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.
#19 – July 18, 2022
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How decisive are you? If you’re like most of us when faced with a decision, you soak in your anxiety, weigh the outcomes, push the whole thing away, get confused, come back to it, and then make a last-minute decision.
The outcome of a decision like that might be good, but that process is not helpful.
When we make decisions, it’s important to remind ourselves that we don’t control outcomes; we control our actions.
One of the best ways to force yourself to focus on the process is to keep decision-making extremely simple. Don’t overthink things.
To make responsible decisions, we can only do so much. We can take our time, consider the upside and downside, and think through scenarios.
Once you’ve done that, decide. Don’t go over those things endlessly, which only leads to analysis paralysis. Learn more tips about becoming decisive in my article.
Every time the market goes down, there are people who say that we’re due for a 1929-style crash. The market crashed badly, and in the subsequent years, the global economy went into a depression.
But will we really experience something so drastic again?
Despite what doomsday-thinkers are predicting, another 1929-style crash is unlikely. We live in a totally different world.
Many of the primary causes for that crash no longer exist. That doesn’t mean we no longer have other threats that cause crashes. But I highly doubt if we will see another crash of 89% that plays out over multiple years.
In my latest article, I share 8 reasons why I don’t believe the market will see that type of crash. It’s important to educate ourselves on the history of the stock market and the economy.
Only knowledge will protect us from getting scared out of owning stocks.
We need more investors. Not fewer.
One interesting thing
Though I talk about productivity and getting things done more efficiently, it’s also important to slow down and take a step back.
I’m a big fan of Anthony de Mello’s books on Eastern Philosophy. I like this particular quote from Stop Fixing Yourself: Wake Up, All is Well:
“The reason you are unhappy is that you are focusing on what you do not have rather than on what you have right now.”
We can get too caught up in things that we take for granted what we already have. Let’s remind ourselves to keep practicing gratitude.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
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