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.
#12 – June 16, 2022
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With so many options to spend our time and money, it’s easy to get stuck in a state of consumption. We consume food, tv, and social media. In recent years, we also started consuming “experiences.”
We feel the pressure to keep spending. We fear that without consumption life is boring. We have this unhealthy drive to buy happiness.
It makes me think of Viktor Frankl, the famous author who survived the Holocaust. In his book, Yes to Life, he debunks the idea of pursuing happiness.
“Happiness should not, must not, and can never be a goal, but only an outcome… all human striving for happiness, in this sense, is doomed to failure as luck can only fall into one’s lap but can never be hunted down.”
I always remind myself of this. Happiness is a byproduct of usefulness. Of dedicating your life to something bigger than you.
When you find something and dedicate your life to it, joy will arise automatically.
We’re all tired of it: Inflation. People have a lot to say about it. And it’s mostly fear-inducing.
But here’s one thing to keep in mind: In the developed world, inflation has always come down eventually. The problem is that it takes a while, and it’s painful.
Many economists even believe that the high inflation of the 1970s went away on its own. Higher interest rates certainly impact inflation, but they don’t necessarily cause a rise or decline. There are many other factors.
For example, the US had price controls for 3 months in 1971 to fight inflation. It’s called the Nixon Shock. No one was allowed to increase prices or wages.
After 3 months, everyone simply started to raise prices even harder to make up. That boosted inflation.
So I always suggest taking a step back for a broader view. While the past doesn’t predict the future, it can teach us lessons. The main lesson is that we’ve gone through many economic problems, and we’re still here.
If you’re worrying about inflation, read my latest article.
One interesting thing
If you’ve been following my blog for a while now, you know I’m inspired by Warren Buffett. He’s hands down the best investor of all time.
There are plenty of great investors out there. But Buffett stands out to me because of his character.
Buffett has a lot of stoic tendencies. He doesn’t let his emotions affect his investments and wealth building. That’s something easier said than done.
I recently re-watched the HBO documentary about his life, Becoming Warren Buffett.
It’s a great look into his personal life and professional investing career. Highly recommended if you’re looking for something educational and inspirational to watch.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
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