Dear Risk Taker,
I’m sure that you’ve heard of the saying, “Happy wife, happy life.” Well, when I started dating Julie (fiancée now), she said that she only wanted X, Y, and Z. After those basic necessities were covered, I could do whatever I wanted.
I bring this up because there’s a lot of wisdom to what she said. In fact, this sage advice is parallel to that of Richard Branson and billionaire Li Ka-Shing.
Imagine if money was not an issue, how would you operate your business (or life) differently?
Ultimately, the responses are pretty universal when it comes to business — be more bold, take greater risks, and etc. In fact, that was the exact same thing that Richard Branson did.
Before Branson launched Virgin Airlines, it was just Virgin Records. He felt that the airlines industry was disastrous when it came to service. Therefore, he pitched the idea to his board of directors, knowing that the downside was protected.
When I sat down with the directors at Records, I was able to say at the absolute worst we would lose six months’ worth of profits. But if it went well, we would then … build another successful business … Because I had the downside protected, they could see the logic of my decision.
–Richard Branson, “Protect The Downside“
Hong Kong business magnate Li Ka-Shing preaches a similar mantra. He believes that you should divide your funds into five proportional units. (full article)
- Cover basic living expenses.
- Make friends and expand your personal circle.
- Keep learning.
- Reward yourself once a year with a holiday overseas. Experience the world.
There’s one thing consistent with both business philosophers — keep a low overhead. Once all of your basic needs are covered, you could be as risky as you want to be. Be sure to read the full articles when you get the chance.
What would you do if money was not an issue? Comment below.
Your friend who is always learning,
P.S. Last weekend, I finished covering the New York Bridal Fashion Week. I was on a strict diet of pretty dresses.