Podcasts Business Fund Your Retirement Podcast FYR012 Why Thinking About Risk Management Is Important

FYR012 Why Thinking About Risk Management Is Important

Published: June 3, 2020, 11 a.m.

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How\\xa0we\\xa0quantify\\xa0and\\xa0assess\\u202frisk is\\xa0individual\\xa0and has\\u202fa\\u202fdifferent\\xa0meaning\\xa0for\\xa0each\\xa0of\\xa0us,\\xa0our\\xa0appetite\\xa0for risk is\\u202fbased\\xa0mainly\\u202fon\\xa0the\\xa0environment\\xa0we\\xa0grew\\xa0up in,\\xa0our\\xa0parents\\u202fand\\u202fsociety\\u202fat\\xa0large.\\xa0

The word risk, according to the English dictionary is a situation involving exposure to danger\\xa0\\xa0\\xa0

As someone who is continuously assessing financial\\u202frisk in the currency\\xa0and commodity\\xa0markets, it got me thinking about risk in a wider context, on a daily basis, the wider society and what is the difference in how people assess risk.\\u202f\\xa0

  • Driving a car is risky\\xa0
  • Buying a property\\u202fto rent\\u202fit out is risky\\u202f\\u202f\\xa0
  • Starting a\\u202fbusiness is risky\\u202f\\u202f\\xa0
  • The financial markets are risky\\u202f\\u202f\\xa0
  • Relying on an employer as your only source of income is risky\\u202f\\u202f\\xa0
  • At present,\\u202fwe currently live in a world where stepping outside your front door is risky\\u202f\\xa0
  • Funding your retirement is risky\\u202f\\u202f\\xa0
  • Would you agree that doing nothing is also risky\\u202f\\u202f\\xa0

We can never remove the risk, but we can mitigate it, we can increase our risk tolerance and perception of risk through research and education, through\\xa0opening up\\xa0to new ideas and possibilities, through taking positive action.\\xa0

0:00 to\\xa01:00 Introduction\\xa0to risk.\\xa0\\xa0

1:01 to\\xa02:55\\xa0Accepting\\xa0everyday\\xa0risk when we drive our car.\\xa0\\xa0

2:66 to\\xa03:05\\xa0How we quantify as an individual.\\xa0\\xa0

3:06 to 3:29\\xa0List of risky endeavours to fund your retirement.\\xa0\\xa0

3:30 to\\xa05:38 How\\xa0we manage risk in the currency and commodity markets\\xa0using gold as an example.\\xa0\\xa0

5:39 to 6:12 Financial markets and human nature.\\xa0\\xa0

6:13 to 6:50\\xa0Failing to\\xa0take action\\xa0towards avoiding old age poverty\\xa0doesn\\u2019t remove the risk it just offsets it\\xa0to a\\xa0later\\xa0date or on to someone else.\\xa0

6:51 to\\xa08:10\\xa0Introducing next week\'s guest Paul, a budding entrepreneur who set up a successful coffee business in 2018\\xa0

8:11 to 8:48 Wrap up\\xa0\\xa0

Have a wonderful day,\\xa0

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