Financial experts concur with Venus Williams' advice to take pride in your financial decisions, even if they result in errors.

Venus Williams, a tennis legend and businesswoman, has amassed numerous victories in her career, both in sports and entrepreneurship.

She has learned about smart investments and starting her own ventures, such as her interior design firm, V Starr. However, the most important money lesson she has learned is to trust her own financial decisions.

Women didn't always have the privilege of making their own financial decisions, which contributes to building confidence.

In October, Williams celebrated the 50th anniversary of the Equal Credit Opportunity Act, which was enacted in 1974 and prohibited banks and financial institutions from denying loans or other products based on gender, marital status, race, or other identifiers. This legislation enabled women to obtain credit and open bank accounts without the need for a male cosigner.

"Williams advised CNBC Make It in an email that financial planning holds significant power and that conducting research on investments and weighing the risks of big money decisions can help individuals "feel pride in the decision they make, even if it proves to be a mistake later on, they learn and grow from it.""

How to learn from your mistakes and gain confidence in your financial decisions

Financial expert and podcast host Farnoosh Torabi believes that mistakes can be valuable learning experiences.

"Growth comes from experience, including hard-won lessons, which teach resilience and help clarify goals. Mistakes provide opportunities to develop skills and self-awareness, leading to better money management."

Some money mistakes can be easily corrected. For instance, if you frequently spend money on impulsive purchases, you could try a week without spending any money to help you readjust. However, other mistakes may be more challenging to rectify, such as catching up on retirement savings if you delay starting to invest.

To minimize the damage caused by a mistake, Torabi suggests first understanding the actual cost of the error. This may involve returning a purchase or adjusting your budget. If there's no immediate solution, make a plan to move forward and minimize the damage.

Torabi describes a situation where she and some partners invested in a startup that turned out to be a financial failure. In an attempt to recover her losses, she increased the number of workshops and events she organized.

"I learned an important lesson from that setback: Hope for the best, but plan for the worst when starting a business with multiple partners involved," she says. "I had control over creating more income, so that's what I focused on."

You'll only gain opportunities to learn and build confidence through self-education and effort.

Making the first move to invest, start a business, or make a significant purchase like a house or car can be daunting. However, Williams emphasizes that ultimately, you are the most knowledgeable about your situation and are best suited to make the final decision.

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