No one, not even the wealthiest person, is immune from financial mistakes. We’ve all made choices we regret. And if you don’t have a Security Buffer, the impact of financial mistakes can be catastrophic across your entire life. In fact, some of these past mistakes may be pieces of your current money woes.
But let’s not forget where our financial past is: it’s in the past! So how do you get there?
Taking responsibility for financial mistakes
By taking responsibility for your financial past, you take a huge step toward your future Financial Freedom. Study your mistakes and the mistakes of others. Apply the lessons you learn to your future. When you accept and acknowledge mistakes — financial or otherwise — you take control of the results. Placing the blame somewhere else means you can’t do anything to repair your mistakes or change your current situation.
Understandably, you may be carrying quite a bit of emotional baggage from financial mistakes with you. But you have to leave the negative emotions behind. Sure, you’d like to have made different choices, but dwelling on what you did wrong then won’t help you make better decisions in the future.
Letting go of your financial past
Letting go is just the first step. Once you’ve accepted your financial past, you’re free to concentrate on your present and your future. Given this, the time has come to make a decision: Will you continue doing what you’ve been doing — and remain financially unstable — or will you commit to becoming Financially Fit?
Truly committing to change and improvement is the most important financial decision you can make. Of course, you can continue doing what you’re doing and experience the same mistakes again. You can also choose to do nothing. But eventually you’ll find yourself adrift with no stake at all in your financial future. Or you can choose to acknowledge your past mistakes, learn from them and take control of your own financial future.
The choice is yours.
Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.