Lately, I’ve been thinking a lot about a quote I recently encountered from the ancient Greek Stoic philosopher Epictetus:
“Wealth consists not in having great possessions, but in having few wants.”
Now, that might sound like an odd quote for a financial advisor to appreciate. After all, isn’t the point of financial advising to help people build wealth so they can do what they want with their money — things like buying a dream home, a new car, or taking a luxurious and relaxing vacation?
Well, yes and no. Of course, our team at Concentus is focused above all else on building wealth for clients. But like Epictetus tells us, I believe that true wealth goes beyond investments and material possessions and instead comes from inside us. The million-dollar question is: How can we achieve inner riches?
Consider your material needs
The Stoic philosophers were prominent in ancient Greece and Rome from around 300 BC to 300 AD. While that was a long time ago, their philosophy can still teach us a lot today about what it means to live a rich and fulfilled life.
You might be surprised to hear that the Stoics didn’t avoid all material or luxury goods. It wasn’t necessarily a problem to have some signs of material wealth. They were more concerned about what happens when a person becomes reliant on those possessions.
One way to think about your own material needs is to ask yourself the question: What do I truly need in my life to be happy? At the top of your list might be things like your health, your family, and your hobbies. And while you might like having a fancy watch or beautiful clothes, you might realize that you don’t need them to be happy. That’s the first step toward achieving true inner wealth. It’s not that you have no wants; it’s that your most important wants are the things you simply can’t replace.
The importance of charity
Achieving inner wealth also comes from helping those less fortunate than you. The Stoics did not believe that money was an inherently good or bad thing; what mattered to them was how people used their money. It can serve as a force for good if used in the right way. That’s what charity is all about: using your position to help others have fewer wants in their lives.
Embrace your freedom
Ultimately, true inner wealth is about achieving a kind of freedom. The freedom to spend your time doing what you truly love; the freedom to be surrounded by family; the freedom to find happiness based on your internal interests, rather than external possessions.
As a financial advisor, I’m all about giving people the foundation to realize the future they’ve dreamed about. But it’s also important to remember a strong investment portfolio alone isn’t going to make you happy. Only when you begin to embrace internal growth can you truly achieve inner wealth — which is something no one can take away.
About VALUABLES
Many financial advisors focus on communicating with clients to provide complex analysis of the investment markets and economies. However, we have learned that most clients are not particularly interested in this complex analysis. Most clients hire an advisor for their knowledge of the markets, not for their ability to explain that knowledge. Most want to know what time it is, not how to build a watch.
Experience has taught us that wealthy families care most about using their wealth as a means to a desirable end, which is to achieve a more satisfying, fulfilled and impactful life, and to fulfill their most important Life Values.
VALUABLES is a periodic article series focused on the concepts, systems, and habits which we have observed among families who have been successful in this quest to use their wealth as a tool to live a life of significance. The most successful families share a set of habits, systems, and insights which enable them to use their wealth as a tool to fulfill their Values and what is most important to them.
We named this article series VALUABLES, because it provides an exploration of those habits, systems, and insights. We hope it will help you to consider your assets and possessions which are most valuable to you, and how you can use your financial wealth to enhance and cultivate your true “Valuables”.
I love this sentence. – Erik Thank YOU, Daisy
“Ultimately, true inner wealth is about achieving a kind of freedom. The freedom to spend your time doing what you truly love; the freedom to be surrounded by family; the freedom to find happiness based on your internal interests, rather than external possessions.”
Thank you, Daisy. I’m so glad that part resonated with you. Freedom really is at the heart of what we’re all striving for, and it’s rewarding to know that came through in the piece.
Great article, Erik. I appreciate the simple question of, “What do I truly need in my life to be happy?” There is no “right answer”, and what I take from it is that it is important to have your own answer, so you can live accordingly.
Appreciate that, John. You nailed it, there isn’t one ‘right’ answer, just the one that makes sense for your life. That’s what really matters.