Whenever the media reports on the Bernie Madoff scandal, the various government bailouts, the ever-increasing deficit, or the recently announced rescue plan, the coverage is bound to include the iteration of the word "risk." Reflecting on how journalists and pundits are currently discussing risk, I am reminded of the potential challenges associated with not identifying which financial risk is being referenced.

In addition to the tendency to presume a singular definition, another problem with the current coverage of risk is the inherent assumption that everyone has the same experience with and understanding of risk. As I read various articles or listen to different news reports, it brings to mind something I discovered when I worked as an asset manager: Until the event you are trying to avoid has happened, you do not really know your true tolerance for risk. Likewise, you don't know if the measures you took to protect yourself from an unwanted outcome were sufficient. Hence, the reason a singular posture is, well, risky!

During my asset management days, one of my tasks was to determine a client's risk profile. I would ask several questions with the goal of developing a portfolio recommendation that was designed to give my client the maximum return possible for a minimum level of risk. One question in particular was an industry standard: "Which is more important - preserving wealth or building wealth?" I was always astounded by the number of people who would say, "I want to build wealth," and said they understood that that involved enduring some market volatility, yet would panic the moment their portfolio experienced a decrease in value. The challenge with asking people about their tolerance for risk is that risk is often abstract --until it isn't.

Because so many people are losing their jobs or their homes or having to come to grips with significantly reduced portfolios, risk is no longer a concept. Additionally, people are finding out that risk is also no longer just personal; when credit card companies are arbitrarily (seemingly, anyway) cutting the available balance of people in good standing because of what is happening with their neighbor, it proves the interconnectedness between the personal and collective experiences of risk. It is a relationship that has always existed but is subtly more evident during times of financial distress.

For many of us it feels as if we are grappling with the reality of risk for the first time. But risk and the management of it is not a new phenomenon --whether we are talking about money or non-money matters. The truth is that you deal with managing uncertainty --which is what risk is all about, anyway-- everyday. Current happenings are just forcing you to pay more attention to something that easily goes by the wayside during times of economic boom.

Today, more than ever, is the perfect time to reexamine your definition and understanding of risk. How? With three simple questions:

• "How am I defining risk?,"
• "Am I comfortable with the risk I am taking?," and
• "Will my strategy to avoid an unwanted outcome withstand outside pressures?"

The winter 2009 installment of this tele-course went so well we've decided to offer a spring version as well! If you were unable to join us for the session that ran for seven weeks beginning late January, hopefully you'll be able to join the session that begins on Tuesday, 7 April.

1. Is the deepening recession causing you greater alarm?
2. Are you questioning how you approach financial decisions, wondering if --in the current economy-- it makes more sense to save and invest or pay down your debt?
3. Are you questioning whether you are working with the right group of advisors?
4. Is your self-esteem a bit lower because you lost your job last year or in the early days of this year?

What we will cover each week:

1. April 7 - Create a Clean Slate
2. April 14 - Get Clear About Your 2009 Goals
3. April 21 - Get to Know Your Dominant Financial Behaviors
4. April 28 - Create a Financial Roadmap, Part One
5. May 5 - Create a Financial Roadmap, Part Two
6. May 12 - Create a Career Roadmap for 2009 and Beyond
7. May 19 - Wrap-Up & How to Stay on Track

The "half" session will be held on August 18. It is a 90-day follow-up session so that we can reconnect to measure your success!

Each session is sixty-minutes in duration and held over the phone. So, you can participate in this seven and half week course from the comfort of your home or office. And if you miss a session, no worries: all of the sessions will be recorded and immediately available as a MP3 you can download.

Dial-in instructions will be furnished at the time of registration.

What you will get:

Your investment:

There is an expression that says, "The plan is useless, but planning is essential." The ultimate goal of "Get Back to Basics and Save Your $anity" is to give you a plan you can work from and to take you through a planning process so that you have the essentials - tailored to your specific needs and wants - to make 2009 and the years ahead abundant and prosperous regardless of market conditions!

A note to Woodhull alumni: The Woodhull Institute for Ethical Leadership has commissioned us to deliver a customized version of "Get Back to Basics and Save Your $anity" beginning May 6. Please note the structure for the Woodhull version is slightly different, as is the cost.

Modeled after the workshop of the same name, we offer the Stop Treating Your Money So Poorly Workbook (tm). It is a 48-page workbook, which consists of ten worksheets that will provoke you to think about money differently, inspire you to identify and examine your habits and help you make the choices that are right for you, at the right time and in the right way. The workbook is $24.95; the PDF downloadable version is $19.95; both can be purchased directly from Sterling's website. Virtual training support is also provided with your purchase.

Click here for a look inside the workbook.

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