Don’t worry, I didn’t end up in the hospital. But it hurt. A lot.
Since the accident, I’ve become humble enough to admit that the consequences were the direct result of my pride.
Waterskiing is one of my favourite things in the world and ever since I started, I’ve enjoyed watching the reactions from the people who’ve never seen me ski before.
Which would explain why I said “yes” when I was asked to go for a ski behind a boat overcrowded with people, on a windy day, using equipment that neither fit nor belonged to me.
I was proud. I wanted to impress.
But given the equipment, water conditions, and weight of the boat, skiing to impress meant that I had to ski as close to my limits as possible. I knew the risks but also believed I could handle them.
I was wrong and ended up with a torn rotator cuff.
The difference between understanding potential risks and experiencing them, in reality, is very distinct. This is why clients who pride themselves on being “risk-tolerant” often find themselves panicking when their “all-in-on-weed portfolio” plummets by 70%.
As an investor pride can cause you to believe that you are more capable of handling risk than you are. It is this miscalculation which can lead to the most severe of investment mistakes. Avoiding those mistakes begins with understanding who you are and what you can handle.
We ensure our clients benefit from our knowledge by getting to know them and building a plan designed for their circumstances with a portfolio suited accordingly.
Save yourself a torn financial-rotator cuff.
This article was written and provided by Evan Bernard. Evan’s advisor profile can be found here: https://www.advisoranx.ca/advisor/bernard-salvatore-evan-aribert/
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