We all make financial mistakes.
Even those who are considered to be “financial experts” have likely made some in the past too.
In fact, if you check up on the history of some of the most popular finance gurus, you’ll see that many of them decided to learn and share knowledge of personal finance after making big mistakes themselves.
This is why we decided to come clean and share some of our biggest financial mistakes in this week’s episode of the Financial Conversation podcast.
Along with sharing our mistakes, we also discussed how thankful we are that we’ve made financial mistakes in the past. If you’ve made financial mistakes too, don’t be ashamed of them. Here are 3 reasons why it’s ok to make financial mistakes.
It’s Ok to Make Financial Mistakes If You Learn From Them
I’ve definitely made my share of financial mistakes. I used to feel ashamed at some of them, which is why I started my blog anonymously. But after “coming out of the closet” and sharing my mistakes with others through my writing, the podcast, and even discussing them in person with family and friends, I’ve found that there’s really nothing to be ashamed of.
I’ve learned that it’s ok to make financial mistakes as long as you learn from them. Like any other mistake you’ll make in life, the key is to look for the lesson and avoid repeating the same mistake over and over again. If you do continue to make the same mistake again and again, it’s not really a mistake anymore, it’s a habit.
Making Mistakes Leads to Forgiveness
I’m extremely hard on myself, and whenever I mess something up, be it in my professional life or my personal life, I have a hard time getting past it.
The mistakes I mentioned in our podcast episode were definitely the worst ones I’ve made, and it took me quite a while to come to terms with the fact that sometimes, stuff just happens. No one is perfect.
Ultimately, the biggest thing you can do is forgive yourself. No one is immune to making mistakes. If we were, we’d be pretty boring and we’d never grow.
Like Kayla said, you should learn from your mistakes, but once you do, you also need to forgive yourself and let go. Trust yourself that it won’t happen again.
Our financial journey never really ends, and it’s important to get over the inevitable bumps in the road, otherwise you’re not going to enjoy it.
So the next time you think, “How could I have been so stupid!?” remember that all of us have been there at some point or another. It happens – don’t dwell on it because it doesn’t do you any good.
Making Financial Mistakes Can Change Your Life
Okay so you shoudn’t make financial mistakes on purpose, but realistically, you’re going to make money mistakes. When you do, you should not only learn from them but allow them to shape your life and your future.
For example, getting into $30,000 in debt at the ripe age of 22 was a financial mistake on my part, but it completely changed my life. If I would have never taken out student loans and got into debt in college, I would have never become interested in learning more about personal finance. After I started reading blogs about personal finance and getting out of debt, I started my own and then I started writing articles about money.
Now I’m a podcaster and a freelance writer and I’ve found a new passion all thanks to my financial mistake of spending more than I earn. If you want to make the best of your situation after you’ve messed up financially, first you need to admit your mistake. Then, you need to turn it into a success story by finding the silver lining and using the lesson you learned to improve and change your life and your future.
Do you think it’s ok to make financial mistakes? Why or why not.