Once you apply these criteria, many worries vanish. Focus on What You Can Control – Holiday says, “The single most important practice in Stoic philosophy is differentiating between what we can change and what we can’t.” Focus your efforts on areas that (1) you can control and (2) actually matter.This is not an excuse for reckless behavior, but a reminder to use your time effectively. Live each day purposefully and be mindful of your legacy. Remember Your Own Mortality, Every Day – We’re not immortal, and could pass at any time.If you can’t tell, Stoicism is all about perspective. The long-term, high-level view minimizes our small, petty worries. Take the High-Level View – Considering the totality of human experiences helps us understand the insignificance of our own situation.Achievements go away, fortunes fade, but one's character should never change. If you fail to do that, you may suffer when circumstances change. Folks should retain perspective throughout success and keep strong values. Stay Humble Through Success – Success can change people if they let it.Stoicism advocates for (1) learning from the experience and/or (2) seeing new opportunities after an unfortunate event, rather than focusing on the negative past. Train Perception to Avoid “Good and Bad” – Turn your tough experiences into “teachable moments” or even potential opportunities.After this realization, individuals will operate with less anxiety and fear. After a few days of living one’s worst nightmares, most folks see that it’s actually not so bad, and likely temporary and/or reversible. Practice Misfortune – Famous Stoics suggested setting aside a few days each month to “practice poverty” to simulate an impoverished life.I then give examples of these four behaviors in various areas of wealth management best practices.įirst, a quick description of the rules via Holiday’s post (please read his article, I may not do it justice). In the article below, I describe Holiday’s nine Stoic practices and further categorize them into four core wealth management behaviors. After reading Holiday’s works, it seems that core stoic principles could provide a sound guide for major wealth management decisions. Ryan Holiday, a successful entrepreneur and author of practical Stoicism-inspired books The Obstacle Is the Way and Ego Is the Enemy, publishes a helpful website called The Daily Stoic, which serves as a manageable introduction to Stoic philosophy. High performing Stoicism-enthusiasts include Bill Belichick, Nick Saban, Bill Clinton, Ralph Waldo Emerson, and Theodore Roosevelt. Legendary entrepreneur Tim Ferriss described Stoicism as a “personal operating system”. Stoicism, however, is an Ancient Roman philosophy that provides practical life advice for anyone wishing to better themselves.