No Risk, No Reward by Letitia Frye

The excerpt below is from Letitia Frye’s book No Reserve: Take Ownership and Live YOUR Life without Limitations, available now from Sound Wisdom.  

From the podium a voice rings out: “Lot 1!” 

You lean in to hear what item is for sale, when images from your past, present, and—seemingly—future appear on the screen. 

You realize, in an uncanny turn of events, that the people around you are about to start bidding on your life, determining what value to place on it. What will it go for? you wonder. You grip the seat, anxiously awaiting to hear the starting bid. What if it sells for too low of a price? 

You look around. From the looks of the scanty crowd, it appears that you might have set a reserve price at this auction, ensuring your life must reach a minimum value to sell. But the poor attendance has made you question your strategy: Whom have I excluded by restricting my reach? How will I grow my value if I’m playing it safe? What’s holding me back? Why am I not “all in”?  

How will I grow my value if I’m playing it safe? 

Life is like an auction: you get your best returns if you don’t set a reserve on it. Anyone who wants to live a meaningful, fulfilling, invigorating life that makes an impression on the world must learn to live their life with no reserve. 

But what does that mean, exactly? 

Let’s say that there’s someone who wants to sell their house for $2 million, yet they really need to move on with their life and follow their new plan. So, they decide to hire an auctioneer. They know that they do not want to take an offer under $1 million for their house. They also are scared that they may not achieve or acquire all that they need in order to succeed in their next step.  

Consequently, they tell the auctioneer that they would like to set a reserve—or a minimum bid—on the sale of their property for $1 million. The auctioneer tells them that might be one of the worst decisions they could make if they truly would like to garner a high price on the sale of their home. Why would she say that? It’s because setting a limitation is tantamount to publicly declaring, “This is as far as I’m willing to go.” In other words, “I’m not willing to take a risk.” Without risk, there is little chance for great reward. 

Without risk, there is little chance for great reward. 

If you listen to the auctioneer, she will tell you to remove the reserve and sell the property absolute, or “no reserve.” A no-reserve auction does not have a minimum bid. It can start as low as a dollar. The reason that no-reserve auctions tend to bring in more money is that when there is no perceived limitation, there is room for chance—as in, unlimited opportunities for success. The public will come out in far greater numbers to this house sale because they think they’ve got a good shot at getting a great deal on a $2 million property. The truth is, more bodies in the room in a competitive environment means better odds that the seller will have better results. The bidding will become fast and furious, with the “hammer price,” or final sale price, reaching heights unheard of for an auction with reserve. 

When there is no perceived limitation, there is room for chance—as in, unlimited opportunities for success. 

Many people are risk averse, yet they talk about wanting to be an entrepreneur or desiring to take their company to the “next level.” How can you create great things in life without taking any risks? I have made a number of daring moves and bet on myself. Some of the risks were successes, and others were painful lessons—and I do not regret a single one of them. I’ve lived a life filled with unimaginable tragedy and yet incredible abundance, and my journey has taught me that if you want to live an authentic life, enjoy great success, and make a difference in the world, you have to remove your reserve, step out of your comfort zone, and seize opportunities as they come. 

Currently celebrating over 16 years in the auction business and having raised over $500 million dollars for charity, Letitia Frye has truly earned her title as America’s foremost “auctiontainer.” Some of her biggest clients include St. Jude Children’s Research Hospital, Alice Cooper’s Solid Rock, and the Make-A-Wish Foundation®, but she brings to every event, no matter the size, her expertise, contagious energy, and unique flair. After a devastating accident in which she was struck by a car while running, leading to a traumatic brain injury, combined with the sudden death of the father of her children, Letitia decided to broaden her span beyond auctions in order to help more people by becoming a motivational speaker. Her book No Reserve: Take Ownership and Live YOUR Life without Limitations is now available from Amazon, Barnes & Noble, Books-a-Million, Google Play, and Apple Books. Follow Letitia on Instagram (@letitia_frye) and Twitter (@LFAuctiontainer).