The Darius Foroux Show: Mindset, Business, Money Darius Foroux

There are 3 rules to become wealthy and still live like a Stoic. Because, if you’re like me, we don’t really aim to become famous or own fancy cars.



We simply want to build wealth so we can have peace of mind. That’s the key to a wealthy and satisfying life.



In this video, I talk about the 3 Stoic rules to achieve the above. We’ll dig into thriving in a winner-takes-all economy, breaking through misfortune and bad things in life, and becoming more resilient through the regular meditation on loss.



When we follow these 3 Stoic rules, we give ourselves the mental capacity for growth - which is the key to progress and inner fulfillment.



Grab your copy of The Stoic Path to Wealth here:

http://stoicpathtowealth.com/



#Stoicism #WealthBuilding #PeaceOfMind #Resilience #Meditation #PersonalGrowth #InnerFulfillment #StoicPhilosophy #MentalStrength #LifeAdvice



Timestamps:



00:32 - 3 Rules to become wealthy and live like a Stoic

00:48 - About Me and The Stoic Path to Wealth

01:06 - Rule #1: Demand the best of yourself

01:38 - What is Stoicism? It’s a framework for living. (And a very simple philosophy to follow)

02:30 - What does this First Rule do to you in terms of wealth? (Winner-takes-all economy)

04:09 - How to get value + inner satisfaction while earning more

05:33 - Rule #2: Misfortune is actually fortune

06:18 - Marcus Aurelius on the impediments to life

08:15 - Looking at the bad things that happened to you as fuel/wealth

09:13 - Rule #3: Thinking about loss makes you tougher

09:44 - Seneca on the foresight of loss

10:29 - Regularly meditate on taking losses

11:23 - “I’ll be fine” mindset

12:29 - Why a lot of folks stagnate, at some point, in their careers

13:18 - The key to all three rules

13:42 - Why people in today’s world are not progressing

What does it mean to be wealthy? It's a common belief that being wealthy means having lots of money. That’s true on some occasions, but it’s not always the case.



My book “The Stoic Path to Wealth”, introduces another way of looking at life. This is the first book that combines wealth building and investing with Stoicism. Because the Stoic philosophy is about focusing only on what you can control and disregarding anything else. It’s a philosophy you can apply to every aspect of your life, especially wealth.



To lead a wealthy life while remaining Stoic is to manage your emotions and focus on what you can do with your own money. In this video, I will summarize the most important points of The Stoic Path to Wealth.



Grab your copy of The Stoic Path to Wealth here:

⁠http://stoicpathtowealth.com⁠



#WealthBuilding #Stoicism #Investing #FinancialFreedom #StoicPhilosophy #PersonalFinance #MoneyManagement #TheStoicPathToWealth #EmotionalIntelligence #LifePhilosophy



Timestamps:



0:10 - My investment journey

0:58 - To become financially independent is the ultimate goal in life

1:27 - About me and The Stoic Path to Wealth

2:20 - Having a sense of financial independence gives you a lot of confidence

3:00 - The reason I wrote this book

3:25 - Other ways of becoming wealthy other than having a lot of money

4:58 - Why you need to invest

5:34 - The problem with not investing

5:54 - You need to own assets

7:30 - Divorce your time with your income

8:00 - This book is a way of life

8:15 - Money isn’t evil

8:50 - The key to building wealth is to manage your emotions

9:02 - Stoicism is to focus on what you can control

9:24 - Stoicism was a philosophy primarily for wealthy people (but not anymore)

10:30 - We are all rich

11:07 - You can apply Stoicism to every single area of your life

13:27 - The key to becoming wealthy in a Stoic way is by acquiring the Stoic Edge

13:35 - The best investors say you need to have an Edge

13:45 - Size Edge

15:08 - Quant Edge

16:47 - History really matters

17:20 - Information Edge

18:02 - This is very difficult in today's period

18:24 - The Stoic Edge is easily attainable

19:21 - Simply buy an S&P 500 index fund

20:31 - Principle 1: Valuable skills are better than money

21:31 - Focus on becoming the best at what you do

22:08 - Form the habit of investing by starting out early with any amount that you can miss

22:47 - If you look at yourself as an investor, you will take it more seriously

24:22 - Principle 2: Accept loss

25:11 - The stock market is either going up or going down

26:24 - Be comfortable with short-term losses

27:32 - Let the money do it’s work for you

28:36 - As long as the economy keeps going up, the stock market will also keep going up

30:06 - Changing your mindset when it comes to taking losses

30:32 - You have to manage your greed

31:45 - Principle 3: Compound your money

32:20 - You can’t really count on short-term results

33:05 - To truly compound your money, you need a certain confidence

35:50 - Final Message

36:56 - It’s not a matter of “if” you become wealthy, it’s a matter of “when”

37:51 - Make sure that you live in the present moment

In this episode, I share my answers to the most frequently asked questions about my new book, The Stoic Path to Wealth.



Enjoy!



Grab your copy of The Stoic Path to Wealth: stoicpathtowealth.com⁠

How can you become a wealthy Stoic? Stoicism is about living a simple, virtuous life. That’s why many people have the misconception that being Stoic means refusing material wealth.



But that’s not the case. The other thing about Stoicism is focusing on what you control and ignoring everything else. This is how you live a wealthy life while remaining Stoic.



Epictetus, the only Stoic philosopher who wasn’t born into wealth (he was a slave), said it well:



“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.”



In this video, I give you practical techniques and strategies to get better at investing, whether you’re a beginner or experienced investor.



These tips will ensure you stick to Stoic principles while building long-term wealth.



#Stoicism #WealthBuilding #InvestingTips #StoicPhilosophy #FinancialFreedom #TheStoicPathtoWealth



Timestamps:



00:28 - How to combine wanting to be wealthy, while following Stoicism

00:52 - About Me and The Stoic Path to Wealth book

01:27 - This is the first book that combines Stoicism and Investing & Wealth

01:35 - Three techniques you can apply to become a better investor

02:15 - Epictetus quote on making money without compromising your integrity

02:55 - It’s possible to make money in an honest way

03:22 - You don’t have to make a lot of money to become wealthy

04:12 - 3 Stoic Techniques that will make you a better investor

04:20 - Stoic Technique #1: Always cap your losses

05:47 - Juvenal quote on the gradualness of progress or loss

07:02 - Stop-loss in trading

08:03 - If you decide to buy something… (A lesson from Jesse Livermore)

09:20 - What it means to invest for the long-term

11:10 - No one knows what will happen in a year or two. But long-term, it’s going up.

11:54 - Stoic Technique #2: Make it worth it

13:04 - Making $500 or $1000 is not worth it

14:31 - Can you go from $50K to $500K income within a few years?

15:30 - Professional traders always think about this

16:22 - Stoic Technique #3: Pick a strategy that you can maintain for 30 years

17:50 - “Live a frugal life and then retire early” is not a sustainable strategy

18:44 - Separate your character from your money/net worth

19:08 - Wrap up

20:02 - The greedy ones: Avoid them

In my experience, you do your best work when you’re in a good mood and you’re focused.



You can also look at it as being a state of “Flow,” which is a term the psychologist Mihaly Csikszentmihalyi coined.



You can get in a Flow mind-state by having the right balance between challenge and skill level.



How do you know you have Flow? When work is effortless and you’re making progress.



I’m finally in that state as I’m writing this after being out of it for a few months. I was dealing with major renovations at my home, and then, I had to do a lot of small tasks here and there for my upcoming book.



Once I finished my most pressing tasks, my goal was to get into Flow again. I took it easy. Fiddled a bit. Read some books. And journaled a lot.



“Getting close” is something I wrote about often. And then, a few days ago, it hit me: Ignore all the noise and only focus on writing.



So that’s what I’m doing now. Plus, I combine it with another productivity strategy, the Pomodoro technique. When you do that, you have the ultimate productivity stack.



Pre-order The Stoic Path to Wealth



My new book is coming out July 16th. It shows you how to build enduring wealth in the stock market.



Learn more: ⁠⁠stoicpathtowealth.com⁠

I wanted to be rich so bad for my entire life.



In high school, I watched Wall Street with Michael Douglas and Charlie Sheen. It was supposed to be a cautionary tale but I saw it as inspiration.



I wanted to be Gordon Gecko, the crazy high risk Wall Street trader. When I was 17, I got a job at a call center during the summer.



I was on the phone every day, working double shifts. I was selling mobile phone subscriptions to people, mostly elderly. It was a shameful job but I was making money. So I felt good.



This is how badly I wanted to get rich. But I was a teenage idiot.



Now, 20 years later, I finally understand that being rich and having a lot of money is not the same as being wealthy.



You can also be rich and not wealthy.



At some point, we all realize that life is just a collection of our memories.



Pre-order The Stoic Path to Wealth



My new book is coming out July 16th. It shows you how to build enduring wealth in the stock market.



Learn more: ⁠⁠stoicpathtowealth.com⁠