’s look at what we discussed in this episode:
- Do you take on the identity of being risk averse?
- Learn from great entrepreneurs or investors.
- Know your outcome.
- What is your why?
- Assess the risk.
- Choose your next action step.
- Surround yourself with a community.
Episode Breakdown
Step 1: Know your outcome and what you want or want to achieve. Take 10 minutes today to dream about what you want, and list those specifics.
Step 2: Know why you want to achieve your goals. Know what drives you and what you are trying to accomplish when you reach that goal. For example, Peter knew he wanted to buy back his time so that he could enjoy life with his family. “Time” is what motivates him to invest and drives him forward.
As you define your why, consider the upside and downside of risk. What would you regret if you chose not to take action for five more years? What would be the win of taking risks for you?
Step 3: Assess the risk. Look at the upside and downside of an investment. It’s important to dream and be optimistic. But often, the power is found on the downside. So do your due diligence and learn how to manage the risk from the downside. Asymmetric risk-return is where your return potential outweighs the risk involved in doing the deal. Take time to analyze the pros and cons. Often, this step will mitigate the risk by showing you how to manage it. Honestly, nothing happens without risk.
Step 4: Choose your next actionable step. The first step will lead to many more steps. There is no wrong decision besides choosing nothing.
Step 5: Find a community, or a mentor, to keep you accountable along the way. It’s normal to second-guess yourself. To avoid analysis paralysis, surround yourself with others who are action-takers. You, too, can become a risk manager who utilizes risk to your advantage.
Are you looking for a community to encourage you as you begin, or do you want to accelerate your business to the next level? Taking part in the Passive Real Estate Academy allows you to access the Platinum Investor Club.
