Do You Own Your Money Mistakes?

One of the more interesting firings recently was that of Groupon CEO Andrew Mason. While talk of the fundamentals of Groupon as company is sure to circulate, and it will be interesting to see what direction the company goes from here, what I thought was interesting was the way Mason owned his mistakes.

In a memo he circulated internally to Groupon employees, and then released publicly, he said, “As CEO, I am accountable.” He owned his mistakes. Mason admitted that he was in charge, and that he hadn’t taken the company in the right direction.

His story offers some helpful insights into how we can manage our own finances, and take responsibility for our money.

Are You Taking Responsibility for Your Money Mistakes?

Mason realized that in order for him to move on, and for Groupon to move on, he needed to take responsibility, and then move forward.

If you’ve made money mistakes, you don’t need to “fire” yourself from your own finances. But you should take the time to own up to yourself, and figure out how you can do things differently.

Too often, it’s easier to blame the situation on outside factors. We don’t like to think that it’s our fault that this situation has come up. It’s hard to face that truth. In the hardest cases, it might not even be your fault at all. Accidents, and other other factors outside your control can result in money problems.

So, while you might not be totally to blame for the state of affairs, you do need to realize that you are in charge of what happens going forward. What can you do to respond? How can you improve your situation and move on? That is your responsibility, whether or not you think that you have made a big mistake.

Prepare for the Future

If you don’t want to be caught off-guard by unexpected financial setbacks, you need to be prepared. Look to the future. How can you prepare? An emergency fund can help you avoid debt when something unexpected happens. You can also begin looking for ways to build your assets and generate other sources of income. Having a little side income can help protect you if you lose your day job, or if your hours are cut.

One of the biggest money mistakes you can make is not preparing for the future. Look at the way you have been managing your money. You are likely to find some mistakes. Now is the time to recognize them, and take steps to fix the problems you have.

It can be hard to face our own shortcomings. However, if you want to reach your goal of financial freedom, you need to acknowledge how you can improve, and take steps to get beyond your money errors. After you get used to it, you’ll find accepting responsibility more freeing, and you might even be surprised at the options that open up to you.