What is the relation of experience and economy?

When we do something, then we get a good or a bad experience towards it, and its part of the process of learning. When we want to learn something new, then we need to gain experience and this experience makes us aware of the knowledge that we will be learning. Hence if you gain more and more experience than your knowledge will automatically improve as you become aware of it automatically. 

All of the successful people that have existed and exist, share one common thing, i.e., they all have some experiences. And they thank the situation for these experiences as these experiences are what that have made them successful. As there is a famous saying, "Failure is not opposite of success—it’s part of success." The point is that someone becomes successful or unsuccessful depending on his experiences. His mistakes are his experiences, and if he learns from them then he can become better than he previously was. And if he does not learn from them then he can't become better than he previously was and moreover he might become worse than he was. So, experiences play a very big role in shaping an individual.

We tend to hate mistakes, as we think they are the things that are trying to stop us from getting successful. In fact, it is exactly the opposite—the mistakes are what are trying to tell you the path to get successful. There are things that we see around us, and some of them should be inculcated and some of them should not even be thought about. Successful businessmen, have also made mistakes that has caused a serious problem, but they have learnt from that mistake and will never do that again.

We get two options to learn from—first are our own mistakes and the second are the mistakes of other people. We not only need to know what to learn but also need to know what not to learn. And this is the part where people don't see a path—they first make their mistakes and also observe other's mistakes, but then repeat the same mistake over and over again even after seeing the fall of the other person.

So, how is experience helpful in the financial context? Well, experience is most important here. If you have not experienced something yourself, or you have not learnt from someone else's experience—then you won't be able to find your path towards becoming a responsible and successful financial power. In my belief, E = E. The first E is the Experience, and the second E is the Economy. Only an experienced person can sustain an economy, you in this case of personal financial development. And so, Experience = Economy; E = E. So if you want to become a successful and financially free individual, then train for becoming an experienced person.

All businessmen have interesting stories of them to tell to us. The one thing that they share is that they all have struggled and experienced a lot of trouble. Dhirubhai Ambani, Narayan Murthy, are some of India's biggest billionaires and their stories are fascinating. 

We learn something when we have a great experience. We get a great experience when we have a good experience. This good experience comes from a bad experience, which comes from practice and struggles. I have discussed this line vaguely in my previous articles but let's understand about it in detail. 

We have a great experience when we feel good about doing something—which is nothing but a good experience or a series of good experiences. For a good experience, we need a bad experience, as this experience tells us how can we improve and go ahead and get a good experience. We obtain this bad experience when we practice, struggle and fail. And so, this makes failure a part of success.