Missed Opportunities of the Past
I use to be the kind of guy that would think of an idea or process but miss out on acting upon it. Then later, I would read that someone else had since taken my idea (not intentionally, of course) and made the best of it.
Oh, the person never knew me, nor I them, but still it was basically the same idea that I thought of years before. Obviously, the person thought of the idea too, but it irks me that I didn’t act on it when I had the chance.
My problem was that I grew up too careful with my finances and not taking enough beneficial risk in life. Beneficial risk would be taking a risk for a high chance of reward. Non-beneficial risk would be risk with no reward and unlimited downfall (including death).
Past Examples
I use to come up with inventions (simple ones mind you), and ideas for businesses that I never implemented.
During my college days, I played around with starting online businesses, but much to my chagrin never pursued it. This is a shame, because even if those online businesses weren’t successful, I’m sure that the experience I would have gained would have helped me in my professional life. I’m now sure that there would have been limitless upside value. If I had taken such beneficial risk, perhaps people would be spending their time on Moneyface instead of Facebook (lol). You don’t know if you don’t try!
I use to be a procrastinator, but really, life is too short to be one! I don’t mind procrastinating nasty activities, but I never could figure out why I procrastinate the positive activities too. For example, I’ve been wanting to go to Hawaii for years, but I keep putting it off. I read about other bloggers that have gone to Hawaii multiples times, and still all I do is read about their great adventures. Shoot, even my grandmother has gone to Hawaii back in her day when she was till alive. I just keep saying to myself, some day… some day.
Another thing that I regret is not going to more concerts when I was in my college years. Some band have now disbanded and I will never experience those missed opportunities.
In my more recent history, I haven’t taken advantage of my excellent credit score to the fullest extent that I could have! It’s not like I don’t understand the advantages! I actually wrote a piece recently called “The Benefits of a High Credit Score” where I actually talked about the benefits of having an excellent credit score, but I’ve only used half the benefits that I wrote about. It never hurts to ask when you’re holding all the Aces…
The thing is sometimes you’ll have nothing to lose with low beneficial risk, and everything to gain. In my high Credit Score example above, there is no risk in asking for a discount because of a high credit score! Even if they say no, they aren’t going to lose a sale by turning you away.
Reasoning On Taking More Beneficial Risks
So what I would suggest is jump into something you feel strongly about and then accomplish it! It’s important to realize that some opportunities have a limited shelf life, and once they are finished, they are finished forever, end of story!
You see, these opportunities will only get riskier after you have a family, much like water evaporating on a hot skillet with time!
So go out and try things before you are older and married with kids! Avoid looking back regretting these missed opportunities by trying them now. If whatever you try flops, at least you can say it wasn’t from lack of trying!
Thanks for reading my version of a Carpe Diem post! Remember some risk is good no matter what the outcome!
Bests,
Don@moneyreasons.com
Photo: Sleeping cat at Kualoa Ranch, Oahu by Sam, 2011.
Alot of time, rather than taking action, people get excusitis! They come up with all of the reasons that an idea won’t work rather than the many reasons that it might work! Thanks for reminding us to take action!
True, very true… I’ve gotten excusitis a few times myself in the past. Eventually I do end up trying whatever I was thinking about though (at least if the opportunity is still there… no Nivana concerts for me now, Foo Fighters are still rocking though).
I’ve always said you’ve got to take risks early! It only gets harder and harder to take the big risks as responsibilities increase.
I’ve got three kids now, so failure isn’t really an option for me. That limits my ability to “jump in” with both feet.
You’re telling me! With two kids I can’t take the risks I would like to today (well maybe some small beneficial risks). It’s definitely harder!
Time is no longer my friend either. I’m constantly busy it seems.
Don, it’s never to late to follow through on some of those invention ideas. If you’re bored one day, check out quirky.com, it’s a very cool website where people collaborate on inventions and help you push it through from idea to prototype quickly (if it’s chosen as a good idea). I of course have been procastinating about entering my own submissions, but as soon as I get some time I’ll be using it!
Hmmm, you got to love the internet for creating such a great opportunity! I’ll check it out, although recently I found out an idea I had for a scented filter for the house air conditioner has been taken (grrrr). It was too simple of an idea anyway :)
I’ll check out quirky.com though, sounds awesome!
Don, one of my PF goals is to take more financial risk. It’s been that way for the past 3 years, and maybe this year, finally I will do so. I think I’m a little too conservative and then pretty soon, I’ll be that much older.
I don’t want to feel regret!
Sam
I haven’t done badly, compared to my childhood neighborhood, but I don’t think that segment is really my peer group. But even in my peer group, I’m doing better than average (by a little). But I think I can do better, we’ll see…
I treat life as a cycle. Once we had a kid, we realized we couldn’t just go the bar or just take off to see the latest HP movie! That period was over. Do we miss that? Sure! Do we regret it? No. A kid brings in joys only a parent will know – instead of bemoaning about not able to watch the movie, enjoy the time with your kid – because this time too is limited as you so aptly put!
Oh, I agree, my kids rock! I live for my kids and their development… I just wish I would do things sooner than later. I’m such a procrastinator at times.
Someone once told me that time is the most valuable asset that you have because once it is spent you can never get it back. So I have tried to live every moment to the fullest. But I sometimes miss opportunities. It’s easy to do when you are not focused on taking advantage of them. I agree with you that you should never put off beneficial experiences. With that said, I guess I will start planning my trip to Argentina.
Awesome! You made my day about the trip to Argentina… That’s exactly what I’m talking about! If you go now or in a year or two, it will be a totally different experience than 20 or 30 years from now… Keep solid finances, but spend money on things that have value to you instead of things that are a fad today and junk tomorrow…
This is a side note, but everybody has lost opportunities… It’s not possible to do all that is available to you at the same time. Pick the best opportunity path and pursue it!
I like this! Man, I’ve fallen victim to procrastination myself. Lately, I’ve been thinking about taking photography more seriously. Maybe I should just jump in and go for it.
Do it! with Digital photographs, you can practically take pictures for ever without incurring a small fortune doing so! This is a great time to experiment with photography!
Good luck and have fun, if you take the plunge!
Procrastination is one of our biggest enemy. If we think of doing some work, we should do it right away. We think that we’ll do it later, and it keep on getting delayed.
Yep, sometimes it’s better to leap then look when the risk is small! As you get a family, the risk increases… Nobody wants their kids to suffer.
I used to be a huge procrastinator. Now, I at least list everything I want to do (which is more than I currently have time for), and just keep knocking it down! I work at it little by little and I have accomplished a lot more than I ever have!
It’s amazine how powerful a pencil/pen and a piece of paper can be in providing guidence. I know this, but I don’t use those tools enough or at least with consistency!
Its easy to get stuck doing the status quo as long as it feels “acceptable”. It’s tough to get motivated to change when there is no immediate “awful” situation that’s forcing us to make a change. Recognizing this is important … next step: make a plan of what you’re going to do, and write out the first step, no matter how small that step is. Then do that step!
I agree, organization is a great aid in the fight against time and risk (and also procrastination).
I can totally relate. There are so many things I want and have wanted to do and it’s so easy to get caught up in just thinking about them all instead of buckling down and doing them. I don’t have any regrets of the past, but I do wonder how things would be different now had I taken more action and prioritized things differently when I was younger.
I’m an over-analyzer when it comes to such plans. I’m learning to do instead of think more and more often.
As I think you learned there is a risk of not doing it too. Fear is a four letter word too! Fear keeps us from trying things. Whether it is fear of failure or success, it is much stronger than we realize. Taking small calculated risks helps get you there.
Perhaps it’s fear, or perhaps it’s just not an easy path to carve when you are the first to try and do so. I guess we need people that have been there and done that to share their path, or at least describe how they overcame their obstacles.
MR – you make a good point on pursuing your passion early before “life gets busy”. whether it is real estate, websites, small business or whatever else, i am not sure i could have accomplished what i have had i started “late” and had to take responsibility for family.
Sounds like you are making all the right moves Sunil!
Hats off to you sir!!!
One thing I wish I would have done: when I was 16 I wanted to open up a retirement account. Even at a young age I knew it would put me light years ahead of others and give me a great future. I bought a book about stocks, asked some older people…and never did it. Fortunately I started one when I was 22, but could you imagine if I had started one 6 years earlier?
Wow, 22 is still very impressive! I’m thinking of starting a Roth IRA for my kids once they have some earned income. Of course, I’ll put my money in and let them keep their money… I wish my parents did that for me as a kid, but I don’t think retirement had the focus as it does today. Back in my parents era, everybody had pensions…
Sounds like you are doing great! :)
Thanks for the “wise words” Money Reasons! It was very moving and refreshing. I look forward to more of your posts.
Thanks! and it’s nice seeing a new face on the site!
[…] Obviously, the decision was purely financial in nature, but I have to wonder, is this one of those missed opportunities in life that I will regret later because I’m being too […]
For me, I think, but don’t act because I don’t want to fail. Finally, I am seeing there really is no such thing as failure. Lessons learned, new experiences, personal growth, all positives in my book. Before I would put off big trips until retirement. Last year, we hit Europe, amazing. The good news is we could still walk around properly and enjoy ourselves. Go out there and do it!
Hey Money Reasons,
Thanks for sharing your story! Procrastination is my personal pet peeve because it’s something I need to constantly fight against from falling into that trap! I think that blogging and writing has VASTLY helped me with this, now that I think about it.