It always pays to learn big lessons from mistakes madeIt is always wise and prudent to learn from mistakes we do and what others who are close to us also do; for example, we have someone who quits his job so often but lands only in dead-end jobs where the nature of work does not change at all; or, we have someone who allowed the better of temptation overtake him and became corrupt. In each of these two examples, the "what if it were me?" needs serious consideration. In any case, the pay-off would have been negative; the implication is that we should never do such mistakes.
And then planning for the very long term. Around four decades ago, there were several well established co-operative banks that were ready to accept deposits for two decades. Those who took advantage of such opportunities and had pumped some Rs.5000 into long-term fixed deposits at 10.25% interest for 20 years, are now happy. The rules have since then changed. Yet,even today it is vital to advise every young man who is just 22yesrs and into a decent job to open a NPS account and PPF account and save for the very long term. If the young do not do such wise things now, they will land in a trap similar to thousands who would not have enough during their old age. The list goes on and on.
If the same mistakes were to be done by us, it does pay to rectify such mistakes right now.