While on vacation this week and next, I’m recycling some select posts from this year that are evergreen. I will be back on the regular schedule soon.

• This newsletter is actionable. Each week you will have concise steps to take if you want to make progress.

• The content follows a 3 Pillars framework each month: grow income, reduce expenses, and save more.  

• Week 4 is up for grabs topic-wise.

• Really any topic regarding money and wealth building can be covered.

• Send your questions to me at [email protected] and I’m happy to answer them here to the best of my ability.

This Week’s Wildcard Topic

I’m starting by answering a question I was asked recently and thought it worth diving into. Below is also my brief response.

What do you think is the biggest mistake people make with their money? Being too concerned with other people's lives and their money. That "comparison is the thief of joy" quote stands out because it seems we humans are hard wired for comparison. We have to make a conscious effort to avoid that in order to be truly happy and successful. 

The Folly of Comparison

• This is especially the case in today’s social media age

• You’re no longer just “keeping up” with your neighbors or friends.

• You now have opulent examples across the globe in your feed daily.

• There will always be someone else you think has it so much better than you.

• Morgan Housel puts this well: “it’s a battle that can never be won, or that the only way to win is to not fight to begin with—to accept that you might have enough, even if it’s less than those around you.”- Morgan Housel

  

The Same In Any Language?

Wanting more might be the American way for many but does that make us happier people?

• A place where there is less of that sentiment and more happiness is Finland.

• Per the World Happiness Report Finland has been ranked #1 for 6 years running.

• Frank Martela is a Finnish psychologist and researcher who in a piece for CNBC listed 3 reasons why. Want to guess what lead the list? (The below excerpt is from CNBC.com).

What actually makes someone happy?

• Fascinating insight comes from an 85 year study on happiness from Harvard.

• The leading determinant is not financial but something we can discover for free. The below excerpt again from CNBC.com.

What Can You Do This Week?

If you want to avoid comparison and boost happiness, below are some tactics plus this piece here from Psychology Today.

• Try a gratitude journal

• Serve those in need in your community. Your local church community outreach ministry is a great resource.

• Make genuine, healthy connections with friends and family. If you’re a man, here’s a great place that I’ll always recommend to start.

• A book I provide to my clients is The Psychology of Money. Chapters 2 and 3 especially if you can’t read it all, are very impactful.

• There is an accompanying workbook too and the below exercise touches upon this topic of enough and why comparison can be futile.

  

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