We can learn a lot about wealth if we just look to the Stoics. So much so that author Darius Foroux wrote a whole book on it! In his new book "The Stoic Path to Wealth: Ancient Wisdom for Enduring Prosperity," he shares how closely interconnected wealth-building and success are to Stoicism, the philosophy of focusing on the things in life you can control (such as your thoughts, emotions, and behaviours) while accepting those you cannot.
Darius has been practicing this way of thinking for years and has been able to see first-hand the fruits of his labours for doing so. He's been able to take the emotion out of investing, stay disciplined when managing his finances, and not get sucked into the greed trap by remembering that money is just a tool to live the life you want, it's not the goal itself.
📖 CHAPTERS
00:00 Introduction
04:34 Discovering Stoicism and its Connection to Finance
07:16 Integrating Stoicism in Life and Finances
10:11 Investing in the Stock Market and Building Wealth
12:40 Having a Career You Love and Pursuing Writing
15:20 Greed and the Concept of 'Enough'
18:39 Trusting Yourself and Your Judgment
21:09 The Impact of John Bogle and Vanguard
23:42 Focusing on What You Can Control
26:07 Avoiding Quick Fixes and Shortcuts
30:27 Maintaining Your Own Voice and Authenticity
32:29 The Importance of Patience and Emotional Management in Investing
34:16 Avoiding Get-Rich-Quick Schemes and Focusing on Long-Term Strategies
41:56 Applying Stoicism to Financial Decision-Making
48:25 The 90-10 Rule: Balancing Index Funds and Speculative Trading
57:25 Book Recommendations for Further Reading
🤔 TAKEAWAYS
• Stoicism can be applied to personal finance and investing by focusing on what you can control and ignoring everything else.
• Building wealth while remaining honest and providing value in the economy is a key principle of stoicism.
• Defining your own version of 'enough' is important in order to avoid the trap of constantly seeking more.
• Trusting yourself and your own judgment is crucial in making financial decisions.
• Avoid the temptation of seeking quick fixes and shortcuts, and instead follow a tried and true path. • Patience is crucial in investing, as it often takes years to see significant returns.
• Avoid get-rich-quick schemes and focus on long-term, simple investment strategies.
• Emotional management is key in making sound financial decisions.
• The 90-10 rule can be used to allocate a portion of investments for speculative trading while maintaining a core portfolio of index funds.
• Stoicism can provide a guiding philosophy for managing emotions and making wise financial choices.
📌 RESOURCES
Buy a copy of Darius's book "The Stoic Path to Wealth" https://amzn.to/4eACAeb
Enter to win a copy of books featured on this season https://jessicamoorhouse.com/contest
Show notes & transcript https://jessicamoorhouse.com/405
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