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7 Ways to Apply Risk Management to Your Personal Life

7 Ways to Apply Risk Management to Your Personal Life

Risk management is everywhere in business, but what most people don’t think about is that risk management is also in our daily lives. Every choice we make has a consequence and a reward.

I recently sat down to speak with Ffx Academy founder, Patrick Kenney about ways people can apply risk management in their personal lives.

So, this is what I learned and what I want to pass on to you:

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1. You should surround yourself with the proper individuals

Surrounding yourself with people you can trust puts you in a place where risk becomes minimal. It puts you in a place where you have some control instead of no control. Being able to have some control over your surroundings and your environment helps downplay the risk(s) you take in business, especially since risk is inevitable.

2. Educate yourself in whatever it is you are doing

If you are educated in whatever you are doing, then you are lowering the amount of risk because you have a lower chance of making the wrong decision. There won’t be much setback because you either have a general idea about what you’re doing or what you’re trying to accomplish—even when something bad does happen, you have the knowledge to fix it.

Usually, worst things happen when you don’t know what you’re doing.

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3. Only listen to the people who have what you want

If you’re trying to be a good basketball player, don’t go to the person who’s never played basketball in their life. Go to someone who is where you want to be at and get them to teach you how to get there. There’s a few people out there that are perceived to be good until you figure out that they’re only perceived as good.

You need to find someone that is legitimately good at what they do in the area you want to be in; that way you minimize risk of taking advice from someone who has never done it before.

4. Understand you can’t have the good without the bad

In life, there’s no way you are going to be happy every single day of your life. You are going to have bad days and good days. It’s inevitable. But don’t let that stop you. Just knowing that it’s a part of life will minimize your risk of having mental breakdowns or making irrational decisions.

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With business, if you make a lot of money but have bad money management and you don’t think about investing, saving, taxes or expenses, then you are heightening your risk and can put yourself in a deeper hole than you were initially in.

5. Remember to enjoy the little things in life

People can be so stressed about becoming the next big thing that they forget to enjoy the little things in life. This might be the ultimate risk of them all because if you focus your entire life on working and not living you can end up missing out on a fulfilling life. It’s important to slow down and take the simple things in because we don’t get a second shot at life.

6. Risk is generated by character

If you’re an unethical person and step on people’s toes you have a higher risk of setbacks when you’re trying to accomplish something because you have more people out to get you. Even if people aren’t out to get you, they sure won’t want to help you. But if you’re a genuinely good person then of course their first thought isn’t to come and get you. In fact those people will push you further to your goals and help you get there. They will connect you with those you need to connect with.

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7. Don’t overthink it

You probably have been told to think long and hard about making the right choice. But too often you may find yourself overthinking about something that’s incredibly simple. You may overthink it and find all the possible bad things that can happen and then end up not taking the risk. Risk management is not solely on minimising risk. It’s also about taking them too!

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Adnan Manzoor

Data Analyst & Life Coach

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Last Updated on August 15, 2018

30 Fun Things You Can Do This Summer Without Spending Much

30 Fun Things You Can Do This Summer Without Spending Much

Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

Video Summary

1. Visit a strawberry festival

Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

2. Have a picnic

Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

3. Camp in your back yard

    The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

    4. Take long walks

    Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

    5. Break a world record

    Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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    6. Go on a bike ride

    The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

    7. Join a gym class

      The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

      8. Find a new hobby

      The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

      9. Join a sports team

      Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

      10. Make a slip ‘n slide

        Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

        11. Make a treasure hunt for your kids

        Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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        12. Visit a free festival

        Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

        13. Visit the zoo

          Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

          14. Take a road trip

          Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

          15. Play ultimate frisbee in the park

            Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

            16. Make your own ice cream

            Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

            17. Invite your neighbors over for a BBQ

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              When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

              18. Get a summer job

              For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

              19. Attend a charity event

              Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

              20. Visit a national park

              National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

              21. Visit your local comedy club

                Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                22. Make your own hammock

                  Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                  23. Read in your new hammock

                  Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                  24. Watch a movie outside

                  Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                  25. Take a hike

                    Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                    26. Learn how to fly a kite

                    As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                    27. Work out at the park

                    American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                    28. Take your dog to the beach

                      One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                      29. Make a summer smoothie

                      Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                      30. Attend a free yoga session at the beach

                      No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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