Speak to anyone who has decided to go it alone and open a business, and you’ll discover that they understand the term “risk”. My 98-year-old grandfather is one of those people. During his thirties, he opened a business from his backyard, and whenever I have spoken to him about it, he has always been honest: there were good times, there were great times, and there were times he wondered if he could put food on the table for his family. His greatest advice has always been “Without taking risk, whether in business or an investment, you truly cannot appreciate the power of determination.”

Firstly, you must have a good understanding of your risk tolerance; it is crucial to making a successful financial decision. Understanding how much risk you (more…)