YouTube monologue (Ian Ugarte) exploring personal and generalized "risk profiles": low risk (extreme caution, bank savings, possible life-regret), high risk (gambling behavior, luck-dependent gains, vulnerable in market downturns), and medium risk (calculated, due-diligence driven decisions). The speaker contrasts these profiles with examples (rising property market, property "gurus"), shares personal entrepreneurship experience (first ~15 businesses mostly high-risk; one example: fish-tank vanity/toilet concept), and recommends medium-risk approaches supported by education and mentorship to lower failure risk.
Chapters
Ever wondered what risk profile you are? Let's talk about that just after this intro.
Just recently I went and saw a mentor of mine, Steve present, who's been doing for the last 20 years. He's an accountant, a CPA, an auditor, runs a fund. And he talked about risk profiles and how people are risky.
When you've got, if you want to know about the different risk profiles you've got low risk, that is people that will probably never take any risk in their life. They'll put their money.
In a bank account, they won't spend frugally, and when they get to retirement age, they'll have just enough to be able to live their life until they pass away. And that's okay, except that in the low, low risk profile you actually don't enjoy your life. So when you're on your deathbed, you'll be saying things like, I wish I would have spent more on holidays or I wish it would have taken a little bit more risk.
Then you've got the low, the high risk people. If you want to know if you're a high risk person, have a look at your bank account. And if you're high risk, it usually means that you will take a gamble on almost anything. And while you might hit it off the first time by luck, nothing more than luck, you may end up working out very quickly that that luck runs out. You see this all the time in a rising property market. And then all these property gurus come out of the, out of the woodwork about how you can make money in property. But the problem was they made their money in a rising market and they got lucky. And sure as hell, as soon as the property market drops, they disappear into a world of hurt.
Ultimately you should be a low to medium risk person. A medium risk person does their due diligence, they work out what's a good investment, why it should be.
Done, the return on investment, what happens if the market goes this way? What's the best case, worst case and likely scenario? And those medium risk people take risks that are calculated. Christine and I have been taking medium risks for a little while now. And the first 15 businesses we started, all but one were high risk that were done without any research, without any backing, simply me having an idea at 2am in the morning and acting on that idea like, seriously. We started a company that was based around creating fish tanks out of plumbing PC items so you could buy a vanity with a fish tank in it or a toilet system that had a fish tank in it. You know what, what a ridiculous fucking idea. Who on God's earth was ever gonna buy them? You might get the odd eccentric, but it's hardly the biggest marketplace in the world, so obviously we didn't make money on that one. So I certainly would say that didn't send us broke, but it sent us into a position where we spent unnecessary money. Now, now, people who sign up to education programs, thankfully, with our enrolments, we have a very high conversion rate to the people that come in and succeed. And why is that? Well, it's because we support people, because I give them some chilli and go, hey, have you done the research here? Eventually what happens is, with the right support mechanisms around you, you can lower your risk by being someone who gets some support from education and mentors.
