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6 Essential tips to turn Financial Setbacks into Success

Category : Personal Development, Personal Finance

Failure is only the opportunity to begin again more intelligently
– Henry Ford (1863-1947) American industrialist.

Have you reflected on your life lately? Have you realized that the recipe of your financial success contains ingredients of failures? Failures happen to all of us. Sometimes, the best of our intentions go against us. No matter how passionate we are, no matter how hard we try, we end up facing the fate of failure.

Even the best among us have seen their share of setbacks. Unfortunately, we seldom find their failures in the pages of history. All we see are their greatest achievements. All we see are their blessings and fairy tale success stories that make us envious.

I’ve had my share of failures. At times, I’ve had myopic thoughts of quitting and escaping the burden of failure that was nothing more than a temporary setback. By not giving up what I was undertaking; by focusing more on what inspired me in the first place to pursue the passion, I have always overcome clouds of self-doubt to eventually greet the hands of success. I’ve found that there is always a lifeline to latch onto and to pull myself up if I learn to focus on the opportunity that arises in the abyss of despair.

As you read this, you may have met worst of financial setbacks — credit card debt, business failures or loss of a job. But, believe me, worst of the setback happens between your two ears — in your mind.

These are the essential tips that I have written in my personal journal as the mental anchors to keep my faith in the dream and to never give up no matter what happens along the way.

Tip # 1 Failures are temporary setbacks.

Don’t give up. Setbacks are a part and parcel of our life. The person who asked the above question had made it. You can make it too.  – SB@onecentatatime

I often remind myself that nature teaches us great lessons of Positivity. For instance, after dusk there comes dawn; after rain there comes sun; after the winter there comes a beautiful spring and, therefore, after every temporary setback there comes success. We do not quit living life if rain keeps pouring for days. We have faith that when the rain goes away, a shiny day awaits. Develop a deep faith in the fate of the future and affirm that after the rain of setback goes away, a shining day of success awaits you.

Tip # 2 Failures have the seeds of success.

I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. Twenty-six times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed. — Michael Jordan

When I purchased my first hotel, I learned that seeming despair has in it the seeds of success. The owner of the hotel initially rejected my proposal as he was going through his own turmoil. Instead, I focused on building a friendship with him. It took several months before he surprised me with his intention to sell the hotel to me. The success came when I least expected it to arrive. I not only purchased a hotel, but also found a great friend out of this temporary setback.

Tip # 3 Failures exist in your mind only.

Clearly evaluate the lesson from a misstep and determine what you can learn. In investing, losses are inevitable. NO INVESTOR EVER AVOIDS LOSSES. To be successful  evaluate what is in your control and what isn’t and then move on. Barbara@barbarafriedbergpersonalfinance

This is what I tell myself every time my mind starts drifting into the abyss of despair. If it rains I can’t control it; I can surely control how I react to it. It’s all about how you analyze the failure. A half-full glass of water creates two different reactions in the minds of people who choose to think differently. Our failures are no different. Our failure turns into a success if we learn to develop an attitude to learn from the setback and to keep an eye on what matters over the long haul. Long before I secured a commercial loan, I was denied a Discover card with even a small credit limit. I learned how to build up an excellent credit and eventually succeeded in receiving a loan for my business. It took persistence and learning to build great credit score, but it did happen. I am confident that no matter how difficult your credit situation is today — if you stay determined and disciplined — you can not only overcome, but also learn a great deal about how to build great credit score.

Tip # 4 Have wit to never quit.

In the meantime, I’d resolved to not give up; I’m going to keep applying on positions until I land one in this company. I’ve still been thinking positively about my chances of working here, until last Friday.Daisy@Add-Vodka

It takes courage and faith to keep going when the victory seems like a fantasy. No one has ever achieved anything meaningful by being negative. On the other hand, millions of people have achieved things beyond their wildest imagination simply by being positive and by their persistent actions. When we fail, it is normal to retract our ideas and dreams like an undesirable email sent on an impulse. We tend to shut down our brain and retire to regroup our desire to succeed with vehemence. I always remind myself of the story of an oil driller who quit just when he was about to find an untapped, abundant source of oil. We never succeed if we do not believe in ourselves when success takes longer to arrive. We can’t control how long it will take to be successful, but we can definitely control our perseverance and faith to believe that success will arrive soon.

Tip # 5 Enjoy the moment.

And in that moment I fell in love with the city. Some might claim it to be bright lights, big city syndrome but I had been to New York, Philadelphia, Washington DC and most recently Singapore. All great cities in their own right, but none capturing my heart like Bangkok did in that moment. — Steve@MoneyInfant

Have you ever watched a toddler or a young child running with agility and unbound energy? Children teach us a great deal about the life and its wisdom. They take risks without paralyzing their mind with the possible failure. They do not sink back into the past if they fall while running. They do not worry about the fate of the future. They are living in the moment.

Tip # 6 Don’t take failures personally.

Finally I should learn to better embrace my failures and analyze them without beating myself up too much — Suba@WealthInformatics

A failure is only a temporary delay of a positive response from the universe for our efforts. Don’t make it all about you. If you ask any successful person, you’ll find that behind every success lies the foundation of the lessons learned from the failures. When our effort fails, it simply indicates that what we perceived as a result has not come to life yet. Nonetheless, our efforts never go in vain if we learn to get ahead and stay focused on our perceived outcome. We are not born to deal with failures productively, but the ones who succeed among us have mastered the craft of learning lessons from it and taking the lessons gleaned out on to their next odyssey of success.

If I fall while running the marathon of life, I have a choice; pick myself up off the ground, get up and get forward, or lie there and be dead. Life is for exploring and to learn with the yearning of a young child who never knows the face of failure. Do you agree?

My great concern is not whether you have failed, but whether you are content with your failure.
- Abraham Lincoln, (1809-1865) President of the United States

(Photo Courtesy: Unsoundtransient)

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Comments (32)

Tip #7: Failure is the best education money can buy. Provided you are paying attention.

Well said. Indeed, Failure is the best education money can buy!

Good compilation. Thanks for finding value in my post.

SB, thanks for stopping by. I really enjoyed reading that post.

very right Shilpan,

if a person keeps trying no matter how many times he fails he would improve with time. People tend to learn more when they suffer a failure. so financial setbacks could lead to a better future, A blessing in disguise.

Karunesh, You hit the nail in the head. You can learn more from your failures.

I love all of the quotes Shilpan – that’s a really unique addition to the posts. Great idea!

Wonderful principles in the article as well…sorry, I was just marveling at how creative/good of an idea that was.

Jason, thank you. It’s fun to write an article like this as it blends personal growth with personal finance. I’m a big fan of both.

Great post. I think it’s important, even, to fail. Failure is certainly a driver!

Daisy, In fact, your courage to keep trying inspired me to write this. I applaud your faith and confidence. Way to go!

Well said Shilpan, nice touch integrating what other bloggers have said in there. It is tough to look defeat in the eyes knowing how much we gave, but sometimes just admitting defeat is the first step in moving forward.

Christopher, I like your take on this article. Knowing the cause of the failure often motivates us to do better next time.

Great article! I’ll second Jason’s comment. I think Tip #3 is what I generally think of with failure. Especially the quote dealing with investing. I hate losing money, but it’s a necessary evil when investing. When I lose, I try and write down what went wrong. If it was something that I had the power of preventing, then I make sure to fix my mistakes for next time.

Paul, I agree with you. I also keep diary of what works, and especially, what doesn’t. When I invest, I write down the reason or logic. So, if I lose, I can revisit my logic to see if it needs changes. It has really helped me tremendously in past several years. Thanks for stopping by.

Great article! I’m a big beleiver in this concept. When anything ‘bad’ happens to me I always try and turn it into a positive. Life is like sailing. Sometimes the wind is behind, and sometimes itis not. We must just do the best we can with what hand we are dealt.

Jon, I love your analogy of sailing. Wonderful expression. We need to learn how to adjust to the force of wind and keep sailing.

I love the way you formatted this article, Shilpan..
And you are right on with your take..

Setbacks are going to happen.. Everything will not always go your way. It is how you react to these setbacks that determines whether or not you will be successful.

Jefferson, You are right on the money. Setbacks are part of our lives. It’s better to learn how to deal with them, and learn from them than to fall into the trap of self-kicking.

Failure is painful. But, at the same time, it is also enriching and teaches us how to endure, persist, and act with self-determination. It’s so easy to go through life with happy thoughts when things are perfect. But the real test comes when you’re walking on a hot bed of nails barefoot and with a 20-pound rock on your back. It’s a lot harder to have happy thoughts then. Failure is important for without it, we’ll never succeed.

Anthony, you express your thoughts vividly. I really like your style. Way to go my friend!

Very motivating Shilpan! This was very well done. I have yet to experience half of your adventures and still keep such positive ambition. That was also a nice touch to use quotes from fellow bloggers.

Thank you. I enjoyed writing this post. :)

Nice list, Shilpan!
The best model for me to cope with financial setbacks is when Steve jobs was fired from Apple. He describes it nicely in a video avail in on TED website. Geez… that’s hell of a set back. you grow a kick ass company, you hire a guy, the guy fires you… publically… wow. He said he realized it was the best thing for him as he became independent and could think afresh.
Whoa! What a model!

Alik, good reminder. Here’s what Steve Jobs said, “I really didn’t know what to do for a few months. I felt that I had let the previous generation of entrepreneurs down – that I had dropped the baton as it was being passed to me. I met with David Packard and Bob Noyce and tried to apologize for screwing up so badly. I was a very public failure, and I even thought about running away from the valley. But something slowly began to dawn on me  I still loved what I did. The turn of events at Apple had not changed that one bit. I had been rejected, but I was still in love. And so I decided to start over.”
– Steve Jobs, about getting fired from Apple, at 2005 Stanford University commencement speech

[...] Street Smart Finance – 6 Essential tips to turn Financial Setbacks into Success [...]

[...] @ Street Smart Finance writes 6 Essential tips to turn Financial setbacks into success – Have you reflected on your life lately? Have you realized that the recipe of your financial [...]

[...] 6 Essential tips to turn Financial Setbacks into Success Failure is only the opportunity to begin again more intelligently – Henry Ford (1863-1947) American industrialist. Have you reflected on your life lately? Have you realized that the recipe of your financial success contains ingredients of failures? Failures… Read more [...]

indeed, Our past failures does not define our future…

[...] you banished the dream of living life on your terms because of fear of failure? Have you allowed dreaded “If I …” to interject a question mark on claiming your [...]

[...] our mental block to kill our dream by thinking why we can’t pursue our dream. If you think of adversity, think about Henry. Albeit, he didn’t have even wheels when he spotted an opportunity, he was [...]

[...] you banished the dream of living life on your terms because of the  fear of failure? Have you allowed dreaded “If I …” to interject a question mark on claiming your [...]

[...] a look at a very powerful article written by Shilpan over at Street Smart Finance, about turning financial setbacks into [...]

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