Doubling Down and Failing Forward

As a personal finance blogger, physician, and entrepreneur, I have spent much time contemplating the keys to success. Success in finances. Success in business. What is the secret sauce that makes some perform inherently better than others? There is no question that front-loading and momentum play a role. You all know how I feel about bringing the B game. Yet, there are still some quintessential traits that I have failed to touch upon. I’m not sure where I first heard the term failing forward. I think it was a ChooseFI episode.

We are also very familiar with the concept of doubling down. Look no further than our current political arena and you will know what I mean. Although doubling down may have a negative connotation in certain settings, I have found it one of the keys to success in almost any field.

Doubling down and failing forward.

The new recipe for winning?

Failing Forward

There is no hiding the fact that I am a seven-figure failure. My early years were characterized by loss after loss. I had a learning disability. I was less than average at sports. My first foray into the world of business was a speculative play that netted huge losses of capital and a large overstock of useless product.

It is safe to say, that the resume of any great achiever is littered with failures. And, in fact, the same can be said for those who are completely unaccomplished.

So what’s the difference?

Successful people practice at failing forward. They use their defeat to push the ball closer to the end zone. They grow from each missed turn, and learn how to prevent mistakes before they happen again in the future. They maintain momentum.

Resilience is one of the keys to failing forward. If they can’t make it up the hill, they find a secret passage through the middle. If the there is no secret passage, they double back, recheck the footholds, and try again.

They don’t fall backward, they fail forward.

Doubling Down

Although used often in the political arena, I prefer the original definition:

Double Down:(in blackjack) double a bet after seeing one’s initial cards, with the requirement that one additional card be drawn.

When I started working for a community hospital at the beginning of my career, the other Docs told me that I would never earn a bonus. According to them, the amount of work was impossible. Although I truly believed them at the time, I decided to make a go at it anyway.

A year later, I doubled my salary with bonuses. So, of course, it was time to sit back, relax, and enjoy the fruits of my labor. Right?

Actually. I did the exact opposite. I doubled down. I picked up a few more hours at the office. I developed a number of lazy side hustles, and finally started my own concierge practice. Eventually, my salary rocketed to over five times where I started from.

I have seen this trait often among high achievers. The taste of success propels them to work even harder, hustle even more, and take advantage of all forthcoming opportunities spurred by the original success.

Final Thoughts

There are many paths to financial freedom, happiness, and success in whatever endeavor one chooses to pursue. Among the many important traits of highly achieving people, I have found doubling down and failing forward to be a big part of the maker tool kit.

We all face similar hurdles. We leap over some and we stumble on others.

When you find a technique that works, by all means, double down.

And when you trip and fall. Not only fall forward, but fail forward too.

*How about you? Any examples of doubling down or failing forward you care to share? Drop us a line in the comments. *