Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#86 – August 28, 2023
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Wise: Philosophy as a way of life
Philosophy is always theoretical until you put it into practice.
The reason I love Stoicism is that it’s easy to integrate into your life. Here’s how I practice philosophy:
- When I read a philosophy book, I always engage in a mental dialogue with the author. I want to make their ideas mine. I do that by visualizing situations I can apply ideas.
- I re-read a few of my favorite books. My all-time favorite is Enchiridion by Epictetus. I carry that book with me everywhere I go. And every day, I read a few paragraphs from it.
- I meditate on life. Every day, I take time to strengthen my Stoic ideas. I do that by writing in my journal. It’s important to write down your philosophy for life in your own words.
If you’re curious about how I apply Stoicism to daily life, check out my article here.
Wealthy: Stock market patterns
As a successful stock market investor, there are three essential principles you must respect.
- Time and risk have an inverse relationship
When it comes to the broader stock market, what is risky in the short term is relatively safe in the long term.
- A business’ short-term stock performance doesn’t dictate its long-term profitability
When you invest in assets with a reliable track record and solid earnings growth, you can have peace of mind that short-term fluctuations will eventually give way to long-term prosperity.
- Consistency beats market timing
The fantasy of every trader is to buy low and sell high. The dream is to repeat that buy low and sell high cycle for every investment you make. If that worked, everyone would beat the market.
You’re much better off if you understand the above principles and work with them, instead of working against them.
More on this in my latest article.
One interesting thing
A powerful reminder to take control of your life from Stephen Covey:
“The key is not to prioritize what’s on your schedule, but to schedule your priorities.”
By doing this, you ensure you’re focusing on what’s important to you.
Thanks for reading! I hope you found this edition of Wise & Wealthy useful.
All the best,
Join the 5-day Financial Freedom Challenge
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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.
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