Being conscious of the downside of risk taking shouldn’t scare you away from taking action. It should, in fact, help you set realistic expectation for publishing that book, developing that new investment approach, or changing the way you interact with clients. I love using quotes from Warren Buffet, Peter Lynch, and Jack Bogle to help clients understand what they are getting into when they invest. Among my favorites is Bogle saying, "If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks."
The same can hold true for bringing a bright idea to fruition. Buffet is credited as saying, “Someone's sitting in the shade today because someone planted a tree a long time ago,” and Lynch said, “It would be wonderful if we could avoid the setbacks with timely exits, but nobody has figured out how to predict them.”
So start planting your idea and don’t worry about any setbacks.
One of my business mantras is “Avoid being cliché.” It helps me open up new and creative ideas. Recently, I decided to unleash my own creative efforts by creating a video trailer about my Naked Retirement workshop. I got the idea during a church service where they used a fascinating video retelling the story of Adam and Eve. Now I’ve heard the story a million times but this video brought it to life for me like never before. Then I realized I had the same opportunity to give my workshop some new life. I had never seen advisors using video trailers to promo their workshops so I took the time and energy to create one.
What was great about this project––and the primary reason I’m encouraging you to pursue your big idea now rather than later––is the response I received from it. Whenever an advisor, client, or audience member walks up to me, or emails me, and says, “Thank you,” or “I never thought about retirement (or my career) that way” it’s a major return on my investment and worth every bit of risk it required.
P.S. Don’t be shy, let me know about the big idea you’re ready to make happen by leaving a comment or e-mailing me. Also, check out my other articles at FA here as well as my most recent Naked Retirement Webinar. Follow Robert Laura on Twitter @robertlaura. He is the president of SYNEGOS Financial group, co-founder of RetirementProject.org, and author of Naked Retirement. He can be reached at [email protected].