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There’s an adage that says, ‘Hindsight is 20/20 vision’. Without blocking our own vision with any negative perceptions of the year 2020 with its challenges, opportunities, and worldwide effect, the principle of 20/20 vision is perfect eyesight. Hence, when we say that hindsight is clear, we refer to the ability to look back on our actions and see what we couldn’t see so vividly at the time.

Lessons Learnt

Experience is the best teacher, and often the most painful. Many of us learn by reflecting on what we are doing and whether brought us success. It is often through experiential learning that we develop our hindsight when we see what we could have done differently. These experiences are used to move ourselves forward, rather than wallowing in what could have been, or celebrating how well we performed. Learning is one of the key elements for self-improvement and ensuring positive results.

5 Things I would tell Myself

Both hindsight and experiential learning merge into enabling reduced failures for others. Through professional engagements, these are the 5 things I would tell my pre-millionaire self:

1. Know what you want

Isn’t it amazing how goal setting continually arises as the key element to success?

Knowing what you want precedes setting goals. It is about having the mindset to integrate your desired outcomes with your lifestyle, resources, and opportunities.

Through this realistic foundation, your goals can be set and facilitating progress towards your vision.

2. Create healthy rituals

Success comes to those who work consistently towards it. Often, we hear a millionaire make a comment about his or her failures and struggles along the way. Not all of us work well in a routine, however, the actions that we take daily form our habits.

To implement healthy rituals, respect your own time, know what your priorities are, and try to maintain discipline.

3. Keep learning

Knowledge is easily available, yet we need to know what is valuable to us and how to obtain it. The path to wealth is to watch trends, learn from others, and keep up with current data. The principle of hindsight is often based on ignoring information that was present at the time. Keep learning, keep growing, and keep yourself aware of what will make a difference to implementing your goals.

4. Play to your strengths

Many teachers preach that we should develop our weaknesses. When you cannot outsource these or they are critical to your success, then they need to be built. However, focusing on your weaknesses does not enhance your strengths, it leads you to a level of mediocrity. Use your strengths to push yourself ahead. Know what you do well and then do it!

5. Adapt your path

Flexibility and change do not sit well with everyone. Yet when your plan is cast in stone all the above areas become redundant as you weave your way through a pre-planned route that is no longer valid. Using the new information that you obtain, shifting your goals to achieve this, adapting your rituals to accommodate this, and playing to different strengths can be the difference between achieving success or remaining unchanged.

Hindsight Bias

Hindsight bias is a natural reaction to reviewing how things worked out and believing that we could have predicted the events would happen. This psychological thought process can result in regret because we ‘knew it was going to happen’, alternatively it can boost our confidence levels when what we thought would happen (or what we believe we thought would happen) unfolds.

To preventing hindsight bias, rather than predicting, work with solid information which is verified. This ensures that your decisions are based on logic, rather than emotion.

To prevent hindsight regret and to enhance your future financial wealth, consider the 5 recommendations stated above. Knowing these 5 areas is one thing, implementing them is quite another! To help you execute a workable plan, let a Business Coach guide you through preparing your pre-millionaire self for success.

Contact a professionally qualified Business Coach at SA Business Coaches.