There is a popular belief among entrepreneurs today that finding ways to “fail fast” will ultimately help achieve what they’re hoping to accomplish in the end. I realize few people are great at something they start or try for the first time or two, so I agree with the idea of sticking with something or not giving up. The failing fast mentality never made any sense to me. Maybe the belief or expression grew from people who had a lot of money AND time to work with. For most of us, we’ve had to be cautious and thoughtful to make do with what we have or saved or borrowed to create something. When it comes to failure and how it relates to anything involving money, I default to two philosophizing curmudgeons’ thoughts on failure…
“Fools say that they learn by experience. I prefer to profit by others experience.”
-Otto von Bismarck
“All men make mistakes, but only wise men learn from their mistakes.”
-Winston Churchill
When it comes to your businesses 401(k) plan or your personal finances, learn from other’s mistakes. It costs you nothing and can help you save a lot of money and irritation in the future. Here are three articles about mistakes.
401(k) neglect and how it ultimately hurts everyone involved
Be thoughtful like Bismarck and Churchill. Profit from other’s experiences and learn from their mistakes. Thoughtful Advisors is here to help.
