10 Simple Steps to Benefit from Failure and Turn It into Success

The Top 10 Common Rules of Success Among Entrepreneurs

Failure is simply the opportunity to begin again, this time more intelligently. – Henry Ford

You seem to be doing everything right but somehow you always fail. That makes you have a negative opinion about yourself, lose hope and lack motivation to persevere.

But you know what? Everyone fails. With one exception – those who don’t try at all.

So if you have got to that point, you’ve obviously done something. This itself is a great start and once you’ve started, it’s not so difficult to continue.

Every successful person has failed somewhere on the road.

Inventors had tried many times before they created something that actually worked and helped people – the TV set and the computer weren’t invented from scratch. Great writers didn’t get famous with their first book. Instead, they spent many years of working hard, trying to make their work perfect so that it can touch the reader in a special way.

Every great thing we have today started from a simple idea, and the idea was a result of a try, which – of course – was followed by many others.

Okay, you know all that. But still failed. The big question here is what to do next.

How to Benefit from Failure

1.  Accept it.

What’s done is done. You can only accept the past. Don’t think about it over and over again. There is no point in worrying about something that cannot be changed. Instead, use your energy to affect the future by acting consciously and reasonably.

2. Learn from it.

The best thing to do is to draw a lesson from what happened so that you can make it better next time.

3. Analyze it.  

Discuss the situation with family or friends. They can give you the support and explanation you need.

But you will also have to think it over by yourself. Try to answer the following questions as honestly as you can. Write them down if you want.

  • Did you believe in yourself?
  • Did you hesitate long before you tried?
  • At which moment did you feel doubt or fear of failure?
  • Were there other people involved that affected the situation?
  • Were you motivated enough?
  • Did you have the right information?
  • Did you use it correctly?
  • Was that goal relevant and achievable?
  • Did you plan what to do?
  • Did you follow the plan?
  • Were there any setbacks you could have foreseen?
  • What exactly did you expect to happen?
  • What other factors had an influence on your behavior?

Now look at the answers and try to draw a conclusion from your overall performance. Maybe you need to rewrite your goals and steps.  Consider all disadvantages, because if you didn’t succeed there was obviously something wrong.

4. Be grateful.

Take it as a gift. Appreciation will make you feel so much better.

5. Prepare.  

This time you will be prepared. Use the information from the analysis and try not to repeat any of the things that in your opinion led to failure.

6. Don’t lose enthusiasm.  

Be even more enthusiastic this time.

7. Benefit from it.   

Look on the bright side and admire all your willpower, desire to succeed and perseverance. Now you are stronger, smarter, better prepared, more experienced and even more motivated.

8. Work harder.  

Do everything possible because if you are really determined to do it, then it must be pretty important to you.

 9. Set your mind to it.  

Before you become successful in reality, you need to do it in your mind. So think about success, accept it as an inevitable part of your journey and be ready for it.

10. Just do it.

Do it again. Do it now. Do it better. Do it right and finish what you’ve started.

Don’t doubt your ability to achieve your goals. You were meant to be great and have all the physical and mental tools to become so. Keep your head up! Remember that there were many others like you who were once insecure and felt hopeless but after trying again and again they became professionals in their field – those are the people we use as role models today.

It is said that if you make just one person believe in you, you can make many others too. And then you can get what you want.

I believe in you!

Wherever you live, whoever you are, whatever you’ve done, I believe that you can change for the better, benefit from failure, improve and become a successful person who will someday help others go after their goals.

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How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money

How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money - Interview with R.J. Weiss from TheWaystoWealth.com

This is an interview-style post with R.J. Weiss from The Ways to Wealth.

Hey R.J. What’s your background and what do you do?

I blog about all things personal finance at The Ways to Wealth.

Before I went full-time into blogging, I spent ten years in the financial services industry. Specifically, helping families buy the right type of life insurance.

During my time with a full-time job, I’ve always had different side hustles going on. From freelance writing, Amazon FBA, conversion rate optimization, to website design — there were many projects I pursued outside of work.

How did you start your career in finance?

I got started in finance straight out of college working for my the family insurance business. As I love the financial planning side of things, I choose to specialize in life insurance planning. This led me down the path to obtaining the CFP® Certification.

What made you start blogging?

The Ways to Wealth, which I started in 2016, has been my 5th blog.

The others mostly fizzled out most due to a lack of interest. But, in 2009 I started a personal finance blog called GenYWealth.com (no longer around) that had some success.

The idea GenYwealth.com was to write about what I was learning about studying to take the CFP®. The blog was, by all means, a success. I was able to gain valuable knowledge, pass the CFP® exam, earn some extra money and build up a good community.

I then took this knowledge and started a business blog, which allowed the insurance agency I was working for to generate leads.

I started The Ways to Wealth because my passion is personal finance–from investing to travel hacking, I love the challenge of optimizing my finances.

How was The Ways to Wealth born?

I didn’t have much of a plan for starting The Ways to Wealth when I purchased the domain name.

I was actually thinking it would be a niche site, which was inspired by Pat Flynn’s niche site duel. Then, I came across the income reports of Michelle Schroeder-Gardner and wisely changed direction to a more traditional blog.

This change came about 6-months after starting to blog.  I did a timeline of the site in one of my income reports.

What worked best when trying to grow the site?

I had a decent knowledge of SEO. So at first, I started growing the site with email outreach. One of the first posts I had about best investing books of all time, had about 15 links to it.

This was nice to start with but was quite slow to build up, as it can take a while to earn Google’s trust.

The big turning point came when I started to understand Pinterest. I spent a few frustrating weeks on the platform, then it finally started paying dividends.

I went from about 100 sessions a day to 1,000, which was huge for me at the time.

How did you get to 3 million monthly viewers on Pinterest?

the ways to wealth pinterest 3 million monthly views

I lay out my Pinterest strategy here. But at the core the idea is to:

1) Write high-quality content that Pinners want to click through, read, and share.

2) Pin to my own and high-quality group boards, with a keyword-rich description.

3) Continue to Pin my best pins across my own boards/group boards, ruthlessly eliminating Pins that don’t perform well.

One thing to keep in mind is impressions don’t mean much on Pinterest. What counts are clicks to your website. So, you want to design not for impressions but clicks.

What aspects of the online business are you outsourcing or automating and how?

The first thing I outsourced was Pinterest design. I’ll design about 30-40 pins a month, so this was big time saver for me.

Of course, it took some work to get going. At first, I hired 5 or so people on Fiverr. I found one decent designer but the work quality deteriorated over time.

I then went to Upwork and posted a job for a  graphic designer. I found a great team down in Argentina, who I’m very happy with.

I’m currently experimenting with working with a ghostwriter. A few of my latest posts have been transcribed from my recording, with the ghostwriter making sense of it all.

I can compile about 3 posts in 90 minutes, then take another 90 or so minutes to prepare them. Saving me around 3-4 hours per post this way.

What’s your main income stream and why do you think it works for you?

My main source of income for the blog is affiliate revenue. It works because the partners I do have are high-quality businesses, who deliver value and solve real problems. This makes it easy to naturally link to such a partner.

When did you start making more than $10K/month and what was the turning point?

My first month over $10K was in January of 2018. In December of 2017, income was around $3,000 and in July of 2017 around $500. So, it was definitely a jump.

What happened then in January?

First, personal finance is at its peak interest in January.

Second, I had multiple Pins go viral.

Third, in November I started driving traffic via Facebook to the site. So, in January I could take campaigns I’d been fine-tuning for a few weeks and scale them.

How do you balance work and family life?

I have a routine I stick to Monday through Friday.

When inside of my designated working hours, I work. When outside of these hours, I’m not.

This is a lot easier said than done. But the thing important for me is not to take work everywhere I go. This means I don’t have any apps on my phone that are work-related (email, analytics, etc..)

What are you 3 best finance tips for newbies?

  • Focus on your savings rate. How much you save is the most important decision you’ll make.
  • Small incremental improvements add up over time. My favorite example is increasing your savings rate 1% every quarter, means you’ll be saving 20% of your income in just 5 years.
  • Study happiness. Become a student on how to increase your level of happiness. The natural result is you’ll want less overtime, making the game of personal finance a lot easier to win.

What books, blogs or podcasts help you stay motivated along the way of growing an online business?

I read a fair amount to keep fresh ideas in my head.

My favorite podcast is The Tim Ferriss Show.

Two blogs I enjoy reading are:

Farnam Street
Barking up the Wrong Tree

And as far as books. I try to read one a week. A few books I would recommend to online entrepreneurs would be:

Deep Work by Cal Newport
The Compound Effect by Darren Hardy
The Four Hour Work Week by Tim Ferriss

Pin this post if you enjoyed the interview.

Check out my interview with R.J. from TheWaystoWealth to see how he entered the finance niche, started making money blogging, began bringing traffic from Pinterest and monetizing it with affiliate marketing, and is now making $10,000/month from his online business. #blogger #interview #blogtraffic #incomeideas #income