Wise & Wealthy: Destructive money habits and the complex mind

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

#75 – June 12, 2023

Was this shared with you? Sign up here.

Wise: The complex mind

Sigmund Freud often talked about how the human mind is complex. He wrote:

“The mind is like an iceberg, it floats with one-seventh of its bulk above water.”

According to Freud, nearly all people have mental problems or “neuroses,” which come from unresolved conflicts between the conscious and unconscious mind.

Neuroses are often characterized by symptoms such as anxiety, depression, obsessive-compulsive behavior, and phobias.

Given the fact that almost every normal human being deals with some form of anxiety, Freud was right. 

I’ve been reading the work of Freud recently. What I appreciate most is how he changed his treatment method over time. 

Instead of giving direct advice, he asked questions and allowed his patients to figure out the solutions to their problems on their own.

I talk more about that in my latest article.

↳ Sigmund Freud: The Mind is Like an Iceberg

Wealthy: Destructive money habits

To get in better financial shape, give up your destructive money habits first. 

That will help you to stop your money bucket from leaking. Here are 5 of those bad habits that I had to quit. 

  1. Mindless shopping — Resist the urge to make impulsive purchases, and instead focus on buying only what you truly need.
  2. Using a credit card as a loan — Avoid accumulating high-interest debt by using credit cards responsibly and paying off balances in full each month.
  3. Borrowing money for liabilities — Steer clear of taking on debt for items that don’t generate income or appreciate in value.
  4. Spending time to save pennies — Concentrate on actions that yield significant savings rather than minor ones. For example, don’t waste hours to find an offer that saves you $10.
  5. Having one income stream — Diversify your income sources to create financial stability and reduce dependence on a single revenue stream.

If we control our money, we control the quality of our lives.

↳ 5 Destructive Money Habits to Quit Today

One interesting thing

Do you find yourself constantly checking the clock when you can’t sleep? That behavior only leads to more stress.

A recent study confirms that this habit makes falling asleep even harder. The researchers write:

“People are concerned that they’re not getting enough sleep, then they start estimating how long it will take them to fall back asleep and when they have to be up.

The study suggests that a simple behavioral intervention, like covering the clock or removing your phone or watch from your room, will help.

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.

Financial Freedom Challenge

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

Read Next: