One of my favourite self-improvement books is How I Raised Myself from Failure to Success in Selling by Frank Bettger. In this bestseller that has stood the test of time, Bettger explains how he reversed a pattern of failed sales attempts to become one of the top-performing salesmen of his era.

What I especially appreciate about Bettger’s tale is that he didn’t hide his embarrassing stories from his readers; instead he used the lessons he learnt from his mistakes to reveal the right way forward. For Bettger, his failures were only stepping stones to his ultimate success.

Bettger’s memoir confirms that even though you may have made poor financial choices in the past, once you understand where you went awry and find out what is required to correct your errors, then it is possible for you to become successful. In fact, failure can sometimes help you to achieve.

Don’t fear failure

I don’t think that most people intentionally set out to be unsuccessful in their pursuits. I believe that deep in the human heart lies the desire to accomplish great things; but for many persons, this natural inclination to succeed is untapped, ignored or suppressed over time.

One reason why some people smother their innate drive to win is that they dread the thought that they might fail at something important. It is easier to avoid trying to achieve a goal than to risk the heartache and humiliation that a failed attempt might bring. For them, safety is better than success.

However, if you follow the Bettger principle that failure can guide you to the success you desire, then you should be willing to go all-out in your efforts. If you do something wrong, then you know that your experience can actually help you to find the right method to accomplish your objectives.

Therefore, the first step in moving to a place of success is to embrace the possibility of failure. Be prepared to depart from your comfort zone and journey to new horizons that could be fraught with pitfalls. Be assured that missteps can be corrected, and you will be redirected on the accurate path.

Don’t forget failure

Some people are so devastated by past failures that they choose to bury them and pretend that they never existed. They not only avoid trying to succeed by attempting new experiences, but they also refuse to evaluate their previous mistakes in order to improve themselves for the future.

Although you may decide to put aside a bad memory, your subconscious mind never lets go of the negative emotions that you have associated with the experience. Like invasive weeds, the feelings will continue to poison your mind against repeating any actions that might result in more pain.

For example, if you lost all your money in a failed investment scheme, you may have formed the idea that investing only brings loss. Instead of recognising that you got burned because you didn’t understand the investment or verify its legitimacy, you declare that you will never invest again.

If you want to move from failure to success, it is critical for you to assess your errors with an open mind. Don’t just rebuke yourself for making silly mistakes; use the experience to determine where and why you erred, and make mental notes to help you to avoid repeating your blunders.

Don’t finish with failure

Another reason why some people fail to achieve their goals is that they allow failure to impede their progress. They assume that an initial rejection or adverse result means that their entire plan is doomed. For them, the red light on the ‘traffic signal’ of their goal never changes back to green.

Perseverance is critical for goal accomplishment; without it you will never proceed past your failure. When asked why he had failed so many times in trying to perfect the light bulb, Thomas Edison explained that each ineffective attempt only guided him to find the theory that eventually worked.

While there will be times when a bad idea should receive a merciful burial, you need to differentiate between the normal obstacles that all goal seekers encounter and the final whistle. Once you know that your goal is worthwhile and you have the ability to accomplish it, then you should persevere.

This is why it is very important to define your dreams using specific, measurable and time-bound objectives, instead of pursuing vague wishes. You also need to outline all the requisite steps that must be carried out and locate the gaps in your capabilities that need to be addressed.

So, if failure is a valid part of goal achievement as it can help you to discover better ways to proceed, then it stands to reason that failure might just be the price you have to pay for success. Perhaps you should resolve to fail, and learn more, if you want to become financially successful!

Cherryl is a money coach, business mentor, and founder of Financially S.M.A.R.T. Services. Her upcoming book, “The 3 Ms of Money” will reveal all the secrets she learned about financial success. Get more advice on money and business matters at www.financiallysmartadvice.com and www.entrepreneursinjamaica.com. Email comments to cherryl@financiallysmartonline.com.