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Happy Thursday folks!

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:

Professor and Author Cal Newport on putting more thoughts into our leisure time:

Two Quotes:

Book of the Week with 2 Important Lessons:

The book of the week is The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life by Nick Maggiulli.

An essential read on building wealth, with a straightforward framework, compelling stories, and a smooth blend of data and logical analysis. It offers clear, actionable advice on adjusting one’s approach to money across different life phases while sidestepping common pitfalls through experience.

In a world where interest rates shift, careers take new turns, and desires evolve, our financial strategy must keep up. This is why The Wealth Ladder breaks wealth into six distinct levels, each demanding its own strategy. What works at Level 1 won’t cut it at Level 6 and vice versa. You’ll learn exactly how to handle your spending, income, investments, and more, with tailored advice for every stage. The result? Smarter choices, less stress, and a clear path upward. Because building wealth isn’t just about hard work, it’s about applying the right strategy at the right time to focus on what matters most.

I highly recommend both of Nick’s book – Just Keep Buying and The Wealth Ladder.

Here are two important lessons from the book:

1) The Six Levels of the Wealth Ladder:

Sometimes effort alone doesn’t determine our results; how and where we apply that effort does. The same thing is true when it comes to building wealth. Having the wrong framework when trying to get ahead financially can leave us spinning our wheels with little to show for it. Many of us try to fix this by working more hours or following the latest financial advice, but we still don’t see a big change. We then attribute our lack of success to our work ethic, our boss, or bad luck, when the problem has been our approach all along. 

Wealth isn’t a straight line, it’s a ladder. And each rung of this ladder corresponds with a wealth level that will impact nearly every facet of our financial life. From how we spend money, to how we earn it and how we invest it, each level of the Wealth Ladder is unique.

 The six wealth levels mapping the different economic classes and relating their spending categories:

What we do for money should change as we get more of it. Income creates wealth. This is the strongest relationship in personal finance. It’s rare to have high income with low wealth or high wealth with low income. Our income today is the foundation of our wealth tomorrow.

To raise our income, we should build skills and increase our leverage. We should find the strategy that works for us. The correlation between how individuals invest and their wealth on the Wealth Ladder is quite strong. As people move up the Wealth Ladder their assets tend to shift from things that cost them money to things that make them money.

2) Learn Today, Earn Forever:

Education is a form of leverage. Instead of leveraging other people’s time or other people’s money, we leverage our own knowledge. In this way, our education can be thought of as an asset, like a stock or bond. But it’s even better asset than either of those, because no one can take it away from us. Our education is an asset that will pay us dividends for the rest of our life. Once we have it, we can do higher-value work and get paid more indefinitely. In other words, learn today, earn forever.

Getting an education is about working smarter, not harder. It’s about generating a higher return on our most scarce resource: our time. Unfortunately, this requires more effort than we’d think. So where should we start? How do we make the right choice for our education and, ultimately, our career? What we choose to do in our career is one of the most important decisions we will make in our life. It will determine what we think about, who we interact with, and how we build our wealth.

Paul Graham, the founder of Y Combinator, wrote an essay titled “How to Do Great Work” that provides us a useful starting point. As he says, “The work you choose needs to have three qualities: it has to be something you have a natural aptitude for, that you have a deep interest in, and that offers scope to do great work.” Nick reformulate Graham’s third point to be “what people will pay for” in this book. Not only is this more concrete, but it also reflects what work represents to most people, a way to earn money.

Books I am currently reading:

Living Untethered: Beyond the Human Predicament by Michael A. Singer. A transformative and highly anticipated guide that will be your compass on an exciting new journey toward self-realization and unconditional happiness.

Mistakes That Made Me a Millionaire: How to Transform Setbacks into Extraordinary Success by Kim Perell. In this book, Kim Perell shows how mistakes aren’t detours but stepping stones, offering a roadmap to bounce back with confidence and transform failures into opportunities.