Have you taken any risks lately? Have you been playing it safe?
We looked at the idea of taking risks in your 20s. Regardless of how you feel about the notion of taking chances with your time and money, I wanted to share some investment risks that I believe are worth taking in your 20s.
I know that some of you are into gambling and love to risk your money. I wish that I was good at gambling.
“Man cannot discover new oceans unless he has the courage to lose sight of the shore.” — Andre Gide
Going back to school to upgrade your skills.
If you’re not happy with your current spot in your company or with how much money you’re earning, you always have the option to upgrade your skills. This is a risk because you’re going to give up an income if you have to quit your job to go back to school. The other risk is the time involved. If you’re in your late-20s, you’re giving up a few good years.
On the upside, this risk is definitely worth taking because investing in yourself is much more beneficial than complaining about your income or your job. By upgrading your skills you can increase your income, find a new job that you enjoy much more, and even improve your self-worth.
Starting some sort of a business.
“Instead of wondering when your next vacation is, maybe you ought to set up a life you don’t need to escape from.” –Seth Godin
As you can tell by now, I’m a huge fan of starting your own business in your 20s. The beauty is that you can start a side business with no money right now. The major investment here is going to be the money that you decide to pour into your business and the time that you’re going to have to invest. The good news is that your youthful enough in your 20s to work on your own projects in your spare time. I don’t recommend quitting your job or going all out. You need to be realistic. I recommend trying to monetize a hobby and then working on it until you replace your current income. I’m not a supporter of quitting your full-time gig.
Traveling often.
Traveling costs money and takes up time. I have many friends that just don’t see the ROI in traveling. They think it’s a waste of time. They don’t want to spend the money. I personally love to travel and plan on going on five trips a year for the next few years. One thing that I try to stress is that you can easily travel the world on a tight budget.
The financial risk of traveling is that you’re going to spend a ton of money and not get a whole lot in return. I’m not going to tell you that traveling will always be worth it. That’s for you to experience and decide on your own.
Some of you would rather hit the casino and I’m not here to judge. You can check out Red Flush Online Casino latest promotions to see what types of deals are available.
Switching careers.
If you don’t see any upward mobility or are just plain tired of your field, you can always switch carers. Of course, switching careers is easier said than done. You’re going to either have to upgrade your skills (as mentioned above) or just quit your job to apply in other fields.
Switching jobs is a financial risk because there’s no guarantee that you’re going to enjoy your new gig. There’s also no guarantee that you’re going to succeed or even get into your new field. Is the risk still worth taking? Yes. You owe it to yourself to find a job that you can actually enjoy doing until you retire.
These were the main risks worth taking in your 20s that came to my mind. I’m sure there are other risks that few of us would consider (moving to a new country for work or visiting the Red Flush Online Casino), but that’s another topic for another day.