Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#120 – April 15, 2024
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Wise: Getting off your phone
A recent study showed that the average person spends around three hours a day on their phone, which adds up to around 45 days a year.
That’s a month and a half! Imagine what you can do with that free time. You can write a very rough book draft, get fitter, start a business, and so forth.
Time is the only thing we have that we can never get back. So try not to waste it.
Here’s what you can do to get off your phone: Understand WHY you keep using your phone. And then adjust your usage based on that.
What activity makes you spend the most time on your phone? Is it social media? Emails? Work? Boredom shopping? Can these be done differently with much less phone time?
Understand that your smartphone is a tool. It should serve you, not the other way around.
↳ How to Actually Get Off Your Phone
Wealthy: Investment decisions
Investing is the most powerful way to grow your wealth, but it’s not without risk. How do you ensure your investing decisions don’t make you lose money?
It’s all about asking the right things. Here are the top 3 questions I ask myself before I make an investment decision:
- What is my financial goal? Is it to have a comfortable retirement? Or is it for a short-term goal, like buying a house or car, etc.?
- Do I understand the investment? You don’t have to be an expert in the field. But you must also understand how the business makes money.
- What are the costs associated with the investment? This includes both taxes and fees. A 1% fee on your investment might seem small, but it quickly piles up in the long run.
The key is to keep everything simple. A good understanding of what good investing looks like will pay you dividends for the rest of your life.
↳ 12 Simple Questions You Should Ask Before Making Investing Decisions
One interesting thing
I’ve been revisiting the work of the late Bhuddist monk, Thích Nhất Hạnh. His work reminds me to stay focused on the present. Especially during times when I get too future-oriented. Here’s a quote Hạnh that I want to share with you:
“If we continue to hold on to a dream for something in the future, we lose the present moment. And if we lose the present, we lose everything.”
Dreaming of a better future is great. But we shouldn’t get too obsessed with it. Stay present.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
Darius
Join the 5-day Financial Freedom Challenge
I created a 5-day email course you can do alone or together with a group. It’s called the Financial Freedom Challenge. And it will help you to gain control over your finances.
Most people try to calculate their way out of poor finances. But money problems aren’t rational. They’re emotional. Manage your emotions well, and you’ll manage your finances better.
How to Unlock the Financial Freedom Challenge
You can join the challenge for free. For five days, you’ll receive a short email with a small challenge that inspires you to improve your relationship with money.
I highly recommend sharing it with your friends/family so you can go through the program together. It helps bring perspective. And it’s more fun that way too.
Join here for free: dariusforoux.com/financial-freedom