Wednesday October 5th, 2022
Issue 1006
Welcome to the Wealthy Wednesday newsletter where I give you weekly updates, downloads, inroads, and outtakes from the personal finance world and beyond.
Good Morning!
I recently read a great book called “From Strength to Strength” by Arthur C. Brooks where he states the following definition: Satisfaction = What you have divided by what you want. This makes a lot of sense when you think about it.
If I have a Toyota, and I want a Toyota, then I am satisfied. If however, I have a Toyota but I want a Tesla, then I am dissatisfied. As a result of this dissatisfaction, I may choose to work harder, to make more money, to buy a Tesla thereby achieving satisfaction.
Since we are deeply programmed to always want more however, the satisfaction is temporary. Before I know it, the desire for my old Tesla wanes, and I find myself salivating over a new Porsche EV, continuing the cycle of working hard to have, or buy, or be more.
My new mantra is “Want Less.” And while this flies in the face of conventional wisdom, social media influencers and ad agencies, wanting less helps me feel more grounded and grateful for what I have. It stops the unnecessary spending and acquisition of things, resulting in more time on my hands and more money in my pocket. In this way, Mick (and the rest of us) can finally get some satisfaction.
Finally some "Satisfaction!"
Notables for the week:
We have just finished the 3rd quarter of the year, so it’s a good time to update your personal balance sheet and see how your finances are doing. Tracking your assets and liabilities (what you own versus what you owe) is a first step in getting clarity on your finances and planning for the future. Like I always say “It’s difficult to get to where you are going, if you don’t know where you are at”.
While Q3 was likely tough times for your net worth, hopefully inflation is coming to halt and markets will begin to settle. I always liked the 4th quarter for a nice come from behind victory.
I hope you enjoyed this week’s newsletter.
Please feel free to write back with any questions or comments.
For more information, you can click here. Otherwise I will see you next Wednesday.
To your continued abundance,
Craig “cLove” Saloner
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