the Wealthy Canadian

Way back when I was about 20 I went to work in the oil patch. I will admit that I was very nervous. Who can blame me with all of the horror stories about people losing limbs to ’spinning chains.’ But before I could set off to work I was first sent to school, the classes were all about safety. The first class of the first day I learnt a message that has stayed with me ever since:
“The petroleum industry can be a very dangerous place to work. However, with a bit of training and an adherence to the rules it will also be a safe place.”

The thing is that life is fraught with danger and there are risks at every turn. Learning to understand those dangers and how to eliminate the risks is what helps us to be safe. Deciding to drive on a freeway without first ever learning the rules of the road and not having driven a car. would be a foolish task. So you start out by learning what the signs mean and then driving in a quiet residential street.

The same can be said of your personal finances as there are risks in every aspect. However, once you start to learn what the risks are you take steps to mitigate those risks. Education and experience are an ally when faced with risk. As Warren Buffett said, “Risk comes from not knowing what you’re doing.”

So when attempting to generate, or retain, wealth always learn what the risks are and look for ways to eliminate them.