This study examined whether performance feedback relative to self-set aspirations shapes subsequent risk proneness through emotional responses and whether dimensions of the achievement motive condition these effects. Drawing on reference dependent theories such as prospect theory and the risk as feelings framework, aspirations were treated as task-specific reference points, where exceeding or failing to meet them elicits affect that shapes subsequent risk proneness. In an online experiment, participants (N = 469) set an intelligence quotient aspiration, completed an intelligence test, and then received manipulated feedback indicating performance substantially above or below the aspiration. Risk proneness and positive and negative affect were measured before and after feedback; the achievement motive hope of success and fear of failure were assessed at baseline. Results show that performance feedback relative to self-set aspirations influenced subsequent risk proneness. Failed feedback reduced risk proneness after controlling for baseline differences. Mediation analysis revealed that this relationship operated through affective pathways. Positive affect increased and negative affect decreased risk proneness, with both indirect effects statistically robust. Fear of failure modulated the size of the emotional shift primarily when success was signaled. These results suggest that aspirations operate as reference points whose impact on risk runs largely through affective processes in evaluative, identity relevant settings. The study contributes to theories of risk and motivation by integrating emotional mechanisms into an achievement context, clarifying when reference dependence and goal setting translate into shifts in perceived willingness to engage with uncertainty.