• Andrew Akuoko

Would you gamble with your financial future…?

What is your natural tendency to act on information? Are you inclined to jump to making decisions without all the facts or more inclined to continue seeking facts, even to the point of making no decision? Will your knowledge prevent you from making a decision or will you use knowledge to enable you to make a decision and take action? Over the years, I’ve come to appreciate that people react to information differently. This is neither good nor bad. It is beneficial to understand your own tendencies in making decisions, if you intend to harness your wealth creation potential.

Last week, I decided to do a social experiment – or so I said to convince my friend to come along. We decided to go out to the city for a drink. I chose a casino for my social experiment; no! not for the drinking but the for story to unfold. As we enjoyed the drink, we saw many people sat and played roulette. Some were happy, of course – alcohol changes moods – others were very intense as if there was some real strategy behind this game. Place your chips, roll the dice and hope for the best outcome; It’s that simple! Or maybe not? Anyway, as the game unfolded, some groups were huddling to brainstorm and others just went with the flow. Neither group really won any meaningful sum of money. But it was entertaining to watch.

Now the social experiment…

I asked one of the groups the number of times they’ve been to play roulette. “We play every weekend”, they said. “How many times have you won”, I asked? “We’ve won before”, was their answer. So, I concluded that they may have had some success, but it appeared they may have suffered a few losses along the way too.

How does this relate?

Now let’s get real. How many times have you had an idea without the full knowledge or information about the idea and taken action to implement it anyway? How many times have you made an investment decision without the knowledge and experience you’ll need to make a success of it? I think we’re all guilty of this. Sometimes it is easier to just run with an idea, regardless of what we know about it. We may get some good results, sometimes even better results, but when we fail, it could be devastating. Taking action is good, at least you’re doing something. But taking action with little to no knowledge is very dangerous and should not be done!

The journey towards your future financial freedom is not one taken by chance. Do not roll the dice and hope for the best. Take action, YES! But seek the knowledge through a qualified financial adviser to ensure that you’re taking the right actions to attain your Wealth Peak Potential.

General Advice Disclaimer

Note: - this article is of a general nature only and does not take into account your objectives, financial situation or needs. Please consult a qualified Financial Adviser, like Wealth Peak Financial Advice, before making any decisions on the basis of this article. Wealth Peak Financial Advice Ltd ABN: 24 615 007 326, is a Corporate Authorised Representative of Total Financial Solutions Ltd. AFSL 224954 and ABN 94 003 771 579

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