How often do you feel GREAT during the day? As in, fully energized, in a good mood, and not a sign of tiredness in sight.
Think about the days when you don’t feel sluggish or unproductive. Instead, you’re focused and you’re getting things done. You feel good. And there is a rewarding feeling when you finish the day doing exactly what you wanted to do.
I have that feeling on the days I write. Just the process of writing gets me energized.
Now, these “great” days don’t happen everyday. And there are various factors that are out of our control (like a stressful work task, or a traffic jam) that can ruin our day.
Do you sometimes get the feeling that you need to spend? Sometimes, and particularly when I get paid, I feel like buying something, anything. It’s no surprise that Americans spend an average of $314 every month in impulsive spending.
This could be any purchase you made without planning to. Like adding a few snacks outside of your grocery list at the cashier. Or visiting a clothing shop “just to browse” and then going out with a brand-new jacket. Or even “treating yourself” to an expensive dinner after a stressful day at work.
Society has trained us to believe that we need to treat ourselves by spending our money. How does that work? You work hard to earn and then you spend that money in a few minutes? How does that give you satisfaction?
I’m not saying all impulse purchases are bad. They’re a natural part of life. But when things get out of control, your impulsive spending habits will destroy your finances and prevent you from building wealth.
I started investing in stocks when I was 19. Since then, I’ve literally made all kinds of investing mistakes in the book.
I’ve bought and sold nearly every financial instrument you can think of: Common stocks, options, futures, ETFs, mutual funds, gold, bitcoin, ethereum, and more.
The first chancellor of the German Empire, Otto von Bismarck, probably would’ve called me a fool. Because in those early years, I only learned from my own mistakes. Bismarck famously said:
When I was 15, I went on a family vacation to Lloret de Mar, a small beach town about an hour north of Barcelona.
It’s a place that’s been popular among Dutch tourists for a long time because it’s always been a cheap destination.
Growing up, we never went abroad because we didn’t have the money. And when my family finally saved up enough to drive to Spain, I was elated.