2020 was a rough year for all of us.
People lost their jobs, their businesses, and unfortunately, many people lost their lives or someone close to them.
The chaos of a global pandemic is something no one could predict. It truly is a once-in-a-lifetime situation. But setbacks can come in all sorts of shapes and sizes. From minor mistakes to catastrophic failures, we all experience setbacks and failures in life.
Now that we are well and truly into 2024, things are starting to look a little better.
Still, it can be hard to get back up after a big hit.
Here at RMRS, we had several setbacks last year. We lost revenue and sponsors. We had a month where for the first time ever – we were not making any profit.
I'm telling you this because I want you to know something important.
You are not alone.
If you got fired- I have been there. If your business failed – I have been there. If you're in debt – I have been there, and if you're filing for bankruptcy, you guessed it – I have been there.
But you know what? I'm are still here, and so are you.
“Success is not final, and failure is not fatal: it is the courage to continue that counts.” – Winston Churchill
If you want to turn failure into success, you need a shift in perspective.
When you have a setback, you can either complain about it or learn from it – even if it's not your fault.
If life hits you hard, learn to slip a punch and hit back twice as hard.
1. Two Kinds Of Failures
Failure comes in 2 different flavors. There are internal failures, and these are mistakes you have made. Taking out too much debt, not saving money, wearing crocs.
Then there are external failures. These are mistakes other people have made or threatening situations that affect you.
Suppose you want to turn failure into success. In that case, you need to identify what kind of failure you're experiencing and how you can avoid it in the future.
It can be difficult and requires a level of humility and introspection. Some people refuse to accept responsibility for their own mistakes. Everything is someone else's fault. Others who lack confidence will blame themselves for everything even when something is not their fault.
It's essential to determine whether a failure is internal or external – if you want to turn failure into success.
Internal Failures
It can be hard to own up to your failures, but it is crucial for growth. You won't fix a problem if you can't admit there is one, and this can be even harder when the problem is you.
Your own bad decisions cause internal failures, not saving money, not getting enough sleep, not working out, eating a bad diet. You are responsible for all of these things. You are the only one who can fix them.
That is the key to internal failures, and you can almost always fix them. But it might take a change of strategy. For help with getting out of debt, don't forget to check out today's sponsor, Upstart.
We all make mistakes, and we are only humans. It's acknowledging and learning from them. That is how you turn internal failure into success.
External Failures
External failures are problems caused by external factors. Maybe your car breaks down. The stock market takes a dive. A global pandemic causes half the world to quarantine.
“But Antonio, if it's not my fault and I couldn't have known, how is it my failure?”
Good question. In a way, it's not. But at the same time, you made the mistake of not anticipating problems and mitigating risk.
If someone steals your phone, it's not your fault. That lies with the thief. But you are partially responsible. Did you put your phone somewhere safe, did you enable “find my phone,” and did you get it insured against theft?
If the answer to those questions is no, then you have failed to be responsible for your belongings.
When you fail to prepare, you invite disaster.
This type of failure is impossible to avoid or fully predict. The key to this kind of failure is to do what you can to anticipate what problems could occur and do what you can to reduce their impact in the event.
Get insurance, save money, have multiple income sources, save money, take care of your possessions, save money, and don't put all of your eggs in one basket. Oh, and did I mention you should save?
For more advice on saving money, check out my article: 5 SIMPLE Steps To Save $100,000 (My Story)
2. Don't Be Afraid To Ask For Help
Sometimes you dig yourself into a hole so deep it seems impossible to climb out on your own. Don't be afraid to ask for a hand to help pull yourself out. Asking for help is an act of courage, not weakness.
Everyone needs help sometimes, and only a fool lets his pride get in the way.
3. The Lessons To Learn From Failure
To turn failure into success, you need to be willing to learn and change. You need to drop your pride and be honest about who you are and where your weak points are.
Then work to make sure you fix them.
The unexpected will always happen, but you must control what you have the power to prevent. Have insurance an emergency fund so that it's an inconvenience, not an emergency if the worst happens.
Take failure as an opportunity to grow, and take these lessons and use them to become the man you know yourself to be.
