Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#140 – September 2, 2024
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Spending your money according to plan
A friend of mine was saving for a down payment on a house. The target? A 10% down payment on a $350,000 property. After more than a year of disciplined saving, he had managed to amass about $20,000.
But then, he began to feel an itch. House prices are high. So he thought: Why not use that money to travel? Or maybe buy a new car?
The house he was dreaming of buying still seemed out of reach, and the money sitting in his bank account was so accessible.
I asked him, “What will your future self think if you spend it?” He said, “I think I still prefer to buy a house.”
The first step to reaching your financial goals is to stick to your plans as much as you can. It’s all about being intentional with how you spend your money.
Before spending money, always ask yourself if it aligns with your long-term goals.
More on this in my latest article.
↳ Spend Your Money According To YOUR Plans
One interesting thing
Impatience is one of the biggest challenges of people who want to improve themselves. That’s because we want things to happen fast. We want results, and we want them now. This affects our mental health.
I briefly talk about this in my book, The Stoic Path to Wealth:
“One way we can improve our mental health is by avoiding overexerting ourselves. That’s difficult, because so many of us tend to put too much pressure on ourselves to succeed.”
The key is to avoid imaginary pressure. Simply be consistent in executing the work, and with time, you’ll get to your goals.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
Darius
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