So I've been thinking about my portfolio lately, and honestly, most of it is pretty boring stuff. Solid companies, steady cash flow, you know the type. But I also keep a chunk of my money in some riskier plays because let's face it, that's where the real potential upside lives.

I wanted to share the speculative stocks I'm actually holding right now and why I haven't bailed on them despite the volatility. Because here's the thing - if you're building wealth long-term, you need both anchors and wildcards.

One position I'm sitting on is Upstart. It's definitely speculative, but I like the thesis. Another one that's been on my radar is NextDecade - I've got some put options on it, which is a different kind of speculative bet. Both of these feel like they could either work out really well or fizzle out, which is exactly why I don't throw my whole portfolio at them.

What's wild is looking back at history. Netflix back in 2004? If you'd thrown $1,000 at it when it first showed up on analyst lists, you'd be sitting on over $500k now. Nvidia in 2005? Same story - $1,000 becomes over a million. That's the kind of return speculative stocks can deliver when you pick right.

But here's the reality check: most speculative stocks don't work out. The ones that do tend to be absolute home runs, which is why people bother with them at all. You're essentially betting that your research and timing are better than average.

I'm not saying everyone should load up on speculative stocks. If you're uncomfortable with volatility, stick to the boring stuff - it works. But if you've got the risk tolerance and you're willing to do the homework, keeping some speculative positions in your portfolio can be a game changer. Just keep them sized appropriately so they don't blow up your whole strategy.