This is the third of four essays I’m publishing every Thursday, leading up to the launch of my book, The Stoic Path to Wealth.
Over the course of these four essays, we will uncover why Stoic wisdom can make you wealthy. If you missed the previous edition, read it here.
Consistency really pays off
Successful investing is not about figuring out what strategy is best; it’s about staying committed to a strategy that works. In today’s world, that’s one of the hardest things to do.
I honestly think it’s impossible to be consistent as an investor if you don’t have a clear-cut way of managing your emotions. You just have to spend 10 seconds on YouTube, Instagram, or X, and you’ve seen 20 people who all contradict each other.
- “Don’t invest in stocks! Buy real estate instead!”
- “The housing market is going to crash, buy gold!”
- “Everything’s going to crash, buy Bitcoin!”
And every person who’s preaching about their sure way of getting rich is a multi-millionaire. They pretend they have “the” solution to investing.
Howard Marks warned us against people who try to trick investors in his book Mastering the Market Cycle:
“I’ve seen dozens of silver bullets touted over the course of my 48‑ year career. Not one has proven out. No investment strategy or tactic will ever deliver a high return without risk, especially to buyers lacking a high level of investing skill.”
If there were silver bullets, we all would know about them. That’s not something you can keep secret.
Look, I’ve been investing for 17 years. I’ve read every single important investing book there is. I’ve talked to extremely wealthy people.
The secret to building wealth is simple: Pick an investing strategy, and execute it without diverting an inch. Stay the course.
My father’s best friend is an accountant who works with some of the wealthiest people in The Netherlands. The other day, we were having lunch when the topic of building wealth came up.
“Most of my wealthy clients inherited money and simply got richer,” my father’s best friend said. “And then there’s a smaller group who started from nothing. They just got a little bit wealthier year by year.”
This is the harsh reality that no one really talks about. You don’t really hear it on social media.
If you want to be wealthy, you don’t have to hit a home run. Forget about the people who make hundreds of thousands or millions a month. The odds of accomplishing that are extremely low.
We’re much better off when we aim to just get a little bit wealthier every year. This also aligns with the Stoic way of life. Epictetus, one of the more stringent Stoics, once said:
“No great thing is created suddenly, any more than a bunch of grapes or a fig. If you tell me that you desire a fig, I answer you that there must be time. Let it first blossom, then bear fruit, then ripen.”
In a similar way, if you tell me you desire wealth, I answer you that there must be time.
Earn a living. Save your money. Invest. Repeat.
All the best.
-Darius
P.S. Next week we’ll tie all the topics we’ve covered until now (greed, fear, consistency) together into the ultimate outcome: Financial freedom.
Meditate on this…
“First say to yourself what you would be; and then do what you have to do.” — Epictetus
Take a moment and think about what you currently are not doing, but wish to do.
This could be related to investing and wealth or any other area of your life. What aspect of your life do you want to improve?
Now, open a note on your phone or grab a notebook and write those things down.
Then, take these desires and translate them into actions. What exactly do you have to do daily to become what you want to be?
Start executing. Now it’s only a matter of time before you actually become what you want.
Order The Stoic Path to Wealth
My new book, The Stoic Path to Wealth (Portfolio / Penguin), is out now.
If you order before the week ends, you will instantly get free access to 4 products, worth over $500.
Learn more here: stoicpathtowealth.com
