Why It’s Ok To Make Financial Mistakes

https://www.youtube.com/watch?v=L8fCkR1L_7M In society we are taught that making financial mistakes is stupid and if you make financial mistakes you must be dumb, but this is completely untrue. It's ok to make financial mistakes and financial mistakes are some of the best ways to learn and grow your wealth. 0:00 - Introduction 0:22 - Robert Kiyosaki lost $100,000 of his dad's money 2:31 - We are taught that finances are logical 3:23 - We aren't taught about money in school 4:30 - We shy away from talking about our financial mistakes, but they can be our best opportunities for learning 5:50 - It's ok to make financial mistakes 6:40 - Don't make yourself feel stupid for your financial mistakes 8:00 - If you're not making mistakes are you pushing yourself hard enough? 8:30 - One of my biggest financial mistakes and what I learned 10:36 - The emotions of mistakes accelerate our learning 12:20 - Realise mistakes WILL happen, it doesn't make you stupid Fake by Robert Kiyosaki Recommended Videos: I Lost Thousands in Cryptocurrency Transcription: in society were taught that making financial mistakes is stupid and if you make financial mistakes well you must be done but that is completely untrue in this episode I want to talk about why it's okay to make financial mistakes and why financial mistakes can be a big part of your learning journey towards growing your wealth I've recently been reading the book fake by Robert Kiyosaki and in that book he shares something that he hasn't shared in any of his other books and I've read almost every single Robert Kiyosaki book that has been published and he talks about back in the day when he started his nylon velcro wallet business he was having a lot of trouble with that business basically he was going out of business and he went to his rich dad to ask for money his rich dad wouldn't give him the money so he went to his poor dad and his poor dad loaned him a hundred thousand dollars he then took that hundred thousand dollars to his CFO or chief financial officer at the company and said will this money fix our problem and the chief financial officer said yes it will and Robert then goes on to say that I think it was a week later the chief financial officer left the company and took the hundred thousand with him so the hundred thousand was used to pay back the debt that the financial officer had put into the company and then Robert was left a hundred thousand dollars in debt to his father and was in a situation where he didn't want to declare bankruptcy because that was a loan against his father's house so if he was to declare bankruptcy then his father would lose the house and it took him ten years he said to pay off that hundred thousand dollars so Robert Kiyosaki author of Rich Dad Poor Dad has made some significant mistakes in his life significant financial mistakes and he goes on to say that that was not the biggest financial mistake that he has made either and that financial mistakes are a massive part of learning I've just come back from the Sunshine Coast filming a lot of educational content up there with Ben Everingham from pumped on property staff looking at property stuff talking about the hard stuff that's going on in our lives as well as some more personal videos that I did by myself talking about my financial mistakes talking about the advice that I didn't take and the mistakes that I made and I've come to realize that we are taught in society that if you make these mistakes you must be stupid because obviously finances are so simple and so logical if that was actually true everybody would be rich it was actually true that it was really easy finances were really easy then everyone would be rich maybe this has come about in society because we often just look at finances as something that is purely logical and we as humans are emotional creatures and we act emotionally and so I guess maybe it's perceived that if you've made financial mistakes you haven't adhered to obvious logic and you've acted emotionally and done something emotionally that wasn't in your best interest long-term and sure I guess that can be part of it and some financial mistakes definitely come out of emotion but there's also financial mistakes that come out of just a lack of knowledge of how finances work and how things work we're not taught about money in school your teachers don't teach you about money the lessons that you get about money tend to come from your family and whether or not you're family a good money managers and live at the wealth level that you want to live that you don't get to choose that you don't get to choose the family that you are born into and you don't get to choose the money lessons that you get from them so from life for me and myself and the financial mistakes that I've made there's definitely an element of emotion attached to that and emotional immaturity I guess in terms of managing my money so not being able to delay gratification enough in some areas you know kind of being in denial and putting your head in the sand because it's too emotional for you so there's definitely elements of that in some of the financial mistakes that I've made but there's also definitely elements of just being uneducated and just not understanding how you're meant to do things and how to properly manage finances as an often it takes going through hardship it takes going through mistakes to learn and we shy away from talking about our financial mistakes and talking about the things that we've done and the mistakes that we've made because you just get labeled as stupid you just get labeled as someone who can't control themselves or doesn't know what they're doing but sometimes we end up in bad situations and sometimes we make mistakes but those can be our best opportunities for learning if we take those opportunities so in school we're taught that if you make mistakes that's bad however in real life that's not the case mistakes are one of our biggest opportunities for learning when you're riding a bike you'll often fall off your bike in the beginning it's part of how you learn when kids are learning to walk they're going to fall over all the time before they can work but those mistakes in falling over is a part of learning my kids are currently going to the skate park a lot and learning how to skate go down ramps and stuff like that falling off making mistakes is part of that I've been going off the Rams trying to come up in the air and land and every time I miss it and I can't do it but every time I make that mistake it's part of learning and you learn and you adjust and it's the same with finances every time you make a mistake that is an opportunity for learning so I've got a bunch of episodes coming out where I'm going to get a bit more raw about some of the mistakes that I make I'm going to be open with you because I don't want this to be a channel where it just looks like everything's going well all the time and that we don't make mistakes I want this to be a channel and this to be a community where you feel like it's okay to make mistakes and looking at Robert Kiyosaki making $100,