Reconciling Wealth with Stoic Philosophy: Understanding Money’s Role in a Virtuous Life
Episode #340
Money preoccupies most of us, whether it’s deciding which bills to pay or aiming for financial goals. Personal finances, while essential, can consume a lot of mental space. For Stoics, though, money is not inherently good or bad; it’s a “moral indifferent,” a category of things that neither inherently enhance nor damage our character. As we navigate money’s role in our lives, we can look to Stoicism for a balanced approach to wealth.
Wealth Among the Stoics: Examples and Lessons
The Stoic philosophers we admire lived in different economic circumstances. Marcus Aurelius, as an emperor, and Seneca, a wealthy advisor, both enjoyed material abundance, while Epictetus, a former slave, lived in poverty. This spectrum among prominent Stoics reveals that wealth itself is secondary to character. It is proof that Stoicism transcends social classes, providing tools for inner peace and virtue regardless of financial status.
Yet this doesn’t mean Stoics should disregard their finances. Money, as with all externals, is something we manage rather than something we truly possess. In Stoic thought, wealth is a tool we hold temporarily, a possession under our care rather than a permanent asset. Thus, whether rich or poor, Stoics can practice detachment, understanding that true ownership lies only in our character.
Caring Without Clinging: A Stoic Approach to Money
Stoicism teaches that “indifferents” like money, health, or social standing don’t define us. However, just as we care for our health, we should manage money responsibly, recognizing it as a resource rather than a source of happiness. Wealth, when handled wisely, can enable us to live generously and independently, helping us maintain a virtuous life without financial anxiety.
This mindful approach to wealth isn’t about being lavish or ascetic but about intentional choices. A Stoic can buy a luxury car or drive a modest vehicle without attaching their happiness to the purchase. The Stoic’s goal is to remain unfazed by externals, content whether they have much or little, and understanding that true peace comes from virtue.
Practical Steps for Stoic Wealth Management
1. Practice Frugality: Stoics value temperance, and frugality aligns with this virtue. Avoid unnecessary upgrades or luxury purchases that don’t contribute to your character. This practice can temper desires and prevent the attachment to luxury as a source of identity or satisfaction.
2. Live Below Your Means: Save a portion of your income to create stability and financial freedom. This habit not only cultivates patience and self-control but also reflects temperance and discipline—both key Stoic values.
3. Exercise Generosity: Generosity is an indirect virtue, yet it shows how wealth can align with Stoicism. Use your resources to support others, whether by donating to charity or helping those in need. This practice fosters gratitude and counters material attachment, promoting inner tranquillity over material gain.
Wealth for a Stoic Purpose: Keep Virtue as the True Compass
Pursuing wealth as a Stoic isn’t about attaching meaning to a bank balance. Instead, it’s about ensuring that your financial stability serves your virtuous life. A Stoic doesn’t place their happiness in accumulating money or achieving “financial freedom.” Instead, they focus on cultivating virtue, knowing that only their character is under their control.
In essence, Stoic wealth management involves using money to support our commitments and values, not as a means to attain fulfillment. Wealth becomes a tool for generosity, stability, and the ability to live with integrity, but it never becomes the ultimate aim.
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Brandon Tumblin is most well-known for his podcast, The Strong Stoic Podcast, where he discusses philosophical ideas (solo and guest episodes).
Brandon is also a writer for THE STOIC, the official journal of The Stoic Gym.