Recovering From Financial Mistakes [Part 1]

It is true that many people have had some downturns in the areas of their finances and the major part of these are caused by taking wrong financial steps or making mistakes. Yes, we have been taught on how to avoid some of these mistakes but what happens when the mistakes are made and the person finds themself in one form of mess or the other? Here, we shall be considering the ways in which one can recover from financial mistakes and get back on their feet. After all, humans are not absolutely immune to mistakes, and mistakes should not define one's future, but only if the person rises up at the moment and make things right.

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1. Get to terms with the mistakes

It will not be helpful to deny that you actually fell into the mistakes. The first point of call is to acknowledge the existence of the mistake, accept the fact that you made the mistakes. The truth is, without accepting this fact, you will not know how to recover from it. This is just like someone burning with temperature and denying the fact that he has fever. For the fact that he denied it will make him not to take medics and it may get worse. You will agree with me that the first and obviously one of the most important steps towards solving a problem is to acknowledge the existence of the problem.

When you make mistakes, you do not have to trade blames or accuse someone else for it. You have a responsibility for your actions and that includes your mistakes, so you should own up to your faults. It is by taking responsibilities for your mistakes that you will be able to assess the severity of it and then come up with a possible solution for it. The truth is that you have to know what led to the mistakes so that you will be able to avoid future occurrence. More so, you prove that you are becoming more mature by not only taking glory for your successes but also taking responsibility for your mistakes.

2. Learn from the mistakes

One of the reasons why many people see themselves falling into the same financial mess over and again is simply because they did not learn anything from the last time that it happened. It is not enough to acknowledge the fact that something is not right, you also have to tell yourself the truth why that particular thing happened, otherwise it may happen again and again. For example, if you see yourself spending more than your monthly income and then going broke before the month ends and the process keeps repeating, you have to take time to find out how you have been spending the money. It may just be that you have left your needs and focused on your wants or that you do not have a spending budget, etc.

It is worthy to note that even if you fell into a financial challenge, it may not be bad, but remaining in it is what makes it very bad. One way to remain in it is if you have not learnt anything from it, because you will see yourself falling back to it. There may be things that if you do, or places that if you go to, or people that if you hang out with, you will see yourself spending unnecessarily on irrelevant things and going broke, the best you can do to yourself is to stay clear of them. This is what it means by learning from one's experiences.

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3. Focus on how to rebuild

No matter how much you dwell on your past mistakes and no matter for how long you sulk over it, it will not undo what has been done, so it is good to let go of the mistakes of the past and focus more on building the present moment. Yes it is true that we are meant to learn from the past but we are not meant to dwell on the past. We just need to appropriate the lessons that has been learnt from the past experience to doing the right things today. With the knowledge of your past experiences, you can make plans to make things right. More often than not, it is not the mistakes you made that defines you but what you do after the mistakes and your response to it.

Many people that we see as financial giants today also had made a couple of mistakes in the past but they were able to pick the fragments of what was left and rebuilt with it. Even if you may not be able to stop life from throwing egg on your face, you are the one to determine if you will sit and sulk over the broken egg or you will gather the yolk and make a delicious omelette with it. What makes a difference between people that succeed and others is not because they did not have challenges nor because they never made mistakes but because they were able to rise above their mistakes and built up themselves again. I will conclude with the words of Confucius the great.

Our glory does not lie in not falling but in rising up each time

Thanks for reading