Money Help: Making financial mistakes is ok as long as you learn what doesn't work

If you are over the age of 6, you have made a financial mistake. Maybe you spent money on a cheap toy that failed within five minutes of purchase or "invested" in Beanie Baby Bears. Perhaps you bought a new car that nearly bankrupted your budget.

Whatever the blunder, it is OK. Financial mistakes will happen. Even people who deal with finances on a daily basis are susceptible to making financial errors. I have met many accountants who do a great job with accounting and managing the budget on the job, but are terrible managers of their own finances.

Regardless of the mistakes you may have made with money, it is OK as long as you resolve to learn from those mistakes and take steps to ensure that they are not repeated. One thing that can help you learn from these mistakes is to change your perspective to that shared by Thomas Edison. Mr. Edison shared, "I have not failed 10,000 times. I have successfully found 10,000 ways that do not work." That is an incredible way to look at it. This perspective apparently worked out well for Mr. Edison, as he is credited with 1,093 United States patents.

Made a poor investment decision? Welcome to the club. Bad investments have existed from the beginning of time. Think about the poor soul who purchased a buggy manufacturing company right as Henry Ford launched the Model T. Bad investment. When a financial mistake is made, resolve to learn the reasons why it was a bad decision, and determine what you could have done to prevent it.

Have you spent more money than you brought in? Determine what led to that issue. Did the car break down without money saved for such an event? Recognize that cars will break down, and make a change to begin saving for car repairs. Did a sale at the mall create havoc with your finances? Prepare a written budget each month to establish how much money can be used for shopping so you don't have to feel guilty about having some fun with your money.

Maybe you have fallen ill without health insurance, and it led to incredibly large medical bills. This happens a lot. There is a high likelihood that you will fall ill again. That means it is very important to obtain health insurance to transfer the huge financial risk.

Read books, blogs and websites to learn more about finances. Attend classes, webinars, and conferences to invest in your financial future. You can win with your finances despite numerous mistakes. Just use Mr. Edison's great wisdom and say, "I have note failed 10,000 times. I have successfully found 10,000 ways that do not work."