Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#80 – July 17, 2023
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Wise: A rich mind
Do you often feel bored? Or restless? If your answer is no to both, that’s a sign of a rich mind.
When you enrich your mind, you’re never bored or lonely.
Your mind has a constant thirst for more knowledge. And that will keep you active forever.
Malcolm X, spent most of his six and a half years in prison reading books—day and night. In The Autobiography of Malcolm X, he wrote about his nightly reading habits:
“At one-hour intervals, the night guards paced past every room. Each time I heard the approaching footsteps, I jumped into bed and feigned sleep. And as soon as the guard passed, I got back out of bed onto the floor area of that light-glow, where I would read for another fifty-eight minutes…”
He was physically caged within the walls of the prison, but his mind was free.
That’s the power of a rich mind. No matter how isolated you are, your mind will never be alone. It will be rich in knowledge and ideas.
Wealthy: Key stock metrics
Investing in individual stocks is a dangerous endeavor if you don’t know what you’re doing.
Without understanding the key metrics that determine a good investment, a stock investor can lose a lot of money.
When I first started buying stocks, I only heard of the price-to-earnings ratio. The P/E ratio is a classic metric used by value investors.
But the stock of a company with an attractive P/E ratio is not always a good investment. Investing in stocks is never as obvious as it might seem.
In my latest article, I share seven key metrics that successful stock investors should understand.
One interesting thing
I was listening to Joseph Goldstein’s Insight Hour podcast. In an episode about mindfulness, Goldstein said:
“In every moment of noticing, in every moment of being mindful, when there is no ignorance, when there is no delusion, when we are seeing things actually as they are, at that moment, the mind is purified.”
Seeing things for what they are is not easy because we often prefer to run away from reality. But we must resist that urge if we want to have a calm mind.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
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