Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#40 – October 31, 2022
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People could talk to me about impatience 24/7 but I would still not act patiently.
That’s because I had never seen the power of patience in my own life until a few years ago. At some point, I decided to do one thing for a long time without thinking about the results.
I started to write every day. I published a book and articles. Nothing happened for a while.
But after several months, I saw some success. Then, some more. And over the years, things kept adding up.
If you’re currently working hard without seeing the results you want, remember to stay focused on the path.
Remember that overnight success doesn’t exist. We have to remind ourselves of that whenever we’re impatient. It happens to every ambitious person.
Wealthy: Biggest money fallacy
In the world of behavioral science and finance, there’s a concept called “overextrapolation” or “extrapolation bias” which refers to the assumption that past returns equal returns.
We also tend to make that same mistake with our income.
A lot of people assume their current income level will move in the same direction. If they are earning more every year, they think they will keep earning more.
And if they are earning less, they anxiously assume that trend will keep going down.
Both are wrong. A person who earns well today can’t assume the checks will keep coming in (think of all the people who enjoyed 5 minutes of fame).
In my latest article, I share how you can avoid this money fallacy.
One interesting thing
This is for all entrepreneurs, freelancers, creators, and others who are in the field of branding. In The 22 Immutable Laws of Branding, Al Ries and Laura Ries write:
“Quality, or rather the perception of quality, resides in the mind of the buyer. If you want to build a powerful brand, you have to build a powerful perception of quality in the mind.”
It’s a good reminder to also work on how people perceive the quality of what you offer.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
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