How to learn from mistakes

Making mistakes is inevitable, but it’s not necessarily a bad thing -- especially if you get something out of the experience. Ray Sclafani, founder of advisor coaching firm ClientWise, goes so far as to say there are no mistakes. “There are only experiences -- and from every experience, there’s learning.” Of course, some experiences don’t go well and some of us call those failures. Relax, says Sclafani: “Failure is good if you can learn from it.” Instead of beating yourself up when you make a mistake, says Sclafani, take the time to reflect on the experience. “Identify the cause of your failure,” says Sclafani. Was it a failure of skill? Poor judgment? A lack of courage? Ask yourself what worked and what didn’t work, he says. What shifts or changes could you consider for the next time? What immediate next steps could you take right now? “If you have reflected, learned from it and then applied what you’ve learned, then you have wisdom,” Sclafani says. And if you keep repeating this process, you’ll have success, he says: “Being honest about the cause of your failure is what separates those who learn from their failures from those who are doomed to repeat them.” This is the final day of the month, and the last of our tips. What did we miss? Share more smart tips on Twitter, using the #30daysFP hashtag, or by emailing them to us.