Not all risk is created equal. Risk is one place where it is good to discriminate.

It's important to know what kind of risk you are taking before you take it. Every risk needs to be handled differently to avoid unnecessary stress and tension.

Taking a financial risk is quite different than entering into a new intimate relationship (emotional risk) or going paragliding (physical risk).

When you don't know how to manage fear associated with each type of risk, the possibilities of worst case scenarios can quickly become endless leaving you with analysis paralysis for an indefinite period of time.

Most risks fall under three main categories: a risk to your heart, to your physical body or to your wallet.

Identify The Type of Risk You Are Taking

Is the risk emotional, physical or financial? Simplifying it from the beginning can help you wrap your head (or heart) around exactly what you are afraid of.

Usually something complex can be simplified by asking yourself which aspect of yourself will have to deal with the cleanup should things not go well? Is it an emotional clean up? Is it a physical recovery or will you need cash on hand to deal with the clean up?

Pinpoint Your Goal

Ask yourself what your goal is with the risk you are taking.

For example, when taking an emotional risk, the goal is often to connect. Sometimes actions are taken from a protective place which is actually counterproductive.

When taking a financial risk, the goal can be to generate more cash, while holding on to as much cash as possible. When taking a physical risk, the goal might be enjoyment without injury.

Once you know what your goal is you have an opportunity to look at your plan and eliminate actions or behaviors that are fear-based and counterproductive to achieving your goal.

Check In With Yourself

Keep yourself accountable by using a check in tool to make sure you are not treating all risks the same.

When dealing with emotional risks, be authentic, vulnerable and stay in the present.

When dealing with financial risks, be strategic, calculated and consider the future.

When dealing with physical risks, be thoughtful, thorough and consider all the resources you need to avoid injury.

Stay Focused and Choose One Risk at a Time

It can be overwhelming if you are in a situation where multiple risks exist simultaneously. Make it simple for yourself and decide to choose one risk at a time. Identifying the risks, selecting one, observing your actions and checking in with yourself can help you navigate with more ease.

Eliminate chaos by keeping it simple. Trust that you will be able to manage any consequence, if not for any reason than to become a savvy risk taker.

Published on: Aug 18, 2016
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.