Money Secret #1: Start From Failure

The hardest thing to admit to oneself is that they have unequivocally failed…

Admitting you’ve failed can be really tough. It can feel very discouraging. But sometimes, facing your situation honestly is what you need to get back on track.

Looking Back at the Last Decade

As we start a new decade, it’s normal to think about your money over the past ten years. Your twenties can feel like a money roller coaster with lots of ups and downs.

Celebrating Small Wins

Even though it was challenging, you did some good things. You started investing, which is a big deal. Putting your money into a low-cost index fund like the S&P 500 was a smart move. It shows you were thinking about the future and trying to make it better.

Acknowledging Inconsistencies

But it’s also important to admit when you weren’t consistent. There were times when you didn’t stick to your plan and gave up on your investments when things got tough. That was a mistake, but it’s okay to admit it.

Learning from Mistakes

Admitting your mistakes is the first step to fixing them. It’s like shining a light on the parts of your money habits that need work and saying, “I can do better.”

The Secret: Move Forward with a Plan

Now, it’s time to turn these lessons into actions. As you step into this new decade, make a promise to yourself to be more consistent with your money habits. Here are some steps to help you:

  • Set Clear Goals: Decide what you want to achieve with your money. This could be saving for something big, paying off debt, or investing for retirement.
  • Create a Plan: Make a simple plan to reach these goals. This might include setting up a budget, saving automatically, or reviewing your investments regularly.
  • Stay Consistent: Stick to your plan even when things get tough.
  • Keep Learning: Learn more about money and how to manage it. The more you know, the better choices you can make.

“Time in the market beats timing the market.”

– Kenneth Fisher

Embrace the Future

Remember, your past doesn’t decide your future. Learn from your past, and use it to make your money future better. With determination and a willingness to learn, you can achieve your money goals.

Here’s to making your money dreams come true!