I stumbled on the forbidden quotes of Aristotle today and one of them said, "We cannot learn without pain", and I agreed. It's in those moments that we experience the most pain that we learn what's important and what's not.
With our finances, sometimes, it takes losing money to understand the importance of doing our research before investing in anything. It takes a disaster to make us learn to build an emergency fund. It takes a downturn in the market to make us learn to diversify. It takes being a victim of fraud to learn to protect our money. It takes being robbed for us to learn to guard our funds.
Source
Pains bring understanding, it's how the scripture also points out, that sorrow sharpens understanding. When we find ourselves wrapped in the grief of misusing funds in the past, we tend to learn our lessons.
Some of us get the chance to rewrite our financial history, some of us don't, and others are too pained to start making a change.
For those of us who get the chance to do these things again, we could consider ourselves lucky. This is why financial advisors will also say it's never too late to start saving and investing. Money can be that forgiving because it is nothing but a tool for our financial breakthrough and stability.
Just maybe, what you needed to start taking budgeting seriously was the slip in your earnings. Maybe, what you needed to learn to save for the rainy day was to lose your job. Maybe, what you needed to learn to diversify is a bear market. Maybe, what you needed to learn about your finances was a divorce especially if your partner was taking the bulk of the financial responsibility.
But do you really have to wait until something bad happens before you make a conscious change in your finances? Hell, no. That would be a crazy way to live. I know you might say, that experience is the best teacher, but you can learn from other people's experiences.
Just as Jim Collins teaches in his book, victory only belongs to the human who has everything in order. Even though you can not control what the future holds, you can make an effort to create your desired future and results.
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