Wise & Wealthy: 8 stages of life and personal finance guide

Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.

#83 – August 7, 2023

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Wise: Stages of life

I recently learned about the work of Erik Erikson, the psychoanalyst who coined the term, “identity crisis.” 

Erikson was interested in how our upbringing impacts our personality and success in our lives as adults. He said:

“Every adult, whether he is a follower or a leader, a member of a mass or of an elite, was once a child. He was once small. A sense of smallness forms a substratum in his mind, ineradicably. His triumphs will be measured against this smallness; his defeats will substantiate it.”

Erikson found that our personality traits unfold in 8 stages throughout our lives. I was struck by how accurate his 8 stages were.

A key takeaway is this: We are defined not just by who we are in the present, but by how we managed our past experiences.

Fascinating stuff if you’re interested in learning more about what makes you the way you are. 

↳ The 8 Stages of Life That Make or Break You


Wealthy: Personal finance guide

I used to be very bad when it came to personal finance. I didn’t even use a savings account until my late twenties. 

Sure, I had one, but I just left all the cash I had in my checking account.

That’s the best strategy for going broke. 

If you keep your money in our checking account, you’ll probably spend it all, or you’ll get lured in by speculative investments. And you don’t end up saving or investing for the long term.

If you’re confused because of all of the contradicting financial advice out there; this article is for you. 

The goal of this guide is to help you get more control over your personal finances.

I will share proven strategies and methods that people use not only to manage their money but also to generate more money.

↳ Personal Finance Guide: Manage Your Money Like A Boss


One interesting thing

Co-working spaces have become increasingly popular, offering a collaborative environment for start-ups and freelancers. 

However, a new study suggests that co-working spaces limit creativity and innovation over time.1Source: Science Daily

Initially, co-working spaces facilitate networking and social interactions, but as they focus on occupancy and scalability, the quality of interactions declines. 

In my experience, too many people go to co-working spaces or networking events and wait until something happens. That’s a passive approach. To do great work, be proactive and take matters into your own hands.


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.

Financial Freedom Challenge

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

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