Personal Finance Friday - It’s Okay to Make Mistakes

I meet some people that are so afraid of making a mistake with finances it kind of paralyzes them and they end up just not doing much.

It’s actually okay to make small mistakes with your finances. If you do something stupid and end up losing $5000, you know what you’ll survive. The key is to learn from the your mistakes so they become less and less.

Another key is to think about the worse case scenario.  If your downside is you lose $100,000 well then maybe you should be afraid and paralyzed so you don’t make that choice. :)

A final key to surviving mistakes is to be saving money. If your finances are balanced to the positive side, you are resilient. You can handle some mistakes or downturns or the unexpected. 

Like I’ve said before, I’ve made mistakes, but those are also what I’ve learned the most from. My mistakes have kept me out of bigger trouble later. For example right now (and for the last 6 years) I’ve found cryptocurrencies and networks absolutely fascinating. (If you want to get me talking non stop for an hour just bring up that subject :) ). It’s possible that looking back it will be a “mistake” but I’m following the key points above so we’ll still be safe financially. 

Don’t let your finances frighten you into inaction. You can survive not being perfect, you can’t get better without trying and taking a few chances!