Financial Success Is the Product of Failure

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Financial Success Is the Product of Failure

The one truth about success that is important to learn as you seek to build your success mindset is that no one achieves success throughout life without failing occasionally. In fact, one can argue that if you’ve never failed at something, you’re setting your sights too low.


Follow a Process

To set yourself up for success, you’re more likely to do so if you follow a process of some kind. A process will give you standards and expectations so that you know what constitutes success. If you have no guide or measurement, it’s hard to reach success.


Set Your Goals 

When you set your goals, use the C.O.S.M.I.C. Goal Setting Technique. This method will ensure that your goals are possible in the first place and help you design the path to reaching them. When you have a guideline to follow and look at, you can judge it better.


Test and Learn

Using the numbers that you generated as you created specific goals, you’ll want to test the assumptions you made for the truth. This is where mistakes often happen, but this is the time to learn from them and improve.


Acknowledge Mistakes 

When you notice anything going differently than you planned, it’s okay to acknowledge it. The best way to learn from failure is to accept that it happened, study how it happened, and then mitigate that occurrence the next time you set your goals and create plans.


Learn and Tweak 

Once you realize something is off with your assumptions or numbers, or you realize a mistake has happened, you can learn from it and then tweak it. You may even be able to turn around some issues and create success from failure.


Improve Your Process

Using the information that you learned from the metrics and data can improve your process. When you make a process work better, you reduce mistakes and your chances for failure. See, failure can be a winning condition.


Be Consistent 

Be consistent about how you set up your goals and design the plan. While it’s important to know yourself and make choices accordingly, it’s also essential to take action, consistently.


If you set your goals too low, you’re not going to achieve the successful life you dream about. Most success will be found within the mistakes you make as you grow and learn.


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