Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.

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#139 – August 26, 2024

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Stop protecting your old self

You might have tried some common ways to beat procrastination. Things like:

• Starting with the smallest/simplest component of a task.
• Creating an environment that forces you to act.
• Using various productivity apps and tools.

But if you still find yourself procrastinating despite executing these tips, then the problem lies somewhere deeper.

The thing about procrastination is that it’s a form of emotional resistance. Often, this resistance happens when a change is needed. For example, if you constantly procrastinate going to work because you hate your job, then procrastination tips will only serve as a temporary fix. The real solution you need is a new job.

But major life improvements often mean change. And humans are naturally afraid of change because it threatens their old selves.

The more something feels like a threat to your old identity, the more likely you are to avoid it. This is the deeper reason for procrastination.

This means anything that might change the way you see yourself or challenge your self-perception can lead you to put it off indefinitely.

More on this in my latest article.

↳ Stop Protecting Your Old Self (The Real Root of Procrastination)

One interesting thing

In a study by The Chronicle of Philosophy, researchers asked respondents — who had inherited money — how much they needed to feel secure. Their answer?

No matter how much they inherited, the respondents provided a number at least twice as much as they received.

“Desire less” is easy to say, but much harder to execute. That’s why gratitude and consistency are key to wealth and a satisfying life.

This mindset allows us to find contentment without sacrificing our ambitions and goals. It also helps us to focus on pursuing only the things that really matter.

Thanks for reading! I hope you found this edition of Wise & Wealthy useful.

All the best,

Darius

Improve your energy, focus, and productivity

Procrastinate Zero Live is now open for registration. PZ Live is a system that helps you do more in less time, no matter how many distractions you’re experiencing in life.

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Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.

#138 – August 19, 2024

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Putting off money goals

I was talking to a friend recently and he mentioned how he always procrastinates leaving a job that doesn’t pay well. He has been stuck in his position for over five years.

But every time I ask him about when he would actually leave, he always has an excuse:

• “I’m waiting for a bonus”
• “I need to save up more money first”
• “I just don’t have enough time to job search right now”

It’s natural for humans to put off major life goals. Whether it’s changing jobs, starting your own business, or negotiating a higher salary, it can be easy to make excuses and procrastinate.

This is why clarity is important when it comes to our money goals (or any goal).

Instead of saying, “I want to earn more,” define what “more” means. Is it an additional $30,000 a year? A promotion to a higher managerial role? By setting these specific targets, you create a clear path forward.

More on this, plus 3 additional tips on how to stop procrastinating your money goals in my latest article.

↳ If You Want to Earn More, Stop Procrastinating

One interesting thing

Here’s a great idea about communication from the book ‘Contagious‘ by Jonah Berger:

“People don’t think in terms of information. They think in terms of narratives. But while people focus on the story itself, information comes along for the ride.”

Whenever we have important information to share or communicate, whether that’s a class presentation, a client pitch, etc., we focus on telling stories.

Stories capture our attention much better than just sharing stats, facts, or plain information.

Thanks for reading! I hope you found this edition of Wise & Wealthy useful.

All the best,

Darius

Order The Stoic Path to Wealth

My new book, The Stoic Path to Wealth (Portfolio / Penguin), is out now.

Learn more here: stoicpathtowealth.com

Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.

#137 – August 12, 2024

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Stoic investing

Stoic investing strategies teach us to manage our emotions and focus on the actions that lead to inevitable wealth.

The Stoics acknowledge that time – unlike money – is finite. That’s why a lot of Stoic investing strategies rely on living in the present moment and making time your ally. There are 4 ways to do this.

1. Invest to build long-term wealth, not to make major purchases — Many people invest with the goal to make a lot of money so they can buy a bigger house, a new car, or to travel more. As a Stoic investor, you shouldn’t look at investing like that. Simply see investing as a way to compound your money so you can buy freedom, not things.
2. Only speculate with money you can afford to lose — If you do want to trade stocks for short-term profits, protect the downside. Only make riskier bets with the  money you can afford to lose.
3. Stay invested even during market downturns — The stock market goes up and down unpredictably. Your job is to invest during it all.
4. Invest consistently — The key is to invest a certain percentage of your income every month (10% is a great start). As you earn more, you will also invest more. 

Stoicism is about focusing on the things we control. When applied to investing, it means investing your money now so you won’t have to work as hard in the future. More on this in my new article.

↳ What is Stoic Investing? (And how ancient wisdom makes you rich)

One interesting thing

In the collection, HBR’s 10 Must Reads on Managing Yourself, there’s anessay called “How Will You Measure Your Life?” by the late Clayton M. Christensen, who was a great thinker. He said:

“Your decisions about allocating your personal time, energy, and talent ultimately shape your life’s strategy.”

This is important advice. If you’re always occupied, you can’t allocate time and energy to shape your life.

Be aware of how you spend your time. Don’t live on autopilot. And avoid distractions. 

Thanks for reading! I hope you found this edition of Wise & Wealthy useful.

All the best,

Darius

Order The Stoic Path to Wealth

My new book, The Stoic Path to Wealth (Portfolio / Penguin), is out now.

Learn more here: stoicpathtowealth.com