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Wise & Wealthy: Money stress and 10 entrepreneurship lessons
Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
Note: My course, digitalbusiness.school, is open for registration until February 5. Build a profitable online business that gives you meaning.
#54 – January 30, 2023
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Wise: Money stress
Over the past few months, I’ve been receiving more emails from readers who worry about money.
I think it’s something so many of us are dealing with.
The first step to overcoming money stress is not to assess your finances or read personal finance books because those things won’t make you feel any better.
Money stress is an emotional issue, and so it needs to be addressed emotionally.
The first step is acknowledging the fear and understanding why it exists.
When you do that, it becomes easier to retake control of your life and slowly work towards creating financial freedom.
This could be done by acquiring new skills, starting a business, or investing in stocks or real estate. Not only through saving.
I talk more about this path in my new article.
↳ Read This if You Have Money Stress
Wealthy: Harsh lessons
A while back I stumbled upon a Twitter post with a list of harsh writing advice. I can’t recall what the advice was, but I thought to myself, “I could do one of those on entrepreneurship.”
When I started my first business in 2010, I was blessed to work with my father and one of his business mentors.
I didn’t have to figure things out on my own, which drastically improved my learning curve.
So every time I run into young and inexperienced entrepreneurs who don’t have any mentors around them, I’m willing to help if they want. Today’s other new post serves that purpose.
These are the tougher lessons about entrepreneurship that most people are not aware of when they start.
↳ 10 Harsh Lessons From 10 Years Of Entrepreneurship
One interesting thing
My online course, digitalbusiness.school, is open for registration until this Sunday.
Some readers assume you need to have a specific business idea before you start. That’s not necessary at all. You can still get started even if you don’t know what type of business you want to start.
This is true for many things in life. Remember: You don’t need to know exactly where you’re going when you start a new endeavor.
What matters is that you have a sense of direction… and most importantly, that you START!
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
Darius
Join the 7-day Stay Centered challenge
I’ve created a one-week email course that you can do together with a group. It’s called Stay Centered, and it will help you to reclaim focus and live a meaningful life.
When you’re centered, nothing can hurt you. You will have inner peace no matter what happens.
How to unlock Stay Centered
You can join the challenge for free. Every day, you’ll receive a short email with a small challenge that inspires you to live better.
I highly recommend sharing it with your friends so you can go through the program together. I did it with my team, which was a lot of fun.
Join here: dariusforoux.com/stay-centered
Skip The Means — Go For The End
How often do we pursue something purely as a means to do something else?
I spoke to a former co-worker of mine who’s now working as a business coach. She has her own practice and own coaching methodology.
But the last time we caught up, a few years ago, she was participating in some kind of coaching accreditation program. Many people assume you need some sign of approval before you can work in a particular profession.
This is certainly true for coaches. But also for authors, consultants, and other expert-level jobs. While I think the system accreditation serves a purpose, it’s not always the best path.
Degrees and certificates function as shortcuts. If someone has a degree from a certain university, you can assume that person has a certain level of academic ability and persistence.
The same is true for financial roles. A certified financial planner in the US has gone through an extensive training program, which doesn’t cost a lot of time, but also money. These types of stamps of approval are helpful.
But the problem arises when we pursue a certain degree and certificate purely as a means to do something else.
Get Rich Without Working: The Dark Fantasy of Today
“Make money while you sleep!” — That slogan became popular in the longest secular bull market in the US stock market, which ran from August 1982 to December 1999. During that 17-year timespan, stocks returned an inflation-adjusted return of 1,128%.
Isn’t that the dream? To get rich without working?
In Bull: A History of the Boom and Bust, 1982-2004, the financial journalist and author, Maggie Maher, observed that dream started during the 80s:
Wise & Wealthy: What rich people avoid and getting back on track
Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#41 – November 7, 2022
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Wise: Getting back
Sometimes everything goes well in our life. We wake up rested and immediately get started with our day.
During those moments, we also feel good. We’re focused and we always have something useful to do.
But there are also moments the opposite happens. We wake up tired, without a clear purpose. I think that’s a natural part of life.
We can’t escape that feeling of being stuck. But we can have a plan to make sure we don’t stay stuck.
The primary way I do that is by taking rest, doing less, letting go of any metrics, and finding joy in small things.
It’s all obvious stuff. But when you’re stuck, you often can’t see the obvious.
↳ Wasted Time Today? Here’s How to Get Back on Track
Wealthy: Things to avoid
I’ve adopted the mental model of Charlie Munger when it comes to living a good life. He says:
“My system in life is to figure out what’s really stupid and then avoid it. It doesn’t make me popular, but it prevents a lot of trouble.”
It’s good to talk about all the things rich people do and how you can build wealth. But to have a better view of getting rich, we also have to be aware of what not to do.
When you’re aware of what not to do, you can not only avoid those things, but you can also focus on doing the opposite.
In my latest article, I’m sharing 7 things that you want to avoid if you want to get rich.
↳ 7 Things Rich People Never Do
One interesting thing
I have an announcement! If you’re interested in overcoming procrastination, improving productivity, you’ll find this useful.
This Sunday, November 13, my popular course Procrastinate Zero 2 will open for registration.
Since 2016, nearly three thousand students have used that program to achieve different goals: Start a business, write a book, find a new job, lose weight, improve happiness, reduce stress, you name it.
I’ve personally used the Procrastinate Zero 2 system to write 7 books and create 7 online courses. And I only work 4 hours a day on average.
Learn more here: dariusforoux.com/pz-2
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
Darius
Join the 7-day Stay Centered challenge
I’ve created a one-week email course that you can do together with a group. It’s called Stay Centered, and it will help you to reclaim focus and live a meaningful life.
When you’re centered, nothing can hurt you. You will have inner peace no matter what happens.
How to unlock Stay Centered
You can join the challenge for free. Every day, you’ll receive a short email with a small challenge that inspires you to live better.
I highly recommend sharing it with your friends so you can go through the program together. I did it with my team, which was a lot of fun.
Join here: dariusforoux.com/stay-centered