Lost password, can't restore, what now

If the goal is to recover the data on the drive you could get an external drive case for your systems SSD and then use a second mack to copy off your stuff. But that assumes you hadn’t encrypted the drive. Even if you have if you have the recovery key you can still get to your stuff. OWC ENVOY PRO 1A A second way is to use Target Disk Mode if you have access to a second Mac which can connect to your system Understanding the Applications for Target Disk Mode

Putting a new drive into your system won’t alter the hardware password, but its clear you only have a user account password issue here so you don’t need to dig into the systems firmware to reset the EFI hardware password.

As you have access to the guest account that proves you only lost access to the user account. So installing a new drive is one option or after you’ve salvage your data you could just wipe the drive and re-install the OS and user accounts you want.

I too have a love - hate relationship with Passwords! The physical exposure of your system to someone is the first issue.

A system in a locked room is less exposed than a system in an open office space. Even still today we can remotely access your systems! So even in a locked room if the system is left running someone could remotely access your system and then try getting into your personal data. A system which is wired within ones home is at less of a risk as you can set the internet router to only allow a given system remote access to your system. Many of us use a dedicated server vs our working system as the way-station for in and out bound data to limit what is exposed.

Clearly, a desktop system is a lot different than a laptop which could sprout legs and walkway with all of your private info. Here a strong password is a must you might find using an Apple watch which is setup to unlock your system helpful Unlock your Mac with your Apple Watch. But you need to be careful! As the distance between you and your system needs to be far enough apart to stay locked. And don’t forget to enable find my mac Set up Find My on Mac Then you have the Power! to block access to your system or even wipe it! If your Mac is lost or stolen

Hardware password is also quite powerful! But that limits who can use your system you and only you! And lastly encrypting your drive if you really what to be sure your data is safe.