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How To Embrace Failure..

Discussion in 'Investor Psychology' started by willair, 6th Apr, 2016.

  1. willair

    willair Well-Known Member Premium Member

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    Sometimes we have extra people for dinner,like last night most times it's the small group of people that grew up with our daughters,and because of what they read and maybe what their parents taught them the simple fear of failure in Australia in my opinion is still a huge issue..

    Everyone at the dinner table talks,and i try and explain to them in most advanced economies within the free world ,there seems to be a very serious fear of going belly-up ,which means people have the smaller capacity to take on low risk,or high as they see it ,which in turn makes people young or old harder to try new things and the mental capacity to ever invest or take on risk,and i have to be carefull what i say,because i only went to grade ten,and some sitting around the dinner table work within mental health,and they give me that look that sometimes goes straight through you..

    But as i said last night that way i look at things from my own experience ,failure can sometimes be good,as failure is all part of life,and a simple part of the journey of learning who you are and most times just a small moment in your life,because failure is very real and can be unforgiving and can lead to a spiral into modern day depression,some see failure as a real negative,and as i said last night as i know and listen too very few outside this site who invest,unless i,m lucky to sit next to street smart people at a equities agm's ,good properties investment wise over time only plays by very simple rules ,it's the position and any good position does not change,teach your children about failure first because one only gets a very small window..
     
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  2. Xenia

    Xenia Adelaide Property Manager Business Member

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    Fail faster and fail forward
     
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  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    There's a great book by Carol Dweck called 'Mindset' (@Leo2413 would love it ;)) that speaks right to this topic. Not being afraid of making mistakes is one of the most important things I try to teach my kids.
     
  4. MarkB

    MarkB Some guy on the internet Premium Member

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    People can learn most of what they need to know about failure simply by playing a round of golf.

    (Or most sports in that sense, but even the best golfers frequently find reason to be unhappy with their performance. But they still tee the ball high and let it rip on the next hole).
     
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  5. skater

    skater Capitalist Premium Member

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    I asked my accountant, years ago, if he had many customers like us. We were serial (failed) business owners and broke. He said yes. They either give up......or they find something that works for them and become very successful.
     
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  6. Eric Wu

    Eric Wu Mortgage Broker Business Member

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    bought the boo from Audible, will listen it soon. thanks @Jess Peletier
     
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  7. MTR

    MTR Well-Known Member Premium Member

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    I guess the key is not to repeat but learn from mistakes and never give up.

    We will all have hurdles some small, some larger than others, I think important to remain focused on what you want to achieve and most of all remain positive, people who always see the glass half empty will struggle to succeed just my thoughts.

    MTR
     
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  8. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    It's a fantastic book, and a must read if you have kids. Let me know what you think :)
     
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  9. Eric Wu

    Eric Wu Mortgage Broker Business Member

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    my kids are bit young for it ATM, will let you know what I think of it.
     
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  10. wylie

    wylie Moderator Staff Member

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    ... and you have found something that works for you and become very successful ;).
     
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  11. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Haha - not for the kids, for you as a parent of kids :) It should also be required reading for every educator in the country.
     
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  12. inertia

    inertia Well-Known Member

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    I am trying to teach my kids it is ok to fail, and to do it now while it costs them nothing! As a parent, I also hope to teach them about my failures and give them the advantage of learning from them too... compound interest on learning through other people's failures!

    It is a bit of a struggle though - my eldest is very risk averse. I think sport is a good pathway to learn about effort, struggle, failure, persistence.... and ideally success!

    Cheers,
    Inertia
     
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  13. hammer

    hammer Well-Known Member

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    Learning hurts.

    And that's OK.
     
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  14. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    It's only a failure if you don't learn or grow from it.
     
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  15. Leo2413

    Leo2413 Well-Known Member Premium Member

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    @Jess Peletier I have it in my library :) great read.

    One of the all time best mindset/success philosophy books i ever read is jim rohn's The seasons of life. There is a free pdf version on google.

    It's absolute gold.
     
    Last edited: 6th Apr, 2016
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  16. Omnidragon

    Omnidragon Well-Known Member

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    Most people keep their head in the sand to avoid failure. Don't want to hear don't want to see what is happening outside their bubble.
     
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  17. skater

    skater Capitalist Premium Member

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    Haha, yes :)
     
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  18. Leo2413

    Leo2413 Well-Known Member Premium Member

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    I'm not so sure if I would ever want to 'embrace' failure, would rather just learn how to contextualise it. Would never want to 'embrace it though.
     
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  19. JenW

    JenW Well-Known Member

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    Thanks Jess - have just bought the kindle version of it! I'm always looking for stuff like this, as you see all sorts when you teach a musical instrument. A big one with a range of my students at the moment is perfectionism, and the paralysis this can bring on from fear of making a mistake. Thanks for the tip :D
     
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  20. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    @JenW You'll get so much out of it! Love to hear what you think of it :)