Take calculated risks, but don't be reckless from "summary" of The Psychology of Money by Morgan Housel
Taking calculated risks is a fundamental part of building wealth. It involves making decisions based on careful analysis of potential outcomes, weighing the probability of success against the potential downside. This approach acknowledges that no investment is completely risk-free, but by doing your homework and thinking things through, you can increase your chances of success.
Being reckless, on the other hand, is a recipe for disaster. It involves making impulsive decisions without considering the potential consequences. Reckless behavior often leads to unnecessary losses and setbacks that could have been avoided with a more thoughtful approach. By contrast, taking calculated risks means being aware of the risks involved and being prepared to accept them if things don't go as planned.
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