Outside Your Comfort Zone: Balancing Risk and Reward

An adage I frequently bring up with my 3 young adult children and my colleagues is to “get out of your comfort zone”.   It is also a mind set I try to embrace with the goal of being open to new opportunities even if they may be challenging, whether it be an unknown outcome or a new experience.  It is through this perspective that we can find ways to grow as individuals and broaden our horizons. 

For most opportunities that bring you out of your comfort zone, there can be an element of risk whether that be financially, emotionally, time, or even physical.  In most cases it’s a fairly minor and manageable risk but there can be times when that risk is increased and there needs to be a clear assessment to find ways to mitigate any serious downsides while still being able to take on the challenge.  

We have all been in those situations where you are struggling to persevere and may be close to quitting.  You have to do a gut check and a mental assessment to determine if continuing is the correct course of action or if it might be better to stop or alter your course.  It is in these situations, where you decide to continue with the challenge and you succeed in the end, where you expereince personal growth and truly appreciate the task you successfully accomplished. With that said, there are times when the risk is too great and the correct decision is to alter your course or stop altogether.  It is not always easy to make this decision, but as you gain more life experiences you become more adept at trusting your gut. 

Last week I hiked Dix mountain, which is one of the Adirondack high peaks.  These hikes can always be challenging but this this one is particularly long. The  goal was to do four additional peaks in the range. Everything was moving smoothly until I hit the last half mile where a layer of snow and ice coated the ground. It had fallen overnight which made a number of the steeper ascents much more challenging and a couple of them moved into the dangerous realm.  I had to assess whether it would be smarter to turn back or continue.   In the end I made a bit of a compromise to continue to summit but because of the ice and snow I didn’t pursue hiking the additional four peaks in the range.  

For my efforts I was rewarded with this spectacular view.  

After 14 miles, 4,000 vertical feet, and nine hours of hiking, I felt a well-earned sense of accomplishment. But there was also a twinge of frustration and disappointment at not completing all five peaks. In my reflection of the experience, I reminded myself of some key lessons I often share with my colleagues, clients, and family: 

  1. Risk assessment is tough in the heat of the moment. You rarely have all the information you need when making decisions. 
  1. Don’t second-guess your choices. Once a decision is made, there’s no value in dwelling on “what if.” Instead, use the experience to guide your future decisions. 
  1. Prioritize your well-being. Physical and mental safety should always be top of mind. There will always be another opportunity to step outside your comfort zone and reattempt the balance between risk and reward. 

Martin Shields

Welcome to Peace of Mind Economics. My blog captures two areas that I passionately research in order to deliver economic news while finding peace of mind through the noise.

Let’s connect