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Today I have a great article from Skinny Flint about having regrets with your money.
Missed out on that Bitcoin rocket? Still underwater when the market tanked in 2008? Maybe that college major you chose didn’t lead anywhere. Maybe you made a mistake a few years back and wish you had made a different choice. I’m not here to tell you I have no regrets; I’m not here to tell you that the secret is to wish it away or close off that emotion. We all have that wish for the reset/do-over/ time-machine button. I can only tell you that you’re not alone.
Look at the market any time and you’ll see experts touting bull and other experts pulling for bear. And some will be in the know and some are just reading tea leaves. Who can you trust? Watch the movie The Big Short or read the book of the same name about the 2008 market crash, and you’ll see that people knew they were feeding into the bubble. Some chose to continue to gamble in the game of chicken. Others were fooled by the experts who claim to know better. Even some very smart people were scammed by Bernie Madoff.
I’m not here to brag about my winnings or cry about my losses. There is nothing I can tell you that you can’t get if you keep tuned in to CJ’s smart money advice for everyday people. There is just one small piece I’d like to add here.
Regret. Let it sit with you for a while. Feel bad about it, but don’t let it keep you down. Learn from what happened. Were you ignorant? Listened to bad advice? Learn from it. Ask yourself why it happened. I often ask myself the following questions when something goes wrong: Did I know enough? Did I do enough research? Did I know what I was getting into? Was I too optimistic or pessimistic. Was I just lazy?
Have regrets. Then do some self-reflection. This will give you an idea of your own temperament. Know if you like that thrill of skating on the edge. Find out if you’re risk-adverse and can’t pull triggers. Figure out if you’re too greedy, trusting, frantic, fearful, anxiety-ridden, or ignorant. This is the lesson you can take with you. That mistake or mishap was the price for knowing yourself. It is the price of the lesson. And the lesson will help you to know yourself when you’re faced with future decisions. At the minimum, if shit happens again, then you’ve figured out a pattern of behavior you have.
I just wanted to let you know that there is nothing wrong with having a few regrets in life. Regrets humble you. They keep your head from getting too big. Have regrets. You’re not alone. Make good use of it when it comes to you.
All the best,
What are some of the regrets you have experienced with money?
Have you learned and grown from them?
What would you do differently if you had a do over?
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