The value of good decisions

Introducing a premium membership

Learning to choose is hard. Learning to choose well is harder.
And learning to choose well in a world of unlimited possibilities is harder still.
– Barry Schwartz

Decisions are the atoms that life is made up of. From the time that you wake up in the morning to the time you go to bed, you’re making decisions every moment you’re awake – What to eat for breakfast, what to wear, what podcast to listen to, whether to hit the gym or not, whether to buy a Starbucks coffee or make an iced-coffee for 20 cents, and so on…

And yet, your progress in life is not based on the number of decisions you handle: It’s based on the quality of decisions you make.

Top executives understand this. Jeff Bezos makes sure that he takes only three good decisions a day – because every extra decision competes for your mental resources. Steve Jobs famously decked his wardrobe with identical turtlenecks so that he could reduce “decision fatigue”. Nowhere is this more evident than in the field of investing: You can make hundreds of buy and sell decisions in a week as a day trader with no guarantees of a profit, or you could buy one fund and hold it for life. Though this seems simple, it’s not easy. Like Charlie Munger said,

Why should it be easy to do something that, if done well two or three times, will make your family rich for life?

On the surface, the principles that matter to build wealth and create a fulfilling life are very few – but understanding something isn’t the same as internalizing it. The life situations that you will face as an investor are limited. But what makes it hard to decide is the sheer number of choices you are faced with every day:

• How will the Fed’s rate hikes affect your investment plans?

• Should you buy a house this year – or wait?

• How can you use debt as a tool to build wealth?

• When and how should you start saving for retirement?

• How can you not be your own worst enemy in investing?

The reason I started this newsletter is to help share what I have learned and experienced throughout my life, as a self-proclaimed personal finance enthusiast.

In response, your support has been overwhelming – In one year, this newsletter has gone from zero to nearly 40,000 subscribers. We have covered everything from the rate hikes to the growing dominance of China to the twists and turns in the housing market to the collapse of Silicon Valley Bank, while also talking about how you can build your credit score, create sources of passive income, and keep track of your net worth. Building good investing habits is about learning the same set of basic principles in many contexts and situations, and sticking to solid ideas in an ever-changing world. That’s why I use stories and real-life experiences to connect this information to your life. Now I want to take things to the next level.

Graham’s newsletter now has a premium plan with two tiers: Primary and Founder. Members will start getting premium content from 13th April. Becoming a primary member will give you access to:

• Extensive courses that dive deep into practical, actionable topics over multiple issues. The first course “How to save up for a House” is coming up this Thursday.

• Exclusive premium-only content – Pieces covering market commentary, investing education, and insights from entrepreneurs and creators that are not covered in free issues or video content – and tools to help you save money.

• Priority engagement – I will be hosting regular AMA chat sessions and discussion threads where I will be answering your general questions about personal finance, real estate, and more.

The primary tier costs $20/month or $200/year (17% off for the annual subscription). As a special early access offer, there’s a 25% discount – for everyone who subscribes on or before 13 April, the primary tier will cost $15/month or $150/year.

There will be at least one and often more than one premium article every week, which adds up to more than 50 exclusive pieces of content in a year!

The Founder Tier is for those who want to dive one level deeper. They will have access to a Founders Group Zoom call with me once a month and exclusive founder-tier events. The Founder tier costs $1200/year. (There is no monthly option due to how Substack works)

Before going any further, I have to say this: If you are a free subscriber and choose not to subscribe, I totally understand. Every like, share, comment, and kind e-mail has kept me going and grown the newsletter to what it is today. Your support means the world to me, and this isn’t going to change anything about the weekly content – You will still get the deep-dive article on Wednesday and the weekly round-up on Sunday. Make the decision to upgrade your subscription only if you can afford it. But if you choose to subscribe, I’m sure that you will get more than you pay for, and you can always choose to cancel if you don’t like it.

At the same time, I want you to know what you are getting into. This is NOT what you should expect:

• Individual stock picks or security selections.

• Financial Advice or Recommendations.

• Updates that will let you time the market.

• A forum for self-promotion.

• Real-time responses to all emails and comments.

The thing that’s had the most impact on my growth over the last decade is investing in my own learning. I want to help you do the same.

Thanks so much for reading! See you on the other side :) – Graham Stephan.

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Disclaimer: Graham’s Newsletter is a financial research, news, and educational publication including free newsletters, premium content, courses, and other content produced under this brand. We do not offer financial advice and are not financial advisors. We provide general information, research, opinions, & news coverage to viewers. However – we do not provide personalized financial advice, and are not financial advisors.

You should not treat any opinion as expressed as a specific inducement to make a particular investment or follow a particular strategy, but just as an opinion. Please do your own due diligence and use at your own risk.