Would you invest your life savings in an idea you were fairly confident in? Or would you have to be completely confident?
Though Michael Dubin's Dollar Shave Club has been successful, I don't think that I could invest my entire life savings in an idea that I was only fairly confident in. I am a creative person, but I don't like to take big risks. If Dubin's idea had been a bust, what would he have done after his life savings disappeared? There would be a significant lifestyle change and a long struggle.
If, for some reason, I had a great sum of money in my savings account right now at age 20, had a stable, well-paying career-job, and came up with an idea that I thought would take off quickly, I would definitely pursue it because I'm young and have a great job so I could bounce back easily. If I were older and closer to retirement, I wouldn't be as likely because that's chancing losing so much money that I wouldn't have time to save up again and live off it after retirement.
Do you think that your age determines what you invest your money in? What would some examples be?
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