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History tells of investors leaping from tall buildings during the Great Depression.[1] It was Black Thursday, October 24, 1929.[2] Newspaper columnist Will Rogers wrote: “When Wall Street took that tail spin, you had to stand in line to get a window to jump out of.”

Obviously, unforeseen financial (specifically, investment) mistakes were made, which led to the nation’s decade-long economic depression. Human history is filled with tragic tales that have led to some unfortunate decisions. But using tall buildings is certainly no solution to remedy a financial mistake. The adage is true: We all make mistakes, many of which are not necessarily our fault. However, you can easily trace back responsibility for financial mistakes such as buying a home that is too expensive, making ill-advised investments, not adequately saving for emergencies or retirement, or going into severe credit card debt.

So, how do you recover from financial mistakes?

Forgiveness is divine. Especially as it applies to your situation. Forgive yourself. You’re human. You made a mistake. Put it behind you. It’s in the past. Now plot your way forward.

Reexamine your financial condition. How bad is your situation? What are the potential long-term consequences? What steps can you take to mitigate the damage?

Here are some questions to help you analyze your current situation:[3]

  • What are your current assets?
  • What do you owe?
  • What’s your income and expenditures?
  • What’s your credit score?
  • Are there any long-term ramifications?

Set goals. The financial mistake is now behind you. Now is the time to develop a road map into your future. Where do you want to go? What do you want to accomplish? Plot your course carefully and studiously.

Here is a useful system for setting goals using the acronym SMART. Your goals should be:

  • Specific
  • Measurable
  • Attainable
  • Realistic
  • Timely

Make an action plan. The plan has to have some balance and a visible outlet. Paying off debt may be a worthy goal, but sometimes it can be no fun. Only the very disciplined and ambitious should pursue single-focus goals. A mix of goals builds more longevity into your plan. Positive goals, like saving for retirement, provide measurable reinforcement. You can see your progress.

Time for reflection. Making your way forward to recover from past financial mistakes certainly feels right. But watch for those old road signs, the traps and temptations that led you astray in the first place. Monitor your behavior and emotions so that you can avoid falling into the same patterns that led to the bad decisions and the negative consequences.

If you would like to discuss your current financial plans and goals, give us a call today at 303-741-9772.




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Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at

Please Note: DWM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to DWM’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

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