I have a brand new YouTube channel called Undercover Millionaire where I will be hosting all my social experiments and financial freedom challenges going forward! I will also be cutting down on the number of videos I make each week on my Samuel Leeds channel. You can hear more about this in my video entitled I’m Terminating My YouTube Channel?.
In my first video for my brand new channel, I went out and tried to swap £1 for £1,000. I put the £1,000 in to a mystery box and asked people for a pound to buy its contents. Most people said no. Most people are not willing to take any sort of risk, even with £1! If you want to succeed in property and business you need to be able to take a risk.
It is important to know how to take risks. It isn’t a good idea to take uncalculated risks, any more than it is a good idea to avoid risks altogether. When you take a risk, you need to look at the best case, likely case and the worst case. In this article, we will look at these scenarios applied to this social experiment. Use the lessons to apply to more serious decisions in your business life.
1. Best case
The best case was that the box contained something worth a lot more than £1. In this case £1,000. The most likely reason this would occur is that someone was doing a social experiment. This isn’t something that is beyond the realms of possibility. Many people have YouTube, Tik Tok and other social media accounts they are trying to make content for. The odds that the person selling a mystery box for £1 is one of these influencers isn’t that bad.
When considering the best case scenario, you should consider what is the best case in the situation within reason. Don’t consider things that are extremely unlikely or that there is a near zero chance of happening.
2. Likely case
The likely case is that there is a fun item in the box that is worth £1 or less. You will satisfy your curiosity and have a story to tell your friends. That is worth £1 in itself! Unless you are in a very bad financial situation, there is very little you can do with £1 and paying it for a bit of fun is more than reasonable.
When considering the likely case scenario, you should be very realistic and look at what happens to most people in the same situation. Consider what all parties in the transaction are likely to do.
3. Worst case
The worst case is that you get nothing and someone gets your £1. That, or there is some sort of prank in the box. Either way, nothing too bad is likely to happen. In the worst case you are not going to be harmed irreparably and you will be able to get on with your day £1 down.
When considering the worst case, you need to look at the worst thing that could reasonably happen. While it is possible that every time you leave your house you could have something totally terrible happen to you, it would be unreasonable to plan for it. Consider the rational worst case, not your worst nightmare.
If you are willing to risk £1, you could take the first step towards financial freedom. You can book a ticket to my next course here. It’s free (with a £1 booking fee)!