Meaning of the word "bought wit is the best wit" in English

What does "bought wit is the best wit" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

bought wit is the best wit

US /bɔːt wɪt ɪz ðə bɛst wɪt/
UK /bɔːt wɪt ɪz ðə bɛst wɪt/
"bought wit is the best wit" picture

Idiom

knowledge or wisdom gained through personal experience, especially through mistakes or hardship, is more valuable than advice from others

Example:
I didn't listen to my father's warnings and lost my investment, but I suppose bought wit is the best wit.
After failing the exam twice, he finally learned how to study; bought wit is the best wit.