“It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes.” – Warren Buffett.
This quote means a lot to me because people don’t learn from others’ mistakes. Instead of studying the history of business, successful people, and failures, most people spend their time watching YouTube, television, or Netflix. Because of that, they consistently repeat the mistakes of their ancestors.
“History doesn’t repeat itself but it often rhymes” -Mark Twain
This provides a huge opportunity for you to get ahead if you just spend a bit of time to study the past and look for patterns. You could save years of time and hundreds of thousands of dollars in failed investments. Personally, I’ve learned quite a few financial lessons this year from the mistakes of others, here’s one:
Make sure you read and understand all of any contract you sign.
- An older example: Sam Walton, founder of Walmart, a multi-billion dollar company, revealed in his book, Made in America, that he was forced to sell his first thriving business because the landlord wanted the business for his son and had a clause in the contract that forced it when his lease ended.
- A recent example: The millionaire YouTuber Fouseytube revealed in a vlog that he lost thousands of dollars by signing his first YouTube MCN contract with someone who took almost all of his advertisement earnings because he didn’t read.
Lately, I’m seeing another common mistake repeat itself as many social media influencers are striking it rich at an early age, getting cocky, and acting foolishly.
Learning from the mistakes of others will help you shortcut your way to the life you want in a fraction of the time. To find out more, listen to this podcast episode where I reveal the top 10 most common life mistakes of young people:
Want to explore the other podcasts I’ve released? Click here to check out the Podcasts section of the site.
Is there a mistake you are seeing that wasn’t mentioned? Leave a comment and let me know. But you know how I love rigorous evidence to back up any claims, so make sure to include that in your response.