While information and knowledge are necessary ingredients for making quality decisions, experience comes only from applied information and knowledge. Hard as it may be to accept, while we can learn a lot from books, CDs, courses and seminars, we can't get experience without getting out there in the trenches and making decisions.
Good judgment comes from experience, and experience comes from bad judgment.
Ouch. You can literally spend tens of thousands of dollars on courses and seminars with real estate "gurus," for example, but if you want to get personal experience investing in real estate, sooner or later, you have to take your chances and actually buy a property, and learn the process hands on. That's experience. You buy your ticket and you take your chance.
Value of Experience
There is very little evidence that there is any great personal value in having experience in every detail of a business. The fact is most people accept this in other areas of their life without question. Few would try to do a legal transaction without an attorney, for example. While we may gain some new experiences each time, we aren't generally assuming that we can possibly know enough of the intricacies of the law to be our own attorney. You've been seeing doctors for years. Are you ready to self-diagnose that serious illness you can't seem to shake?
How many go to mechanic school so they can drive their car? We jump in, plug in the key, and throw ...