Choosing a Healthy Attitude toward Risk

Whether you are betting on sports for fun or for serious profit, there is no denying that you are engaging in an activity of risk.  There are some people who may try to talk you out of sports betting on that basis, saying that you are doing nothing but gambling, even if you are actually quite serious about planning your bets.  In reality, however, all activities in life carry an element of risk, especially those which could potentially lead to profit.  Whether you ultimately succeed or fail has as much to do with your attitude toward risk as it does your luck. 

What are Unhealthy Attitudes toward Risk?

• Risk-seeking.  If you are a risk-seeker, you are excited by the idea of winning or losing.  This is a dangerous mindset, because you don’t actually care whether you sink or not. 

• Risk-averse.  What many people do not realize is that the opposite end of the scale is just as bad.  If you are risk-averse, you will avoid activities that entail risk, because the possibility of losing scares you so much.  This is a formula for achieving nothing with your life, however, since you cannot court success without risking failure.

As you can see, these are both extremes.  Extreme behaviors rarely pay off in sports betting or in life in general.  That is why you want to pursue a more moderate path.

What is a Healthy Attitude toward Risk?

Somewhere on the scale between risk-seeking and risk-averse behavior is a middle ground.  That is where you want to be.  You need to accept that risk is unavoidable, and that the possibility of losing will always be there in any activity you undertake.  At the same time, though, you also want to get to the point where you are motivated to do all you can to mitigate unreasonable risk.  We will talk more about how you can reduce your exposure to risk in our next installment, starting with a good money management plan!