3068: [Part 2] Why Is Taking Some Financial Risk Important by Vicki Cook & Amy Blacklock of Women Who Money

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 10 March 2025

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3068: Taking financial risks wisely can be a game-changer for building long-term wealth. Vicki Cook and Amy Blacklock break down how to educate yourself on investing, assess your risk tolerance, and make informed decisions that align with your financial goals. By continuously learning and adjusting your strategy over time, you can confidently embrace risk without fear, allowing you to grow your wealth while maintaining financial security. Read along with the original article(s) here: https://womenwhomoney.com/why-is-taking-some-financial-risk-important/ Quotes to ponder: "You don’t want to become so comfortable with your investment decisions that you fail to reconsider what 'risk' means to you over time." "If a conservative approach helps you sleep better at night, investing more money for a lengthier period will build wealth too." "Your mindset will shift over time, from being fearful to courageously taking more risks." Episode references: University of Missouri Risk Tolerance Assessment: https://pfp.missouri.edu/research/investment-risk-tolerance-assessment The Simple Path to Wealth: https://www.amazon.com/Simple-Path-Wealth-Financial-Independence/dp/1533667926 Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:22.3	right now. That's why the world works with ServiceNow. Visit ServiceNow.com slash UK slash AI for people.
0:30.9	This is Optimal Finance Daily. Why is taking some financial risk important? Part 2 by Vicki Cook and Amy Blacklock of
0:39.8	Women Who Money.com. Educate yourself about investing. It's amazing how much information is at
0:47.8	your fingertips when it comes to learning about investing, but the volume of information you can
0:52.9	find online is also overwhelming to many new
0:56.0	investors. Where do you start? What should you read? Who can you believe? These are all great
1:02.0	questions. Our most important advice, avoid getting your financial information from only one source.
1:09.5	New investors can begin with learning some basic investing
1:12.8	terminology and other investing concepts. Below is a list of some of the main categories of savings
1:18.7	and investing products. Each has its own general level of risk and return. Within each category,
1:25.3	specific products may carry more risk or provide more gains than
1:29.2	others. Savings accounts, U.S. savings bonds, certificates of deposit, money market accounts,
1:36.6	bonds, equities and stocks, mutual funds, index funds, and exchange traded funds, or EFTs,
1:43.9	annuities and whole life products.
1:46.6	There are also many alternative investments, like real estate, precious metals, artwork,
1:51.2	cryptocurrency, etc., that you might consider when deciding where to invest your money.
1:56.0	Some investments will be passive, while others, like real estate investing, may be more hands-on. Educate yourself
2:02.4	in anything of interest and never invest your hard-earned cash and something you don't understand.
2:08.2	Keep learning. Once you get more comfortable, continue reading articles, blog posts, and
2:14.0	investing books to increase your knowledge. Debbie Sanson's The Thousand Dollar Investor is a great place to start, even if you only have a few hundred
2:22.7	dollars to invest.
	...

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