Stoicism is an ancient Roman and Greek philosophy that has had a strong impact on my personal journey to financial freedom.
And it’s not just my own..
Entrepreneurs like Tim Ferriss, Mark Cuban, and Warren Buffet practice ideas that were all derived from this philosophy.
And since all of them are ultra successful, could it be possible to get rich by practicing stoicism?
Today we will go over the 5 ways you can get “rich” by practicing stoicism.
Principle #1: Live BELOW YOUR MEANS
“Frugality Makes a Poor Man Rich” – Seneca the Younger
So if you want to get rich fast, you need to value things that are cheap.
It’s no surprise that Warren Buffet is worth more than $78 billion yet still lives in the same house that he bought in 1958 for $31,000.
This is exactly what he has to say about this..
“My life couldn’t be happier. In fact, it would be worse if I had six or eight houses. So, I have everything I need to have, and I don’t need any more because it doesn’t make a difference after a point.” – Warren Buffett
It’s not that he is a cheap person. It’s because the things that he values are cheap.
He doesn’t really care about looking rich.
All he cares about is maintaining a certain lifestyle while seeing the numbers grow.
So after studying so many successful people, I too, wanted to take this idea into account and apply it into my own lifestyle.
Now instead of valuing things like fancy houses and nice cars, I valued things like freedom and travel so much more.
And I put myself in the situation of being frugal and practicing minimalism because it just makes me focus on only the essential things without worrying about all the useless crap.
Or as Mark Cuban says..
“The more you stress over bills, the more difficult it is to focus on your goals. The cheaper you can live, the greater your options.”
And it was because of the fact that I chose to be frugal and live a minimalistic lifestyle that I’m not burdened by unnecessary bills and purchases.
So here I am, living a simple life here in Chiang Mai, Thailand where I could focus on aggressively saving for my future.
Principle #2 LIVE As If You Will DIE In 10 Years
“You squander time as if you drew from a full and abundant supply, though all the while that day which you bestow on some person or thing is perhaps your last.”– Seneca
Now here’s a little exercise I like doing.
Imagine you guys are on a train track.
And on this train track, you can move forward and backward, but you are not allowed to jump off.
All of a sudden you hear the noise of an approaching train.
It’s only a mile away, and no matter what you do, it’s going to hit you.
Now what would you do if you were in this situation?
Even though the rules of the game prevents you from jumping off the train tracks to save yourself, you would probably still be highly motivated to at least take action in the opposite direction.
Now let’s take the same situation except that lets push the train back but this time it will take 50 years to hit you.
At first you would probably be worried and start running.
But as days go by and you’re still alive and you realize that you’re not in any immediate danger,
you start relaxing, don’t you?
Maybe you don’t run as fast…
And eventually, you just stop because you realize that it’s not gonna hit you for a long time.
So why worry about it now?
Well, freedom fighters, this is the problem with most people – it’s called LIFE and we are in this exact same situation.
The problem with most of us is we think we have all the time in the world. Little do we know, the train that’s about to kill us is just around the corner.
And it is only at the time on our deathbeds do we finally regret the choices that we’ve never made..
The business that we’ve never started or the fears we’ve never embraced because we just thought we had all the time in the world.
Principle # 3 Every Challenge You Face is GOOD For You
“A gem cannot be polished without friction, nor a man without trials.” – Seneca
Do you want to know why most people fail?
It’s not because the business ideas suck, it’s because so many people out there want to experience success but very few are willing to pay their dues.
It’s like how so many people want to go to heaven but very few are willing to die for it.
Challenges and struggles are GOOD.
Because it kills your competition.
Whenever you’re in a situation where you are faced with problems that are way too hard and you just want to quit..
Know that every single person in entrepreneurship is going through the exact same thing.
And the truth is 95% of these people who are dealing with the SAME struggles as you just straight up quit.
Principle #4 Live As If You Were Already Rich
“The happiness of your life depends upon the quality of your thoughts.” – Marcus Aurelius
What does it mean to live a rich life?
Before you answer that having a lot of money can assure you a successful and wealthy lifestyle..
Know that there are millionaires and billionaires out there that are fat, depressed, lonely and have terrible personalities.
Here’s another question:
Would you trade your place with a billionaire but the billionaire is also bedridden and about to die?
That’s why right now… YOU, my fellow freedom fighters have to realize that you are already RICH!
You don’t need millions of dollars to feel rich.
All you need is the fact that you woke up today ALIVE and HEALTHY with the HUNGER and the MOTIVATION to actually go out there and fight for your dreams.
Even if you have no money whatsoever.
Understand that 80% of the world’s population live on $2 a day.
So if you’re reading this and you have the internet to learn and the health to fuel it. .
You are already rich, you just have to put in the work.
Because everything that you’ve ever wanted out of life already exist out there, you just have to go get it.
Principle #5 Only YOU Know What is Best For You
“We all love ourselves more than other people, but care more about their opinion than our own.”–Marcus Aurelius
I didn’t know what it meant to be rich when I was younger. And that is because my parents had no idea either.
They told me, “Mike.. in order for you to become successful, you need to go to school, get good grades and become a dentist and earn a six-figure salary.”
THEY WERE WRONG.
And once I started making money online, people started to ask me questions like..
“Mike, if you’re making all this money, why don’t you buy yourself a fancy house or a nice car?”
Well, those people were also wrong. .
Because at the end of the day, it doesn’t matter if your definition of what it means to be rich matches someone else’s..
At the end of the day, YOU get to define what it means to live a rich life.
For me, a rich life is something where every single day, I accomplish these three questions which I got from Brendon Burchard:
- Did I love?
- Did I live?
- And did I matter?
So don’t get lost on this journey to making money online because there’s so many people that fall in the trap of just making more money and continually work just for work’s sake.
You want to make sure that you ask yourself these three questions every single day because these are the questions that really matter.
For example.. Did you live?
Did you actually take the money that you’ve earned and started living your life?
For me, I could just stay in Chicago but I would rather travel the world, do mini-retirements in places like Chiang Mai Thailand, in Budapest, in Poland, in Columbia, or in Argentina
And just live my life in my own definition and not live it using others. .
Did I love?
Did I actually spend the time with people who I care about, to meet new friends, to appreciate my family, to hang out with whoever I want to instead of spending all my time at a job?
And did I matter?
Am I just making money for making money sake or am I actually creating an impact that will still be remembered even after I die?
Because that’s really what’s important..
The fact that just from one life, you were able to help someone else’s for the better.
It’s like what Will Smith said..
“If you’re on this Earth without the intention of making someone else’s life better, then you are wasting your time.”
As long as I could say yes to all three of these questions, then I know I’m already living a rich life.
QUESTION: How do you define what it means to live a RICH life? Comment below!
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