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ABSTRACT Risk preference is a key concept across social, economic, and decision sciences. While existing measures assess risk taking either as domain‐specific preferences (e.g., finance and health) or as a general trait, they have largely overlooked individual differences in the narrow, domain‐general aspects of risk preference. Drawing from a dual‐process framework, we advance a multidimensional domain‐general measure of risk preference. We develop and validate the Calculated and Spontaneous Risk‐Taking Scale across seven studies (N = 2116). Results show (1) the two risk styles are moderately correlated and align with existing risk preference measures; (2) they are distinct from personality traits like the Big Five and cognitive traits like decision style; (3) calculated risk‐takers show more variability in risk attitudes across contexts; (4) calculated risk‐taking predicts adaptive outcomes (e.g., creativity and entrepreneurship), while spontaneous risk‐taking predicts maladaptive behaviors (e.g., crime, safety violations); and (5) the scale is invariant across sex and age. Overall, calculated risk‐takers engage in more adaptive risks, leading to healthier, more meaningful lives.