Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday and every other Thursday.
#14 – June 27, 2022
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It’s frustrating when we make plans but are forced to cancel them because of financial reasons.
I’ve been reading stories from people who didn’t go on a vacation for two years because of the pandemic and are now stuck because of high prices.
Look, this is not something we want to hear. But we also have to accept that sometimes things don’t work out. The Stoic philosopher Epictetus said it best:
“It is like planning a sea voyage. What can I do? I can choose the captain, the sailors, the day, the right moment. Then a storm comes upon us. At this point, what concern is it of mine? My part is done.”
Simply focus on what you control and accept any outcome. But at the same time make the best of what you have.
It doesn’t mean we accept that prices are high and we give up. No, we keep trying to make the best of it.
And remember that low economic growth is temporary. For now, you can make other plans that accommodate your budget.
In my latest article, I talk about other things you can do to enjoy life in a time of inflation.
In life, there’s often a lot of room for making mistakes. When you make a typo in your writing, the reader still understands you. And you can easily fix a typo. When you play sports, you can make multiple mistakes in a game and still win.
But when you invest, making several mistakes in a row can wipe out all your money.
The key to preventing that is discipline. This will help you to stick to your investing strategy, which is more important than what your strategy actually is.
Remember: A disciplined investor with a mediocre strategy builds more wealth than an undisciplined investor with an extraordinary strategy.
When you put your money on the line, you always feel fear and greed at many different moments. An undisciplined investor might pull out all their money on the first sign of a stock market correction.
But if you’re disciplined and you’re investing for the long-term, you will stay put. And doing nothing is one of the most difficult things when your money is in the stock market.
Here are a few other lessons I learned from the investor, Jesse Livermore.
One interesting thing
I’ve been studying the works of Stoic philosopher, Musonius Rufus. It’s for my new book about Stoicism and investing.
He was a proponent of intense training and hardship to strengthen the mind and body. Kind of like an ancient David Goggins.
I especially like this quote from Musonius:
“We will train both soul and body when we accustom ourselves to cold, heat, thirst, hunger, scarcity of food, hardness of bed, abstaining from pleasures, and enduring pains.”
I love this hard mentality. We’re built to endure and to adapt. We have it in us.
We did that during the pandemic and we had to live with the “new normal.” And we can do that again.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
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When you’re centered, nothing can hurt you. You will have inner peace no matter what happens.
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