Over the course of four essays, we will uncover why Stoic wisdom can make you wealthy. Here’s what you can expect.
Table of Contents:
- #1: On greed
- #2: On fear (coming on July 4)
- #3: On consistency (coming on July 11)
- #4: On financial independence (coming on July 18)
Let’s get started.
Essay 1: On Greed
If you don’t get greedy, you can get wealthy
Everyone who loves the stock market knows the phrase, “Greed is good.”
That’s from one of my all-time favorite movies, Wall Street, starring Michael Douglas and Charlie Sheen.
The movie is from 1987, and it perfectly captures the greed that was widespread in the financial world. But greed is as old as the dawn of civilization.
And greed has always been one of the biggest obstacles to becoming wealthy. Because what does it even mean to be wealthy? If you ask me, I say, “To have freedom.”
It’s safe to say that freedom is a universal desire of human beings. After all, who doesn’t want to decide what to do with their life?
The first realization we must have when it comes to wealth and freedom is this:
- Money is a means to an end
- And that end is to live peacefully, on your own terms
- To have no stress and anxiety about your future well-being
That’s wealth. That’s true freedom.
The ancient Stoics provided a wealth of information about how to accomplish that.
I’ve been reading the works of Epictetus, Marcus Aurelius, Seneca, and other Stoics for 10 years now. And I was always surprised why no one talked about how valuable their lessons are when it comes to achieving financial freedom.
One of my first “money” lessons from Stoicism was about greed.
From the beginning, the Stoics encouraged their students to choose the middle path of life, also called the “golden mean.” They didn’t renounce the pleasures of society, nor did they run away from hardship. They offered a balanced view on every topic in life.
Seneca, one of the wealthier Stoics, talked about the golden mean in relation to money and its excess as follows:
“You ask what is the proper measure of wealth? The best measure is to have what is necessary, and next best, to have enough.”
But if you let greed creep into your system, you will never have enough. You will be obsessed with money. You will let your world revolve around it.
The relationship between greed and money often follows a U-curve. When we have little money, we’re greedy because we need more to live well. But when we have a lot of money, we tend to keep accumulating it for the sake of having more.
This is why it’s critical to neutralize greed. And let’s face it, we all have it in our system because it’s a human emotion.
We hear about how so-and-so made X dollars with crypto. Or we see our co-workers and friends drive the latest cars and fly off to Bali on vacation.
We start thinking, “What can I do to pay for those things?”
In those moments, we should remind ourselves that we don’t want to fall into that trap. Your freedom is more important than owning a big house or driving a fancy car.
Simply aim to have enough money.
As Jack Bogle, the founder of The Vanguard Group investment company, which has the second biggest global assets under management in the world, once said:
“Enough is one dollar more than you need.”
When we have enough money, we can be mentally and practically content with what we have.
That’s true freedom. When your mind is at peace with the present moment.
When you become too obsessed with chasing money, you sacrifice more important things. Like your health or time with people you care about. You can’t turn back time, no matter how much money you make.
Remember the age-old lesson of the Stoics: Money is a means. True wealth is about living a good life and having enough resources to fulfill one’s duties and responsibilities.
Stoic philosophy teaches us to be content with what we have and to practice moderation and simplicity.
Stay balanced!
-Darius
In next week’s edition, I cover another human emotion: Fear.
Meditate on this…
At the end of every main chapter of The Stoic Path to Wealth, I share a relevant quote from a Stoic philosopher. My goal is to turn these quotes into thought exercises.
I call these little segments “Meditate on this…” I want to share one about greed with you here.
“Contentment comes not so much from great wealth as from few wants.”
— Epictetus
Think about the last time you felt content and were appreciative of what you had. Now, think of the last time you were thinking about something you wanted.
I bet you have thought about something you wanted very recently. I do it all the time too.
Just remember to be content. That’s the best mindset to actually improve your life.
Pre-order The Stoic Path to Wealth
My new book,The Stoic Path to Wealth (Portfolio / Penguin), comes out July 16th.
If you pre-order the book before the launch, you will instantly get access to 4 products, worth over $500.
Learn more here: stoicpathtowealth.com
