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Risk Management for Your Life

Risk Management for Your Life

You can handle life’s bumps with ease when you practice risk management for your life. There are four main areas we’ll focus on for risk management: health, career, finance and relationships. Good guidelines in these areas will keep your life flowing easily and help you recover quickly from any setbacks.

Health

Life is hard to enjoy when we aren’t healthy. Manage your risk for healthproblems by following these simple guidelines:

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  • Drink lots of water.
  • Eat mostly fresh, unprocessed foods.
  • Exercise your body for at least 45 minutes, three times a week.

Career

Career risk management will decrease the likelihood of career problems, such as being laid off, fired, or having difficulty in finding a job. Invest time and effort in these areas:

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  • Network with others in your industry and of similar skill set. Networking will help you learn new things that you can bring to your current position, enhance your skills, and help you meet others who may be able to help you if something happens to your current position. You may also find others to bring onto your team earning you a referral bonus and a strong, competent team.
  • Focus on how yon can best help the company you work for — not how they can help you.
  • Always be polite and positive with your coworkers. Even if you are great at your job, if people find you difficult to work with you could be at the top of the chopping block when the company has to cut staff.
  • Keep your resume up to date so you are ready for anything. It could be a job loss or just an amazing opportunity that lands in your lap.

Finance

Decrease your financial risk to easily weather storms and set yourself up to fully enjoy retirement.

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  • Pay cash for everything except purchasing a house (unless you have enough to pay cash for a house as well).  Yow will save tens of thousands — if not more — by purchasing everything with cash and avoiding interest fees, finance charges, and late payment fees. All of those simply go away when you pay cash and you will never buy something you can’t afford.
  • Get a 15 year mortgage. Only buy as much “house” as you can comfortably afford payments on with a 15 year mortgage. The sooner your house is paid off the better off you will be. That mortgage payment can ba saved and invested for the future or used to have some fun.
  • Max out your retirement savings. First save as much as you need in your 401k to get your employer match. Next max out your IRA savings. Lastly, save more in your 401k or similar account.
  • Keep a 6 month Emergency Fund in liquid savings. This is the money you need available for emergencies, like unforeseen car and house repairs and job loss.
  • Lastly, have your financial affairs in order. Always have a will, as well as health and financial powers of attorney in case of disaster. This is to protect yourself, your money, possessions, and your family.

Relationships

Don’t forget risk mitigation for relationships. It may seem a bit odd, but your relationships with friends and family will bring the most fulfillment to your life. With a little care you can nurture positive relationships that will bring joy for your entire life.

  • Follow the Golden Rule: Always treat others as you want to be treated. This simple rule will keep relationships positive and enjoyable.
  • Make time for the people you love. Call them, send cards, and visit when you can. Too often we are caught up in the day to day and don’t think to make time for our loved ones…until it’s too late.
  • Nurture relationships with people who challenge and inspire you. Choose your friends and surround yourselves with people who make you the best you can be.
  • Limit relationships with people who don’t treat you well. Those who are mean, abusive, unkind, and treat you with disrespect do not enrich your life — and do not deserve your time.

What risk mitigation for your life do you need to do today? Share your plans in the comments below. (Photo credit: Risk Management Key via Shutterstock)

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Last Updated on December 2, 2019

10 Powerful Ways to Stop Worrying and Start Living Today

10 Powerful Ways to Stop Worrying and Start Living Today

Plato knew that the body and mind are intimately linked. And in the late 1800s, the Mayo brothers, famous physicians, estimated that over half of all hospital beds are filled with people suffering from frustration, anxiety, worry and despair. Causes of worry are everywhere, in our relationships and our jobs, so it’s key we find ways to take charge of the stress.

In his classic book How to Stop Worrying and Start Living, Dale Carnegie offers tools to ditch excessive worrying that help you make a worry-free environment for your private and professional life.

These are the top 10 tips to grab worry by the horns and wrestle it to the ground:

1. Make Your Decision and Never Look Back

Have you ever made a decision in life only to second-guess it afterwards? Of course you have! It’s hard not to wonder whether you’ve done the right thing and whether there might still be time to take another path.

But keep this in mind: you’ve already made your decision, so act decisively on it and dismiss all your anxiety about it.

Don’t stop to hesitate, to reconsider, or to retrace your steps. Once you’ve chosen a course of action, stick to it and never waver.

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2. Live for Today, Package Things up in “Day-Tight Compartments”

You know that feeling: tossing, turning and worrying over something that happened or something that might, well into the wee hours. To avoid this pointless worrying, you need “day-tight compartments”. Much as a ship has different watertight compartments, your own “day-tight” ones are a way to limit your attention to the present day.

The rule is simple: whatever happened in the past or might happen in the future must not intrude upon today. Everything else has to wait its turn for tomorrow’s box or stay stuck in the past.

3. Embrace the Worst-Case Scenario and Strategize to Offset It

If you’re worried about something, ask yourself: “What’s the worst thing that could happen?” Could you lose your job? Be jailed? Get killed?

Whatever the “worst” might be, it’s probably not so world-ending. You could probably even bounce back from it!

If, for example, you lose your job, you could always find another. Once you accept the worst-case scenario and get thinking about contingency plans, you’ll feel calmer.

4. Put a Lid on Your Worrying

Sometimes we stress endlessly about negative experiences when just walking away from them would serve us far better.

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To make squashing that worry easier, try this strategy, straight from stock traders: it’s called the “stop-loss” order, where shares are bought at a certain price, and then their price development is observed. If things go badly and the share price hits a certain point, they are sold off immediately. This stops the loss from increasing further.

In the same manner, you can put a stop-loss order on things that cause you stress and grief.

5. Fake It ‘Til You Make It – Happiness, That Is

We can’t directly influence how we feel, but we can nudge ourselves to change through how we think and act.

If you’re feeling sad or low, slap a big grin on your face and whistle a chipper tune. You’ll find it impossible to be blue when acting cheerful. But you don’t necessarily need to act outwardly happy; you can simply think happier thoughts instead.

Marcus Aurelius summed it up aptly:

“Our life is what our thoughts make it.”

6. Give for the Joy of Giving

When we perform acts of kindness, we often do so with the expectation of gratitude. But harboring such expectations will probably leave you disappointed.

One person well aware of this fact was the lawyer Samuel Leibowitz. Over the course of his career, Leibowitz saved 78 people from going to the electric chair. Guess how many thanked him? None.

So stop expecting gratitude when you’re kind to someone. Instead, take joy from the act yourself.

7. Dump Envy – Enjoy Being Uniquely You

Your genes are completely unique. Even if someone had the same parents as you, the likelihood of someone identical to you being born is just one in 300,000 billion.

Despite this amazing fact, many of us long to be someone else, thinking the grass is greener on the other side of the fence. But living your life this way is pointless. Embrace your uniqueness and get comfortable with who you really are: How to Be True to Yourself and Live the Life You Want

8. Haters Will Hate — It Just Means You’re Doing It Right

When you’re criticized, it often means you’re accomplishing something noteworthy. In fact, let’s take it a step further and consider this: the more you’re criticized, the more influential and important a person you likely are.

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So the next time somebody talks you down, don’t let it get to you. Take it as a compliment!

9. Chill Out! Learn to Rest Before You Get Tired

Scientists agree that emotions are the most common cause of fatigue. And it works the other way around, too: fatigue produces more worries and negative emotions.

It should be clear, therefore, that you’ve got to relax regularly before you feel tired. Otherwise, worries and fatigue will accumulate on top of each other.

It’s impossible to worry when you are relaxed, and regular rest helps you maintain your ability to work effectively.

10. Get Organized and Enjoy Your Work

There are few greater sources of misery in life than having to work, day in, day out, in a job you despise. It would make sense then that you shouldn’t pick a job you hate, or even just dislike doing.

But say you already have a job. How can you make it more enjoyable and worry-free? One way is to stay organized: a desk full of unanswered mails and memos is sure to breed worries.

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Better yet, rethink about the job you’re doing: What to Do When You Hate Your Job but Want a Successful Career

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Featured photo credit: Tyler Nix via unsplash.com

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