Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#88 – September 11, 2023
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Wise: Inconsistency
I used to think that consistency was about perfection. “If I can’t be perfect it’s just a waste of time,” I would say.
This type of thinking originates from two places:
- A fear of failure: If we talk ourselves out of trying, we can ensure we never fail.
- Unrealistic expectations: We tend to overestimate our own abilities.
But for the past years, I’ve adopted a different mindset, which I refer to as “strategic inconsistency.”
Instead of trying to live up to an unrealistic ideal, we should focus on progress, not perfection.
In other words, every little step we take toward our goal is a step in the right direction, no matter how small.
I still think consistency is one of the most important factors in achieving our goals. However, I also think that you can be successful even if you’re inconsistent at times.
More on this in my new article.
↳ The Secret to Consistency Is Inconsistency
Wealthy: Investing wisdom
In my other new article, I share 8 pieces of wisdom from 8 legendary investors.
My favorite is this from Charlie Munger:
“Knowing what you don’t know is more useful than being brilliant.”
Munger emphasizes the importance of humility and continuous learning in investing.
Recognizing the limits of your knowledge will not only keep you grounded, but it will also help you to avoid money mistakes.
Charlie Munger and Warren Buffett have built their entire careers on a simple idea: Stay away from the things you don’t understand.
Sometimes that means you miss out on an opportunity. And that’s okay. But this principle can also inspire you to learn more. That’s more important.
↳ Timeless Wisdom from Legendary Investors
One interesting thing
Doing research for an article, I stumbled upon a beautiful quote from the19th century German poet Ludwig Jacobowski:
“Do not cry because they are past! Smile, because they once were!”
Look back on everything in life with joy.
I love this mindset from Jacobowski, who passed away at the young age of 32.
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.
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