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.
#10 – June 6, 2022
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In Eastern philosophy, particularly in Buddhism, there’s a powerful concept called Nekkhamma.
This Pali word is usually translated in English as “renunciation,” in relation to desires. When people talk about Nekkhamma, they usually talk about giving up desires so you can live free from that type of pull.
To me, it’s all about non-attachment—not to be confused with detachment.
Non-attachment is about not holding on to anything that happens in life, whether those are experiences, events, or thoughts.
That’s the difference with detachment, which means you pull away from something. Let me give you an example.
When I started learning more about Eastern philosophy and meditation, I thought the road to freedom and happiness was to detach myself from things. When I experienced something that didn’t match my values, I would distance myself from it.
But the more I tried to detach myself from something, the more I got stuck. But when I’m in a non-attached state of mind, things don’t get to me at all.
Non-attachment means you let things pass. You simply acknowledge them.
I’m not a fan of the word toxic, but it gets the point across. Many of us have money beliefs that are standing in the way of building long-term wealth.
I’ve personally had a lot of false beliefs about money. For example:
“I can start being happy only when I’m making more money.”
So many of us are in this perpetual state of waiting. We assume that we will be happy if we achieve a certain income goal. And while it’s okay to try to earn more, it becomes a problem when you start living in the future.
When you live in the future, you’re always waiting for the moment to start living your life. You live in this empty space in between goals. And it’s not a good place to be in because you’re always anxious.
I share more false money beliefs in my latest article.
One interesting thing
Remember The Great Resignation? The media loved that term. The idea was that more people are quitting their jobs because of the pandemic.
That’s a false narrative. It’s just a matter of cycles and changes in supply and demand. The economists Akerlof and Shiller wrote about the fluctuations of jobs in their book Animal Spirits.
The truth is that people are more likely to quit their jobs during booms. When there are more options, people simply look elsewhere more quickly.
The reverse is also true in a recession, as Akerlof and Shiller wrote:
“Workers with jobs at existing wages realize that they are lucky. They see how they would fare elsewhere, and they are therefore highly reluctant to quit their jobs.”
People are not likely to quit when the economy is shrinking. Many things are portrayed in the media as “special occurrences” while they are a normal part of the economic cycle.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
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