Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#67 – April 17, 2023
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Wise: Be a finisher
Everyone can start something new. Whether it’s pursuing a new degree, job, business, or sport, you name it.
The difficult part is pushing through and making sure you don’t give up early. If you want to be a finisher, the key is to keep the following principles in mind:
- Perseverance: Never give up because your goal is too hard. Don’t make your life harder by complaining about how hard things are.
- Mindfulness: Always be in the present moment and avoid overthinking. The moment you start thinking about the future and why you’re doing what you’re doing, you’re lost. Too much thinking will drive you nuts and makes you paralyzed.
- Balance: Never over-extend yourself to a point where you burn out. Work hard, but not too hard.
- Planning: Create a perfectly thought-out plan that tells you what to do every day, week, and month. Also, think about what your ideal end result would look like.
- Execution: To finish what you start, you need to be switched on every single day. You can’t waste your time. You can’t sit and think about esoteric life questions. You wake up and you go.
It’s really not that complicated. We all have the ability to finish what we start.
We just get in our own heads and sabotage ourselves. This is why those principles matter.
Wealthy: Accepting loss
Learning to lose is a skill. You take small losses, but you know what you’re doing, so you can keep going. And keep winning.
Financial setbacks are a natural part of life. A storm that damages your house, a pandemic, getting laid off, and so forth.
It happens to everyone and at least one of these can happen to you. So don’t beat yourself up when you’re in a bad situation.
And don’t think, “I should’ve done this or that.” Learn from your mistakes and move on.
Accept that bad things happen in life and it’s not always our fault. Cut yourself some slack.
Every time you learn a lesson when you lose money, you will decrease the odds of losing money in the future.
One interesting thing
I recently read Tape Reading and Market Tactics by Humphrey B. Neill. The book was published during The Great Depression in 1931 and it’s about technical analysis.
It’s not worth reading unless you’re a trader or student of markets. But I do want to share an important quote from the book:
“The stock market is a great cauldron of the hopes, desires, and despairs of speculators, or traders. If it were not for the speculators, there would be no active stock market.
If it were not for the speculators, America would not stand where it does, as the leading industrial country in the world. We may deplore speculation, but if it were not for this outpouring of money for stocks, you and I should not enjoy a fraction of the comforts and luxuries which we accept as necessities.”
The stock market is more important to wealth creation than most people think.
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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