David Bach, the author of The Automatic Millionaire and The Automatic Millionaire Homeowner (the latter of which I reviewed earlier this year), also writes a column on Yahoo Finance. Recently he presented five tips for college graduates just beginning their path to financial security. This follows Part 1, Part 2 and Part 3.
Today’s tip comes from David Bach’s grandmother:
“David,” she said, “your life will come down to a handful of major decision where you’ll hit a fork in the road. You will need to decide whether to play it safe or to take some risk. My five major regrets all involved this choice, and each time I played it safe. Now at 86, I will never know what could have been. If could give you a gift it would be this — take more risk at a young age. Take more risk in life. You will have fewer regrets.”
They say mistakes provide an opportunity to learn. While it’s nice to learn from your own mistakes, it’s better to learn from those of others. Take a chance. This is a little corny, but there is a song that contains some lyrics that are really appropriate here. In everyone’s life, there may be several occasions where there is an opporunity to be a part of something, and this opportunity will never be presented again. I was once offered an opporunity to work for an organization that is simply the best in the world in what they do. There were some problems with the organization, and the people running it had a bad reputation, but the organization itself was world class. I had to jump at the chance rather than sit it out and wait for something else to come along.
Check out the lyrics to I Hope You Dance by Lee Ann Womack. If you’re presented with an opporunity to do or be something special, don’t sit it out… dance.
Published or updated May 31, 2006.