Making money, whether by putting cash into the stock market or jumping to a better-paying job, requires some degree of risk.

“In certain scenarios, not taking enough risk is actually a bigger risk,” says Liz Davidson, CEO and founder of Financial Finesse, which provides workplace financial wellness programs as an employer benefit.

Here are some strategies to help you embrace financial risks that make sense for you.

1 Understand and address your fears

“When we think about making financial decisions, fear is a natural emotional component because with money, there are really high stakes,” says Farnoosh Torabi, creator of the “So Money” podcast and author of the forthcoming book “A Healthy State of Panic: Follow Your Fears to Build Wealth, Crush Your Career and Win at Life.”

Sometimes, the fear of risk is warranted. Communities of color can face particular challenges when considering financial risks, says Yemi Rose, CEO and founder of OfColor, a financial wellness startup.

Investing, entrepreneurship and homeownership are all riskier without significant savings to turn to if things don’t go as planned, he adds. Rose urges people to consider paying off debt and building up savings to give themselves more stability while still taking smart risks.

2 Build a bigger emergency fund

Building up a bigger savings account is one of the most powerful ways you can protect yourself, according to Davidson.

While financial advisers generally recommend saving three to six months of expenses, Pamela Capalad, a certified financial planner and the founder of Brunch & Budget, a financial planning firm in New York City, says you can alter your target savings goal based on the stability of your job and other factors. For some, she says, one to two months’ worth of expenses is a solid goal.

3 Know when to seek a safer route

If worrying about your investments or mortgage payments is keeping you up at night, then it might be time to rethink those choices, says Carol Petrov, a certified financial planner and vice president of Kendall Capital Management, a financial firm in Rockville, Maryland.

Capalad recommends thinking through how a recession would affect your current choices. “We’re in a place with a lot of financial uncertainty. You can be less aggressive with risk to balance out some of the volatility we’re seeing,” she says.

The challenge is finding that balance.