The Stoic Path to Wealth book summary read by the author

The Darius Foroux Show: Mindset, Business, Money

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

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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