The predisposition to be against wanting to admit that you were wrong is certainly a personality trait that some people have.  If you are one of these people, than this article is for you.  If you know one of those people, post this article on their Facebook wall.  I think that you will find it interesting to read what I think about this topic because I actually enjoy admitting that I was wrong.  It is a freeing prospect that allows you to frame the reasons behind why you got it wrong instead of letting others do so.

In my writing for Seeking Alpha I make investment calls.  In this situation it is clear as day when I made a poor bet on an individual stock.  The prices are widely known and investors can easily see my past work.  In the investing world it is important to learn from all of your mistakes so that you are less likely to make them again in the future.  This concept can be brought into your day-to-day life.  When you use mistakes as learning opportunities it allows you to grow as a person.  If you are unable to admit to yourself that you screwed up it is going to hurt your progress in whatever you are doing.

There are two important concepts that I glean from this idea of admitting that you were wrong.  The first is the ever lasting search for the truth and the second is the important principle of not caring about what anyone else thinks.  The reason why I am able to accept failure and freely admit it is that I consider my entire life journey to be in search of the truth.  I am not biased for or against myself.  In fact, I truly don’t pay attention to myself much at all in this matter.  The only thing that is sacred to me is that I find the answer to life’s many mysteries.  Bringing this concept back to finance, you must focus on trying to find the principles that work.  It really doesn’t matter who came up with them or whether you were previously making trades that violated these new principles.  The only thing that matters is that you do what works.

This concept works incredibly well when looking at politics.  The problem with politics today is that we view it as a team sport.  There are liberals are supporting Obama’s new wars in the Middle East, while they went crazy with rage when Bush was doing the same things just a few years ago.  I am not suggesting that liberals shouldn’t support the President.  What I am saying is that people should put truth at the forefront of their analysis and stop blindly supporting their party or their favorite politician.  This works with conservatives as well.  The hot new trend in the conservative social media realm is to bash Obama because he didn’t do the salute correctly.  He had a cup of coffee in his hand which many people feel is disrespectful.  The problem with this attack is that George Bush did the same thing except he was holding his dog.  The fact of the matter is that we have lost sight of the truth.  Conservatives need to stop just simply looking for reasons to scorn the President and liberals really should be more concerned about their principles then blindly following Obama into yet another war in the Middle East.  We must be concerned only with the truth, not who was right and who was wrong.  This will bring the country together again.

The second concept of not caring what everyone else thinks is vital to living a fulfilling life.  I recently put out an article where I admitted that I was wrong about a stock.  It was a very rewarding thing to do because it allowed be to shout out to the world that I am not perfect and that I really don’t mind admitting when I made a mistake.  Sometimes we feel that we must put on a front and show others only our best side.  If you prescribe to this way of life then you are insecure.  This is what not being able to admit you’re wrong really comes down to.  In order to combat this I would advise that you start admitting that you failed more often.  It is important to do it for yourself, not others because that is what this entire piece is about.   Stop worrying about whether or not your friends, family, or co-workers will judge you because it truly doesn’t matter.   Who you are as a person is what you chose to project outwards to the world.  It shows the ultimate confidence and humility to admit wrongdoing.  Being more confident is certainly an aspect of people’s lives that almost everyone wants to improve on.  Doing what I have suggested in this article certainly will allow you to be more confident which is what happiness is truly all about.

Thanks for reading!!!