{"id":23183,"date":"2024-09-18T12:00:54","date_gmt":"2024-09-18T02:00:54","guid":{"rendered":"http:\/\/propertyupdate.com.au\/?p=23183"},"modified":"2024-08-02T12:54:25","modified_gmt":"2024-08-02T02:54:25","slug":"fail-your-way-to-success-louise-bedford","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/fail-your-way-to-success-louise-bedford\/","title":{"rendered":"Fail Your Way to Success"},"content":{"rendered":"

The term \u201ctrial and success<\/em>\u201d isn\u2019t something that people talk about.<\/p>\n

Usually, we hear of people\u2019s successes, only after they\u2019ve been through the course of life\u2019s trials and tribulations, and made some errors along the way.<\/p>\n

Whether we\u2019re talking about the field of investing or a totally unrelated pursuit, successful people have often emerged victorious, only after being through the wringer.<\/p>\n

Scratch the surface of any leader, and you\u2019ll often find battle scars and wounds from the physical to the emotional, which only seemed to urge them toward greatness.<\/p>\n

Facing health issues, the pain of retrenchment, or a spouse who didn\u2019t believe in them \u2013 many great investors have faced the unthinkable and soldiered on.<\/p>\n

\"Role<\/p>\n

The global financial crisis rattled many people a few years ago.<\/strong><\/p>\n

People\u2019s beliefs about the basics of life were been shaken.<\/p>\n

The formula laid out by our parents where if you work hard, and you\u2019re conscientious then you\u2019ll do well in life, just isn\u2019t accurate any more.<\/p>\n

However, it is my belief that the current economic conditions will produce more exceptional investors<\/strong> than at any other time within the last decade because these investors will use their life situations as mental ammunition.<\/p>\n

Effective learning is error-driven.<\/span><\/h2>\n

Failures grab our attention.<\/p>\n

In fact, researchers have found that the more wildly wrong our predictions are about the markets, the more quickly we learn. \r\n\r\n

<\/div><\/p>\n

Our brain needs failure to create success.<\/p>\n

As Bruce Kovner states in the terrific book \u2018Market Wizards\u2019:<\/p>\n

\u201cYou have to be willing to make mistakes regularly; there is nothing wrong with it. Michael [Marcus] taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.\u201d<\/i><\/p><\/blockquote>\n

Is Your I.Q. Set in Stone or Sand?<\/span><\/h2>\n

Interestingly, studies have confirmed that people have two beliefs about how intelligence works.<\/p>\n

Some believe it is \u201cfixed\u201d and others believe it is more \u201cmalleable\u201d and can alter over the course of time, depending on your life experiences.<\/p>\n

Students who believe that intelligence is fixed, are less resilient.<\/span><\/h2>\n

If you truly don\u2019t believe you can learn from your mistakes, you\u2019re hardly going to welcome the experience of failure as it seems that it serves no purpose.<\/p>\n

However, when students are taught that the brain grows when they work hard and make errors, they show a spike in their grades and actually enjoy school more.<\/p>\n

Because they\u2019re less afraid of failure, they succeed more.<\/span><\/h2>\n

The markets have provided ample opportunity for an investor to feel like a failure and go on a downward slide in attitude.<\/p>\n

Unless he\/she picks themselves up from the pit and casts their gaze towards the future, they\u2019re likely to miss taking the next signal \u2013 which of course, could be devastating in terms of opportunity cost.<\/p>\n

Now is the time to be vigilant and not let your past failures get in the way of seeing what\u2019s in front of your nose in terms of the markets.<\/p>\n

\"Failure\"<\/p>\n

Learn to Fail Effectively<\/span><\/h2>\n

Failing with flair boils down to three aspects.<\/p>\n

It involves controlling our emotions, adjusting our thinking, and re-evaluating our beliefs about ourselves.<\/p>\n

According to Yale psychologist Susan Nolen-Hoeksema, the real difference between people who manage to snatch victory from the jaws of defeat, compared to those who slip into a self-defeating abyss, involves one key factor.<\/p>\n

People who ultimately succeed nip \u201crumination\u201d in the bud. Rather than continuing to be so self-involved with morbid, spiralling self-talk, they will stop and look back, review what has happened and\u00a0turn the corner focusing on what they can learn from the lesson.<\/p>\n

They force themselves to move on and set a goal for the future.<\/p>\n

This is essential advice for all investors who have faced a drawdown over the past 18 months.<\/p>\n

So if you\u2019re feeling like a failure, I have an insight for you.<\/span><\/h2>\n

As Philip Schultz, author of Failure<\/em> states:<\/b><\/p>\n

\u201cEveryone thinks they\u2019re a failure. The only people who don\u2019t are the ones who really are.\u201d<\/strong><\/em> <\/i><\/b><\/p>\n

Next time you take a hit in the markets, refuse to dwell on it and just realise you\u2019re one step closer to your next success. Learn from the experience and move on.<\/p>\n\r\n\r\n

<\/div>\r\n
<\/div>\r\n\n","protected":false},"excerpt":{"rendered":"

The term \u201ctrial and success\u201d isn\u2019t something that people talk about. Usually, we hear of people\u2019s successes, only after they\u2019ve been through the course of life\u2019s trials and tribulations, and made some errors along the way. Whether we\u2019re talking about the field of investing or a totally unrelated pursuit, successful people have often emerged victorious,…<\/p>\n","protected":false},"author":11,"featured_media":69244,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,653],"tags":[],"class_list":["post-23183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-property-updates","category-personal-finance"],"acf":[],"yoast_head":"\nFail Your Way to Success - Louise Bedford<\/title>\n<meta name=\"description\" content=\"The term \u201ctrial and success\u201d isn\u2019t something that people talk about. 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