There's not a person on this planet who hasn't made a mistake in their life before, especially when talking about financials.
It is a part of human nature and life for us to make them; embrace them as a learning curve.
It is your perspective and the decisions you make afterwards that truly determine how you come out on the other side.
Living in modern Australia, there are not many financial mistakes that you could make without ever recovering from.
These can range from following an investment trend and losing a few thousand dollars, to borrowing WAY out of your means and purchasing multiple investment properties that have experienced no growth.
But again, it is your perspective and the decisions that you will make that decide how you get through it.
The first thing to do after making a mistake is to acknowledge and accept the fact that you’ve made one. There’s no use pretending that nothing happened… if you want to make an improvement, you need to acknowledge the issue.
The second thing is to figure out what it is you can do to minimise the effects of the mistake and look towards the future. Be conscious of not making any more mistakes and really figure out how you can reduce the hurt.
The third is to come up with a plan or strategy that will get you out of the mistake. What are the right decisions for you to start making from now and into the future?
Making a financial mistake can have an impact on your money, of course, but it can also have a large impact on your time, and it only gets worse if you sit there and ignore the problem.
Take action as soon as you can, ensure that you are doing the right thing, and learn from your mistakes. Remember that you'll eventually come out on the other side.
Dallas Davison, Michael Hogue and Ali Hogue.