Welcome to Wise & Wealthy: A weekly newsletter full of proven ideas to become smarter and wealthier. I send this every Monday.
#113 – February 26, 2024
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Wise: Learning from other people
By observing how successful people accomplish their goals, you can develop an understanding of their strategies and apply them to your own life. Here are some tips for effective observation:
- Pick one or two people who have achieved success in the area you want to learn more about. This will help ensure that you don’t get overwhelmed with too much information.
- Observe and take notes on what they do. Paying special attention to any patterns or trends in their practices and behaviors.
- Ask yourself: “How might I replicate what this person is doing?” or “What lesson can I learn from this person’s approach?”
- Make an effort to try out what you observe. Experiment with different techniques and approaches until you find something that works for you.
- Share your observations with others. Not only will this help other people grow, but it may also give you further insights into your own learning process.
By taking the time to observe successful people, we can learn useful lessons and improve our understanding of our chosen field or activity.
↳ Learn From People Who DO; Not Those Who “Preach”
Wealthy: Timeless investing ideas
Bernard Baruch was one of the most successful investors in the early 20th century. By the time he was 33 in 1903, Baruch had amassed an estimated fortune of $3 million. That’s about $105 million in today’s dollars.
One of my favorite quotes from Baruch is this:
”Only liars manage to always be out during bad times and in during good times.”
There are always people who make it seem like they are selling the stocks that are going down and buying the ones that are going up.
I find that hard to believe. If anyone could time the market, they would be the wealthiest person on the planet. Market timing is a myth.
I share 6 more timeless investing ideas I’ve learned from Baruch in this article.
↳ 7 Timeless Investing Ideas from Bernard Baruch
One interesting thing
I recently read Thinking in Systems by Donella H. Meadows. It’s a great book for decision-making and improving your thinking.
Meadows argues that everything in the world is a system, whether it’s culture, organizations, or individuals. She said:
“A system is an interconnected set of elements that is coherently organized in a way that achieves something.”
The key to designing systems in your life is to focus on the goal. What do you want to accomplish?
A system should make that simple for you.
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