If we had a crystal ball to predict the future, everything would be perfect and perfectly boring. Our finances, relationships, careers. Alas we do not have a crystal ball 🔮, so expect bumps and mistakes along the way.
Mistakes are part of life, they are expected. The important thing is to learn from them and grow as a result, not to repeat them over and over. They are learning experiences that you get outside of a classroom. In finances the idea is to fail fast and fail small. Learn from the mistake and move on quickly.
I made financial mistakes in my early years of becoming an adult. One of the biggest mistakes I made was not monitoring my credit. These days checking your credit is free and easy with apps like Credit Karma. You must monitor your credit to spot any fraud quickly or see how financial decisions are affecting your credit score. Another mistake I made when I first started investing was cashing out my capital gains right away. That increased my taxable income and prevented that money to continue growing in the market. I now make better decisions from those experiences.
The future is unpredictable. Mistakes are a result of you having taken a step forward, trying to make progress instead of staying still. It is all a part of the journey.
MMM tip: In volatile financial situations, only risk what you can afford to lose. Fail fast and fail small.
Until next week!
Dariene
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Disclaimer: This newsletter is for informational and educational purposes only and should not be considered financial, investment, tax, or legal advice. I am not a licensed financial advisor. Please consult a qualified professional before making any financial decisions.
