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Complacency In Human Nature

>> Tuesday, June 29, 2010

We all tend to ignore risk.

For example, we all know that losing our mobile phone is a possible risk and the consequences can be very severe. How do I get all my contacts back? Possible usage abuse? Replacement and opportunity cost? And so on. However, how many actually take the precaution to back up their contacts regularly, have the proper locks and passwords in place.

What about our laptops? What if it gets stolen, spoils or hacked. The loss of private and confidential data, the loss of use for the duration, etc. However, how many often create a back up of their information, install the latest anti virus and firewalls, take steps to prevent it from being stolen.

We have heard the horror stories: someone's private video on the phone being shared to the world when it was lost or all the companies clients information lost together with the laptop. Some even closer to home, maybe a friend's phone being lost and asking you for your number again or a friend being missing from online activities due to computer being down.

We are aware of the risk and constantly reminded of it. Similar to proper financial planning, we know of the consequences of mismanaging one's finance and the risk involved. We know that credit card debt has high interest rates, yet many still live on its credit. We know budgeting allows us to live within our means, but not many bothers to plan for it. We know insurance transfers risk, but it just seems like an unnecessary expense for something that may or may not happen. We know investing requires a strategic approach, yet many still take a piece meal approach basing their decisions on rumors and tips.

It is due to our complacent nature that we choose to ignore risk. Hence, a mindset change is necessary to take a proactive approach to manage risk.

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