Buzz
A few years ago, I made a major financial error. As a freelancer, I failed to pay my taxes throughout the year, and when April rolled around, I was stuck with a massive bill from the IRS. Not only was I broke, but I also felt utterly foolish. However, the truth is that punishing yourself over mistakes like these only increases the chances of repeating them.
I don’t know about you, but one reason I tend to be hard on myself after a mistake is because I believe that if I’m tough enough on myself, I won’t make the same mistake again. But research shows the opposite is true. Self-punishment actually makes it more likely that you’ll make the same error.
In one study conducted by MIT, researchers explored this effect on monkeys. They assigned them a task involving two distinct images displayed on a computer screen. MIT’s newsroom reported the following:
In this experiment, the monkeys were rewarded for looking right at one image, and left at another. The monkeys used trial and error to learn which images triggered which movement. 'When the monkey got a correct answer, a signal lingered in its brain that said, ‘You did the right thing.’ Right after the correct answer, neurons processed the information more clearly and effectively, which made the monkey more likely to answer correctly again,' explained Miller. 'However, after an error, there was no improvement. In other words, the monkeys’ behavior and brain processing improved only after successes, not failures.'
As neuroscientist Earl Miller from MIT explained in Scientific American, “Success has a far greater impact on the brain than failure.”
Sure, we’re a bit more advanced than monkeys, but other research, like this study published in the Association for Applied Psychophysiology & Biofeedback, shows that failure can reduce focus and increase anxiety, which hinders future success. In another study, published in the Journal of Consumer Psychology, participants who reflected on past spending mistakes were more likely to rack up debt during a hypothetical shopping spree.
This doesn’t mean you shouldn’t learn from your financial mistakes. However, once you do, it’s best to let go of the guilt and move on.
