7 Stoic Money Lessons That Will Change How You See Wealth

Stoicism, the ancient philosophy founded in Athens, continues to offer timeless wisdom for navigating life’s challenges. While its teachings often focus on virtue and emotional resilience, Stoic principles also provide profound insights into personal finance and financial independence. Jonas Salzgeber, author of The Little Book of Stoicism, distills these lessons into actionable advice for modern life. Let’s explore seven Stoic money lessons that can reshape your relationship with wealth and align your finances with your values.

1. Money is Indifferent

For the Stoics, wealth, like health and reputation, is categorized as “indifferent” — neither inherently good nor bad. What matters is how we use it. Jonas Salzgeber explains:

“The Stoics would never compromise their character to earn more money. True richness can only be found within yourself, and living virtuously is always more important than accumulating wealth.”

While money can provide comfort, it should never take precedence over integrity or values. This perspective encourages you to seek meaningful work that aligns with your principles rather than chasing higher paychecks at the expense of personal fulfillment.

2. Live Simply

Simplicity lies at the heart of Stoic philosophy. Eliminating unnecessary desires not only fosters contentment but also promotes sustainability and mindful living. Salzgeber shares:

“Clothes are here to protect the body, not to impress others. Similarly, our focus should be on what we truly need, not on shining bright with extravagance.”

Living within your means and prioritizing essentials over luxuries can lead to greater financial independence. As the FIRE (Financial Independence Retire Early) movement often emphasizes, a simple lifestyle allows you to save more and reduce the stress of overconsumption.

3. Count Your Blessings

Gratitude is a core Stoic practice that reframes your perspective on wealth. Instead of focusing on what you lack, appreciate what you have. Jonas suggests:

“Ask yourself, how much would you like the things you already have if you didn’t have them?”

This mindset not only curbs unnecessary spending but also enhances overall life satisfaction. Whether it’s the roof over your head, the food on your table, or the relationships in your life, gratitude shifts your focus from material possessions to meaningful experiences.

4. Practice Temporary Poverty

One of the most practical and transformative Stoic exercises is practicing temporary poverty. Seneca, a wealthy Roman Stoic, famously advocated for this approach:

“Set aside a few days each month to live as if impoverished. Wear old clothes and eat basic food to remind yourself that you can handle financial hardship.”

Salzgeber elaborates:

“This exercise builds resilience by showing you that even without wealth, you can live comfortably. It’s a way to confront the fear of financial insecurity head-on.”

You might try living on a restricted budget for a week or avoiding all non-essential purchases. These experiences can make you more mindful of your spending habits and prepare you for unexpected financial challenges.

5. Prepare for Misfortune

Negative visualization is a key Stoic practice that involves imagining potential setbacks to build resilience. Salzgeber explains its application to finances:

“Think about losing your job, a sudden rent increase, or a market downturn. By preparing mentally and financially, you’ll be better equipped to handle these situations.”

Building an emergency fund, securing insurance, and avoiding lifestyle inflation are practical ways to apply this principle. As Salzgeber highlights with the fable of the wild boar sharpening its tusks:

“Prepare for war in times of peace. When challenges come, you won’t be caught off guard.”

6. Choose a Sage

Stoics often imagined an ideal mentor or sage to guide their decisions. In the context of finances, Salzgeber advises:

“Ask yourself, what would a wise person do in this situation? Or, what would the best version of myself do?”

This practice creates a pause between stimulus and response, allowing for thoughtful financial decisions. Whether it’s deciding on an investment or contemplating a major purchase, envisioning guidance from a role model or admired figure can help align your actions with your long-term goals.

7. Invest in Yourself

For the Stoics, the best investment you can make is in your own growth and character. Salzgeber emphasizes:

“It’s better to understand the balance sheet of one’s own life than that of the stock market. Focus on what truly matters, like learning, relationships, and self-improvement.”

Whether it’s reading books, taking courses, or nurturing meaningful connections, self-investment provides lasting fulfillment that transcends monetary gains. Reflect on how you spend your time and money to ensure they align with your values.

Bonus: The Power of Journaling

Journaling is a powerful tool for self-reflection and growth. Salzgeber suggests:

“At the end of each day, write down what went well, what could be improved, and how you can express your best self tomorrow.”

This practice not only fosters mindfulness but also helps you track progress and identify areas for improvement. Writing down financial goals, reflections, and challenges can bring clarity to your financial journey.

How to Apply These Lessons to Your Financial Independence Journey

These seven Stoic money lessons offer practical strategies for managing money with purpose and resilience. Here’s how you can incorporate them:

• Track Your Spending: Monitor where your money goes and ensure it aligns with your values.
• Practice Gratitude: Reflect on what you have before chasing what you don’t.
• Simplify Your Life: Cut out unnecessary expenses and focus on what truly matters.
• Build an Emergency Fund: Prepare financially for unexpected challenges.
• Learn Continuously: Invest in your education and self-improvement.
• Pause Before Decisions: Use the “choose a sage” method to make thoughtful choices.

By integrating these practices, you can develop a healthier relationship with money and move closer to financial independence while living a life aligned with Stoic virtues.

Final Thoughts on these 7 Stoic Money Lessons

Jonas Salzgeber’s insights remind us that true wealth isn’t about accumulating material possessions but about living a life of virtue, gratitude, and purpose. By applying Stoic principles to your finances, you can build resilience, achieve financial independence, and lead a more meaningful life. As Salzgeber puts it:

“Wealth should serve our lives, not define them.”

Embrace these timeless lessons to transform your financial journey and find contentment in simplicity and self-growth.