Recognition of risk in our choices

Recognition of risk in our choices

Our everyday life is full of risks – big or small – which we choose to take. We face several dangers, of various kinds. That’s why recognizing the risks of everyday life, whether they concern financial transactions or other activities, is really very useful. We should analyze the options that are given to us and understand the potential benefit or harm of our choice, and eventually make the best possible choice each time. How could we do it anyway? Managing the various risks of our decisions is part of our lives.

All the risks that we have to manage from time to time aren’t the same. They differ in their importance to us. They may also differ in their predictability, in how “confident” we are of the outcome of our choice. Sometimes they are done under the pressure of time, i.e. our decision has to be taken quickly, while other times we have plenty of time to think about it. There are many examples that we can think of. All inspired by everyday life. As a child, it is a different thing to go to school one day with my homework unfinished and quite different to ride a motorbike without a license. In one case you can try to make amends by reading through what you missed and improve your position , while in the other you are putting yourself and others in danger by risking a possible accident, even to find yourself fined by the Police. By setting beneficial goals each time and making the most useful choice, you reduce the scope for such risks.

In future articles, we will get to know useful risk management strategies of our choices. We will approach in more detail some of the many risks and dangers that surround us and we will practice making decisions with the least possible risk of loss. It is quite certain that with the preparation you will make by participating in the adventures of Woli, you will gain all necessary knowledge to manage any risk presented to you, always remaining safe in your financial choices and in your daily activities as well!

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