Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#77 – June 26, 2023
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Wise: Rich habits
Earn, save, invest. If you want to get rich, those three things always need to be on your mind. In that order too.
Jamie Dimon, the CEO of JP Morgan, said this is the key to wealth building:
”Investing should be a permanent thing. Save, invest. Save, invest. Guessing at market tops, market bottoms – that is a complete loser’s game. I’ve never seen anyone win at it. The smartest investor in the world, Warren Buffett, would say that is not the way to invest.”
It’s really not that complicated. You don’t even need to earn a lot of money to become wealthy if you have healthy financial habits.
It’s a waste of time to try day trading yourself to wealth or going after a lot of money at once with a get-rich-quick scheme.
Just focus on the basic habits that lead to wealth and a good life.
Wealthy: Investing your money
My friends, family, and readers often ask whether they should invest money through a third party.
They talk about “agencies” or “investing companies” who advertise online and on social media with the message:
“Just give us your money, and we will give you X% returns every month.”
Here’s a rule of thumb: If third parties make that type of pitch, RUN as fast as you can. Promising returns on your money is almost always a pyramid scheme.
This is why I’m a proponent of boosting financial literacy. Knowledge is the best bullshit detector.
Once you have basic investing knowledge, you’re better equipped at evaluating investment opportunities.
That way you can invest your own money wisely.
One interesting thing
My course, Simple Investing, is now updated with new material and is 30% off this week.
The course is designed to help you navigate the world of investing with ease.
The stock market has generated incredible wealth for countless individuals, but many of us are hesitant to dive in.
That’s where “Simple Investing” comes in. I’m showing you the tools and knowledge you need so you can invest your own money in the stock market. After the course, you can make your own investment decisions like a pro.
Register here: dariusforoux.com/simple-investing
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
Join the 5-day Financial Freedom Challenge
I created a 5-day email course you can do alone or together with a group. It’s called the Financial Freedom Challenge. And it will help you to gain control over your finances.
Most people try to calculate their way out of poor finances. But money problems aren’t rational. They’re emotional. Manage your emotions well, and you’ll manage your finances better.
How to Unlock the Financial Freedom Challenge
You can join the challenge for free. For five days, you’ll receive a short email with a small challenge that inspires you to improve your relationship with money.
I highly recommend sharing it with your friends/family so you can go through the program together. It helps bring perspective. And it’s more fun that way too.
Join here for free: dariusforoux.com/financial-freedom