BiggerPockets Money Podcast

546: From a Negative Net Worth to FI in Just 5 Years by Living Like a Stoic

Jul 16, 2024

Discover how Darius Foroux went from a negative net worth to financial independence in just 5 years by incorporating stoicism into his financial journey. Learn about the influence of stoicism on mindset shifts, increasing income, gaining a 'stoic edge,' and investing wisely in 2024.

01:01:41

Episode guests

Darius Foroux

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Quick takeaways

Stoicism assists in reaching financial independence by fostering emotional stability and disciplined financial habits.

Investing in oneself and embracing stoic principles leads to steady wealth accumulation and informed financial decisions.

Achieving financial independence with stoicism requires a blend of financial stability, emotional resilience, and intentional financial habits.

Deep dives

Retiring Like a Stoic: Intentional Financial Independence

To retire like a stoic implies stepping back from active life without significant changes, maintaining established habits, continuing to invest routinely, and staying focused on financial goals. Emotional independence plays a crucial role alongside financial freedom. The journey involves reducing wants, practicing self-sacrifice, and deferring gratification with the aid of stoic philosophy. One's portfolio can reflect a stoic approach by staying invested in reliable assets and managing short-term losses with composure.

Setting Financial Goals and Seeking Wisdom

01:10

Stoicism in Investment Decision Making

00:57

Maintain Emotional Distance from Investments

01:01

Stoicism's Benefits for Investors

00:54

Intro

4min

Childhood Memories and Financial Aspirations

5min

Discovering Stoicism for Financial Success

10min

Discovering Stoicism's Influence on Business and Writing

3min

Clarifying Stoicism and Its Applications in Finance

8min

Applying Stoicism to Finance and Investing

25min

Embracing Stoicism in Retirement Planning

7min

Assistance for Military Members and Families with Homeownership and Credit Card Rewards Promotion

2min

The road to financial independence isn’t always linear, but stoicism might be the secret ingredient that keeps you on track. This ancient philosophy gets a bad rap, but with its framework as your financial “operating system,” you’ll be able to weather all kinds of storms!

Welcome back to the BiggerPockets Money podcast! Today, Darius Foroux is a business owner, landlord, financial educator, and the author of eight books. But as a boy, he watched his family live paycheck to paycheck for many years. Vowing to one day become wealthy, Darius started saving every penny possible, only to find that practicing staunch frugality could only take him so far. After more than a decade of hard work and sacrifice, he had just $10,000 to his name and, after student loans, a negative net worth. But in 2015, Darius made a seismic mindset shift that propelled him to FI in just FIVE years!

In this episode, Darius dispels the myth that stoicism is about suppressing emotions and lacking empathy. Instead, you’ll learn that its tenets revolve around creating balance, staying grounded, and changing how you respond to things beyond your control—virtues that are congruent with building wealth. But that’s not all. He will also show you how to increase your income, gain a “stoic edge,” and invest your money in 2024!

In This Episode We Cover

How Darius went from a low net worth to financial independence in FIVE years

Why reaching FI is easier with stoicism as your “operating system”

Why investing in yourself and learning new skills is the KEY to higher income

The three steps for gaining a “stoic edge” that helps you build wealth faster

The BEST way to start investing in the stock market in 2024

And So Much More!

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