Here is a transcript of my latest chat with our media consultant.
Q: Having read a number of your blog posts it seems you have a strong aversion to risk. Why is that?
Richard Crenian: That’s a good question. I think the older you get the more adverse to risk you become. Later in life you realize that if you loose money you don’t have the energy and time you once had to make up the differences. So it’s very import to try and save your money and not blow it on something silly.
So I think that you know that if you lose money at age, (whatever your age is) say your 55 years old and you are planning to retire by age 65 it will be much harder to make that money up in the next 10 years. So you really want to watch where you invest your money and at a minimum make sure you are not going to lose your money which you are saving for retirement.
Beyond your retirement goals being conservative means protecting those you might one day leave behind. Obviously you want to make sure your family is well taken care of. In my view this is the legacy of a good human being.
When you’re 35 years old, the possible losses associated with risk are easier to compensate for, assuming you don’t compromise the welfare and safety of your family.
When you get into 55 and beyond, is there any real need for you to take on unnecessary risks?