Thursday, July 7, 2011

Of Gambling and Risks

There is a difference between a gamble and risk. This hit me today as I read this post on the topic by Zig Ziglar. It was as if a light clicked on in my head.

A risk involves:
  • background research
  • odds that lean in one's favor
  • benefits that outweigh costs
  • statistics that show success is more likely than failure
 A gamble involves:
  • Random guesses and optimistic hopes rather than realistic understanding
  • a thin chance of success
  • odds that lean against one's favor
  • large costs paid up front in hopes of future benefit
  • statistics that show failure is more likely than success
Risk-taking is a necessary step towards success. Gambling is just dumb.

Relationships, finances, and careers always involve risk. But if someone is asking you to play Russian Roulette with your heart, your money, or your job, it's time to run.

Know whether you are taking a risk or making a gamble.

1 comment:

Sarah said...

I like this..... A Lot! :-)