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Failure in Personal Finance: Breaking Taboos About Money with netWorth
We've teamed up with netWorth to break down these taboos and stigmas by sharing three stories of personal finance failures.
By:
Eric Jiménez
Failure is taboo. Nobody talks about their failures. Money is also taboo.
Failure is a stigma. So is money. If you don't have it, you're bad and you'll be judged. If you have, you're bad and you'll be judged.
We've teamed up with netWorth to break down these taboos and stigmas by sharing stories of personal finance failures.
People make mistakes with their money that keep them living with a sense of scarcity. The simplest way to avoid these mistakes is to share information on best practices and tools for staying out of debt, saving, and investing.
This event provided attendees with practical tools on how and where to invest, and also highlighted the value of failure as a key opportunity for personal and financial growth.
Learning from Failure: The First Step to Financial Freedom
The event began with Pepe Villatoro, co-founder of Fuckup Nights, who shared his personal experience of losing all his money. Pepe recounted how his dream of achieving financial independence and traveling the world fell apart when his father's company was implicated in a financial fraud. By investing all his money in that family business, Pepe lost not only his savings but also everything he had built.
This experience taught him a basic first-hand lesson: don't put all your eggs in one basket and learn how and where to invest from different mentors and sources.
Breaking the Money Taboo
Our events have a big impact because we’re all afraid of failing. We live in a culture that makes us feel like we’re only worth something if we’re successful, rich, good-looking, and so on. That’s why we decided to host “ Fuckup Nights ” to talk about money and personal finances. We want to learn from those who have achieved financial freedom so that we can stop having to work two or three jobs just to get by and finally be able to catch our breath.
Failure Stories that Transformed the Outlook for Finance
Brenda Gomez and her Financial Transformation
Brenda Gómez, Director of netWorth Capital, shared how credit card debt sparked her financial transformation.
"I realized that in my family we had lived in financial chaos forever, and until I changed, I was able to be the agent of change for my family."
Fernando Ruiz de Luna and the Risk of Falling in Love with Stocks
Fernando Ruiz de Luna, CEO of Querido Dinero, grew up in a family that invested in shares of a cement company. He fell in love with those stocks and decided to do intensive trading. However, the 2008 financial crisis and the company's dollar-denominated debt collapsed the value of his investments.
"Don't fall in love with stocks. Fall in love with people, fall in love with your dog, but never fall in love with your investments."
Fernando shared with us fundamental lessons: stocks carry long-term risks, it is crucial to follow your intuition, act quickly when necessary, diversify your investments to mitigate risks and adjust your strategy as your financial situation evolves.
Ricardo Chavero and his First Big Failure
Ricardo Chavero, CEO of netWorth Capital, recounted how, at age 19, he accumulated a debt equivalent to $50,000 at the time—or twice that amount in today's value—and had to deal with the closure of his restaurant.
"That failure for me, without a doubt, marked me. I learned that if I wanted to succeed, I was going to have to make a lot of mistakes.
This was the impetus for creating a company dedicated to guiding new investors, helping them avoid the financial stress he himself had experienced. This experience was the driving force behind the creation of netWorth, a firm that today supports thousands of people on their journey toward financial independence.
Key Lessons for Managing your Finances
Transparency and Financial Education: Talking about money without fear is the first step to learning and avoiding costly mistakes.
Diversification: Don't put all your eggs in one basket. Diversifying investments reduces risks.
Planning and Record Keeping: Knowing your income and expenses is critical to maintaining healthy finances. "Keeping a record of income and expenses is the first step to building healthy finances," Brenda recommended.
Accept and Learn from Failure: Failure is not the end, but an opportunity to improve and grow.
Conclusion
The experiences shared by our speakers showed us that financial mistakes are not definitive failures, but necessary steps on the road to more conscious and effective money management.
These stories teach us that failure is not only inevitable, but also a powerful tool for learning how to invest smarter and build a healthier relationship with our finances.
By sharing these stories, we create spaces of vulnerability that foster genuine connection, demystify success and promote collective learning based on transparency and shared experience.
Director of Capital Management at netWorth Capital, with more than 8 years of experience leading investment strategies and wealth management. An expert in personal finance and co-host of the podcast “Money Doesn’t Come with Instructions,” she is dedicated to guiding her clients toward their financial goals through comprehensive planning.
CEO of Querido Dinero, one of the 5 largest personal finance platforms in the country. With experience in real estate, finance, and advertising, he has led investment funds and various ventures for over 16 years. He is co-author of the book "Querido Dinero te odio y te quiero" and is passionate about improving people's relationship with money.
Founder and CEO of netWorth Capital. An entrepreneur from a young age, Ricardo revolutionized digital financial planning. He has played a key role in the company’s growth; today, it has 55 advisors, more than 9,000 clients, and manages more than $160 million in assets. His mission is to empower people to achieve financial independence and avoid the mistakes he faced.
Founder of a now-defunct consulting firm that helped companies create more relaxing and healthier workspaces. Collaborates with the Culture Collective team in Mexico. Loves deep conversations, random questions, and playing tennis. Hates vegetables.
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