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Happy Thursday folks!

Before we begin today, I'm writing this newsletter from the serene foothills of the Himalayas in Nepal, where the air is crisp and the world feels wonderfully still. It is calm and peace here, away from the hustle of everyday life. I am thrilled to share a picture I took from my phone this morning reminding me of nature's quiet power to inspire and recharge.

With that same sense of tranquility, here is my favorite passage of the week, two quotes and book of the week with two important lessons to ponder on:

Passage of the Week:

Psychologist and Author Jordan Peterson on the power of vision and direction:

Two Quotes:

Book of the Week with 2 Important Lessons:

The book of the week is Just Keep Buying: Proven ways to save money and build your wealth by Nick Maggiulli.

One of the excellent books on personal finance and investing which offers us a lot of practical advice backed with data and research studies.

Everyone faces big questions when it comes to money: questions about saving, investing, and whether you’re getting it right with your finances. Unfortunately, many of the answers provided by the financial industry have been based on belief and conjecture rather than data and evidence.

In this book, Nick Maggiulli crunches the numbers to answer the biggest questions in personal finance and investing, while providing you with proven ways to build your wealth right away. You will learn why you need to save less than you think; why saving up cash to buy market dips isn’t a good idea; how to survive (and thrive) during a market crash; and much more. By following the strategies revealed here, you can act smarter and live richer each and every day.

Here are two important lessons from the book:

1) How To Spend Money Guilt-Free:

Money is important, but it shouldn’t alarm you every time you see a price tag. If you have ever debated whether you could afford something even when you had sufficient funds, then the problem isn’t you, but the framework that you are using to think about your spending. What you need is a new way of thinking about how to spend money so that you can make financial decisions without worry. To do this, Nick recommend two tips that, when combined, will allow you to spend your money 100% guilt-free.

The 2x Rule: Anytime I want to splurge on something. I have to take the same amount of money and invest it as well. So, if I wanted to buy a $400 pair of dress shoe, I would also have to buy $400 worth of stocks (or other income-producing assets). It removes the psychological guilt associated with binge purchases.

Focus on Maximizing Fulfillment: Your money should be used as a tool to create the life that you want. That’s the point. Therefore, the difficulty lies not in spending your money but figuring out what you truly want out of life. Once you figure that out, spending your money becomes easier and much more enjoyable. The key is to focus on the framing of the purchase rather than the purchase itself. After all, it’s not the purchase that makes you feel guilty, but how you justify that purchase in your head. The easiest way to combat this is to ask yourself whether a given purchase will contribute to your long-term fulfillment.

2) Why Should You Invest?

Three reasons why growing your money is more important than ever before:

To save for your future self. Since one day you will either be unwilling or unable to work, investing allows you to have a pool of resources you can draw upon in old age. Despite how different your future self might be from your present self, research has shown that thinking about your future self is one of the best ways to improve your investment behavior. If you want to save and invest more, be selfish (especially towards your future self).

To preserve your money against inflation. You can think of inflation as an invisible tax that is paid by all the holders of a given currency. The holders pay this tax year in and year out without even realizing it. Their grocery bill slowly climbs, maintaining their property and vehicle gets more expensive, and the cost of their child’s education increases year. Meanwhile, has their pay gone up to offset these increased costs? Maybe it has. Maybe it hasn’t. Either way, the scourge of inflation continues unabated. And while the effects of inflation are usually small in the short run, over long periods of time they can be quite significant. However, there is an effective way to fight back, investing. By owning assets that preserve or grow their purchasing power over time, you can successfully counteract the effects of inflation.

To replace your human capital with financial capital. Human capital is the value of your skills, knowledge and time. While your skills and knowledge can increase throughout your life, you will never get more time. As a result, investing is only way in which you can fight back against the march of time and turn your diminishing human capital into productive financial capital. Financial capital that will pay you long into the future.

Books I am currently reading:

1929: Inside the Greatest Crash in Wall Street History and How It Shattered a Nation by Andrew Ross Sorkin. With 1929, Sorkin delivers an immersive, electrifying account of the most pivotal market collapse of all time with lessons that remain as urgent as ever. More than just a history, 1929 is a crucial blueprint for understanding the cycles of speculation, the forces that drive financial upheaval, and the warning signs we ignore at our peril.

Katabasis by R. F. Kuang. Dante’s Inferno meets Susanna Clarke’s Piranesi in this all-new dark academia fantasy from R. F. Kuang, in which two graduate students must put aside their rivalry and journey to Hell to save their professor’s soul, perhaps at the cost of their own.