Meaning of the word "do not sell the bear's skin before you have actually caught it" in English

What does "do not sell the bear's skin before you have actually caught it" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

do not sell the bear's skin before you have actually caught it

US /duː nɑːt sel ðə berz skɪn bɪˈfɔːr juː hæv ˈæktʃuəli kɔːt ɪt/
UK /duː nɒt sel ðə beəz skɪn bɪˈfɔː juː hæv ˈæktʃuəli kɔːt ɪt/
"do not sell the bear's skin before you have actually caught it" picture

Idiom

do not count on or profit from something that you do not yet have or that has not yet happened

Example:
He's already planning how to spend his bonus, but I told him do not sell the bear's skin before you have actually caught it.
They think they've won the contract, but do not sell the bear's skin before you have actually caught it.