The Rich Stoic: Whether You Have Money or Not, Be Content

The other day I read a thread on the Stoicism subreddit about the relationship between money and Stoicism. The majority of the commenters didn’t buy that you could be Stoic and wealthy at the same time. Most folks don’t think the concept of a rich stoic is possible.

In short, they said that Stoicism is about living a simple and stringent life. There’s no room for the pursuit of wealth in that lifestyle.

In this article, I will show you exactly why that’s not true and how you can become wealthy whilst experiencing the mental benefits of Stoicism.

And I’m going to do that by destroying the most common money myths. These are true not only for many followers of Stoicism but also for other modest humans who aim to live simple but rich lives.

Myth 1: Ethics and money don’t go together

It’s true that the self-help, advice, pop psychology, and Stoicism industry is a billion-dollar-a-year industry.

I’ve spent a lot of time reading the Stoicism and Philosophy Subreddits. And in general, there’s a lot of skepticism when it comes to people who create content.

I agree with that skepticism. There are a lot of people who are only out for your money. They see the whole self-help industry as a simple way to earn money. And that’s 100% true, especially if you look at the mind-numbing content on social media that attracts millions of views.

But that doesn’t mean everyone who creates content is evil or isn’t ethical. My two favorite authors in this space are Robert Greene and Tim Ferriss. The amount of wisdom that they’ve collectively put out in the form of books, podcasts, and videos is enough to change the lives of millions of people.

Ferriss and Greene are, in my opinion, ethical creators. While I don’t know them personally, from what I can tell, they are also very wealthy. But you can tell that their content comes from a good place. They are here to share what they’ve learned from others. And along the way, they made a good living from it.

As Epictetus said, you must always be your own judge and choose ethics over money (which is what the mob is after):

“You must be a unified human being, either good or bad. You must diligently work either on your own reasoning or on things out of your control-take great care with the inside and not what’s outside, which is to say, stand with the philosopher, or else with the mob.”

If you always take care of what’s inside first, you will not be driven by what’s outside.

Myth 2: Money is evil

“Anyone who aims to be rich is a grifter or sellout,” one person commented. Again, this is 100% true.

If your sole aim is to make money without explicitly making it clear, you’re a grifter. A lot of false prophets disguise their ads as advice. They pretend they are helping people for free.

But they are simply using mass persuasion techniques to get to people’s wallets.

However, just because grifters want money, it doesn’t mean money itself is evil. Or that money makes everyone evil.

Once again, we turn to Epictetus for answers. He said this about money:

“If you can make money remaining honest, trustworthy, and dignified, by all means do it. But you don’t have to make money if you have to compromise your integrity.”

It might not seem like it, but you can certainly be honest and make money. Take the car salesman or realtor. Everyone says they can’t be trusted. But is that true for all of them?

Of course not. I’ve dealt with untrustworthy and dishonest realtors in the past. But I’ve also worked with honest ones. My brother bought a condo a few years ago, and the realtor even talked him out of overbidding by a lot.

Wait, what? A realtor who actually tells you that you’re offering too much money? Yes, they exist too. Not all of them are driven by commissions.

You know, there are also people who work in real estate who actually feel good when they help another human being with their primary need, which is to find shelter.

I own two rental properties, and one of my tenants has been with me since 2020. I haven’t raised his rent once. He’s a high school teacher who takes care of my property.

Why would I raise his rent every year? My bank also doesn’t raise my interest rate every year for my own house. Plus, I’m already profiting from the rising property value.

Ultimately, the Stoics were about making the world a better place.

Myth 3: If you pursue money, you will also pursue sex, drugs, and rock & roll

A healthy obsession with money is okay. My obsession with building wealth comes from my childhood.

As a child of immigrants, I lived with a constant fear of not having enough money to live well. We always lived from paycheck to paycheck and my parents often fought over money.

My only desire back then was to have enough money so I never have to worry about that anymore. So I pursued money because of that reason.

Along the way, I discovered philosophy and in particular, Stoicism. I realized that money is only a means to an end. And that getting on the hedonic treadmill, fulfilling all your desires is a one-way ticket to destruction.

If you pursue desires like sex, drugs, and partying, you will find that there is no end to that journey. Everyone realizes that sooner or later.

The problem is that some people are so deep in that lifestyle that it’s impossible to break free. The other people who realize it on time can give it up and get on a more philosophical path.

What does that even mean? According to Seneca, one of the wealthier Stoics, a good life is about the following:

”Happy is the man who can endure the highest and lowest fortune. He who has endured such vicissitudes with equanimity has deprived misfortune of its power.”

No matter how great, fun, boring, or hard life is, a Stoic will find happiness and tranquility.

How to be a rich Stoic

Let’s put everything together. Yes, you can be Stoic and pursue wealth. And you can also be a wealthy Stoic. Here’s how:

Earn an honest living: Focus on earning money through honest and ethical means. Prioritize your values and integrity over quick gains. This aligns with the Stoic principle of living according to your values.
Invest wisely: Use a disciplined approach to investing. Avoid getting swayed by market hype and short-term fluctuations. Instead, focus on long-term growth and stability, which reflects the Stoic emphasis on patience and rational decision-making.
Manage your emotions: Cultivate emotional resilience to handle market volatility and financial uncertainties. By managing your emotions, you can make more rational and less impulsive investment decisions, embodying the Stoic practice of maintaining equanimity.
Develop unique skills: Invest in yourself by developing unique skills and talents. This not only enhances your earning potential but also aligns with the Stoic idea of self-improvement and mastery.
Live simply: Embrace a lifestyle of simplicity and moderation. Avoid excessive consumerism and focus on what truly matters, such as honor, integrity, and personal growth. This reflects the Stoic value of living a life of virtue over material excess.

By following these principles, you can achieve financial success while staying true to Stoic philosophy.

Wealth, when pursued with wisdom and integrity, can be a tool for living a virtuous and fulfilling life.