Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#78 – July 3, 2023
Expiring tonight: My online course, Simple Investing, is 30% off until 11:59 PST. Get started with building your wealth: dariusforoux.com/simple-investing
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Wise: Negative thought loops
Sometimes, small things can trigger negative thought loops, whether it’s an offhand comment, a minor setback, or a hiccup at work. Before you know it, you’re trapped in a gloomy mindset.
To break free from these loops, you must learn the art of letting go. Michael A. Singer, the author of The Untethered Soul, puts it simply:
“It’s pretty black-and-white. You either let go or you don’t.”
Breaking a negative thought loop is not easy. However, remember that you’re letting go for your own sake, not for others.
When stuck in negative thoughts, you have two options:
- Continue and let it consume you.
- Let go and move on.
The choice is yours because, after all, you’re the one who’s in control. It can really be that simple.
↳ How to Break a Negative Thought Loop
Wealthy: Saving money
When it comes to personal finance, one of the most common questions people ask is: How much money should I save?
The answer is not as simple as providing a fixed percentage or amount. Instead, successful saving requires a balanced perspective that considers your current financial situation and future goals.
What is successful saving, really? To me, it’s about two things:
- Putting enough money aside so that your net worth increases every year
- Avoiding saving so much that you deprive yourself
You want to save money, but also not be extremely frugal. Some people think you always save money so you can buy something. But that’s not how I see it.
I save money to build wealth. I don’t need to spend all my money. More on this in my latest article.
↳ How Much Money Should You Save? A Balanced Perspective
One interesting thing
In The Power of Full Engagement, authors Jim Loehr and Tony Schwartz emphasize the importance of balancing energy expenditure and recovery:
“When we expend energy, we draw down our reservoir. When we recover energy, we fill it back up. Too much energy expenditure without sufficient recovery eventually leads to burnout and breakdown. (Overuse it and lose it). Too much recovery without sufficient stress leads to atrophy and weakness. (Use it or lose it).”
The key is to find harmony between work and rest, challenge and comfort. Avoid overshooting in any direction.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
Darius
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