Unsure of the punctuation in this sentence?

I would leave it like it is. I do tend to use more commas than many people, but I think it is fine.

Delete the commas. The commas make the words within them parenthetical. This would make the sentence read:

This would be a meaningful reminder to myself that whenever I am faced with new and challenging circumstances, I have an opportunity but to either succeed or learn.

ORIGINAL: "This would be a meaningful reminder to myself that whenever I am faced with new and challenging circumstances, I have an opportunity, not to fail, but to either succeed or learn."

I can see both Roger's and Roberta's choices as viable ones, though I don't understand Roberta's "The commas make the words within them parenthetical".

The context WC might figure in, eg, if this phrase followed instances of failed opportunities then the commas would be appropriate

Otherwise I for one wouldn't use 'em