We’re lawyers, so even if we don’t like risk, we can at least tolerate it. But, as most of us have heard many times before, the biggest risk of all is avoiding risk. It’s usually there anyway, so the trick for us is to learn to manage risk instead of avoiding it.
Again referencing one of my favorite books, “Rich Dad Poor Dad,” the main reason why people aren’t rich is because they are afraid to lose money, therefore they don’t play the game of investing. “Winners are not afraid of losing. People who avoid failure also avoid success.”
Success is easier when you find what you love. Many lawyers love trial, or again, at least tolerate it. As a plaintiff’s lawyer, I know what it’s like to win and I know what it’s like to lose. But I’m in the game, trying to choose cases that I think will win, but without assurance that I’ll never lose. Investing, like choosing a case, is about studying, learning what works and what doesn’t, and making well-educated decisions.
In these uncertain times, people are understandably nervous about investing. These days, it is extremely important to understand your investments and to make sure that you are working with an advisor who is paying attention to your investments and communicating with you to ensure that you achieve your financial goals. You should invest your money consistent with your risk tolerance, but doing nothing is risky as well. When advising your clients regarding their settlement funds, advocate that they educate themselves, choose their advisor wisely, and get in the game. The clock is ticking.
Jay Fisher co-founded Vantage Capital Consultants to purchase structured settlements and annuities the right way – with the plaintiff’s best interest in mind.