shutterstock_238020544Friends and I who are now called “seniors” take two distinctly different approaches to risk. Some of us feel more willing than ever to try new things. Our motto might be, “What have I got to lose?” Others are so fearful of making foolish decisions that they live in a state of paralysis. If they ever dare to entertain the question, “What have I got to lose?” their immediate response is, “Everything!

These two views largely determine the outcome of our decisions, as well as the level of angst we experience when we make decisions.

I’ve seen some friends spend their “golden years” trying to save enough, insure enough, and hedge enough bets to reduce their risk to zero. By the time they cover every conceivable contingency, life has passed them by. I feel a deep sadness when I peer into their coffins.

We need to admit that risk a fact of life, even at the end of it. So let’s keep a few essential realities in mind when we make decisions now:

  • Physical death is a sure thing. Physical life is not.
  • Financial failure can be guaranteed. Financial success cannot.
  • Sorrow will come looking for you. Happiness will not.
  • Do nothing risky and you will receive the inevitable rewards of inaction.
  • But act with faith in the providence of God and–while you may lose things familiar and secure–the rewards can be far greater.

Worth remembering on this day when financial markets are in turmoil and the Dow Jones has fallen more than 600 points.