Meaning of the word "wise men learn by others' harms" in English

What does "wise men learn by others' harms" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

wise men learn by others' harms

US /waɪz men lɜːrn baɪ ˈʌð.ərz hɑːrmz/
UK /waɪz men lɜːn baɪ ˈʌð.əz hɑːmz/
"wise men learn by others' harms" picture

Idiom

it is better to learn from the mistakes and misfortunes of others than to experience them yourself

Example:
I watched him lose his savings in that risky investment and decided to stay away; wise men learn by others' harms.
You don't have to fail yourself to understand the danger; remember that wise men learn by others' harms.