The Darius Foroux Show: Mindset, Business, Money

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

I analyzed three of Warren Buffett's biggest stock picks (GEICO, Coca-Cola, Apple) and drew lessons from that. By understanding the thought process of his stock picks, we can emulate his mindset. Whether you’re a passive or active investor, we can all use a little bit of “Warren Buffett” in our strategy. You probably won’t be surprised by the conclusion of this article: Have patience, be diligent, avoid greed, and bet on a prosperous future. We all know what it takes. But the key is to internalize these ideas. 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 think having a sene of urgency and responsibility when it comes to your career is one of the biggest motivators. But if you put too much pressure on yourself to succeed, it can work against you. This is a dynamic that I’m constantly trying to balance. Last year, when I finished the final draft of my new book, The Stoic Path to Wealth, I immediatly started thinking about the marketing campaign. My self talk included a lot of “I need to do” xyz. And then, I would think, “If I don’t do this, the book won’t succeed.” This type of “I need to do X (action) otherwise y (bad outcome) will happen” thinking is a complete and utter waste of your energy. And you must avoid it as soon as you become aware of it. Here’s what Epictetus said about that: “If you want to make progress, dismiss this kind of reasoning: ‘If I neglect my business, I will have nothing to live on.’ It is better to starve to death in a calm and confident state of mind than to live anxiously amidst abundance.” The truth is: You don’t need a lot to have happiness and peace. 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

If you spend an hour on Twitter or Instagram, you almost believe that everyone can get rich quickly. “Start an AI company or write content online. You’ll make $500K a month, just like me!” The idea that success can be duplicated is one of the oldest fallacies in business and money. Just because a certain blueprint worked for Person A, it doesn’t mean it works for Person B. This is also why a lot of smart people are not wealthy. Over the past two years, I’ve been getting emails every week from disillusioned writers. They say they fell for the dream that these social media prophets talk about everywhere. They realize success is not only about skill, it’s also a matter of talent and luck. And the interesting thing is that all these people are smart. After all, it sounds so logical. If someone else did it, you can do it too, right? Well, not with everything. More on that in my other new article. 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 seriously started practicing Stoicism when I was 28. That’s when things started to change in my life. That was in 2015. Since then, I’ve become happier every year. 9 years after I started living as a Stoic, I can wholeheartedly say that happiness is a muscle that gets stronger the more you train it. In this episode, I share 5 of the most useful Stoic principles with you. Here’s my favorite, which is based on a quote from Epictetus: “Our master is anyone who has the power to implement or prevent the things that we want or don’t want.” Too many of us are slaves to external validation and signaling. The Stoics reminded us to focus inwardly. To be driven by virtues. And to ignore society’s status game. Your self-worth should be determined by yourself, not by the car you drive, job, or vacation spots you visit. 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