Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#57 – February 13, 2023
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It’s funny. I often write about the importance of gratitude.
But I recently realized I’m not grateful enough for many things. I feel like I complained way too much about the weather in The Netherlands, where I’ve lived all my life.
But you know, the grass is always greener.
Those of us who live in cold places assume that everyone who lives in warm places is always happy.
I can tell you from personal experience that’s not true. In fact, people who live in cold places usually are happy and active despite the weather.
For example, Dutch people are famous for always taking a bicycle to everywhere, even when there’s wind, rain, or storm.
Anyway, we all have things in our lives that are good.
But we often don’t appreciate them enough. In today’s article, I share a few of those things.
Wealthy: Play defense
In my other new article, I share an important lesson I learned from my high-school basketball coach.
Good defense is the key to winning games.
The same is true for building wealth. As Paul Tudor Jones once said;
“The secret to making money is playing defense. You must protect your capital and resist the urge to make wild bets that have a low probability of success.”
Why is that important?
In today’s market, many investors focus on high-risk, high-yield investments without understanding the importance of protecting their capital.
They have no clue how big of a risk they are taking when they go for speculative investments.
They don’t understand finance and investing. And yet, they put their money on the line.
Never forget that your primary goal as an investor is to protect your capital. When you make decisions from that mental model, you will generally do better.
One interesting thing
I had the flu recently and had some difficulty getting back into my work routine. When I’m stuck, I usually listen to or watch some old Jim Rohn videos.
He was the first speaker who inspired and entertained people at the same time. Here’s a classic quote from him:
“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier, wish you were better.”
Life is hard. That’s why we train ourselves to be better.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
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