Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#127 – June 3, 2024
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Wise: Imaginary pressure
I think having a sense of urgency and responsibility when it comes to your career is one of the biggest motivators in life.
But if you put too much pressure on yourself to succeed, it can work against you. This is a dynamic that I’m constantly trying to balance.
Last year, when I finished the final draft of my new book, The Stoic Path to Wealth, I immediately started thinking about the marketing campaign.
My self-talk included a lot of “I need to do” xyz. And then, I would think, “If I don’t do this, the book won’t succeed.”
This type of “I need to do X (action) otherwise Y (bad outcome) will happen” thinking is a complete and utter waste of your energy.
And you must avoid it as soon as you become aware of it. Here’s what Epictetus said about that:
“If you want to make progress, dismiss this kind of reasoning: ‘If I neglect my business, I will have nothing to live on.’ It is better to starve to death in a calm and confident state of mind than to live anxiously amidst abundance.”
The truth is: You don’t need a lot to have happiness and peace.
More on this in my new article.
↳ Stop Putting Imaginary Pressure on Yourself
Wealthy: Picking stocks
I haven’t written a long article in a while. But I had a lot of fun writing this new article about the stock-picking principles of Warren Buffett.
I analyzed three of his biggest picks (GEICO, Coca-Cola, Apple) and drew lessons from that. By understanding the thought process of his stock picks, we can emulate his mindset.
Whether you’re a passive or active investor, we can all use a little bit of “Warren Buffett” in our strategy.
You probably won’t be surprised by the conclusion of this article: Have patience, be diligent, avoid greed, and bet on a prosperous future.
We all know what it takes. But the key is to internalize these ideas.
Read my other new article if you want to learn more about Buffett’s strategy.
↳ The Key to Picking Stocks like Warren Buffett
One interesting thing
A fascinating quote from Driven from Within by Michael Jordan:
“You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared.”
This is so true. When you let go of your discipline and routines, it’s hard to come back. Staying the course is crucial.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
Darius
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