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

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 16 July 2024

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

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! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Grab Darius’ Latest Book, The Stoic Path to Wealth Connect with Amanda on Instagram 00:00 Intro 03:24 Darius’ Money Journey 11:16 Negative Net Worth & the “Aha!” Moment 22:25 Stoicism in Personal Finance 32:11 Building Wealth with Stoicism 41:36 How to Start Investing in 2024 47:04 Reaching FI & Retiring Like a Stoic 52:46 Connect with Darius! 53:19 Find Joy in the Journey! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-546 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello and welcome to the BiggerPockets Money Podcast. My name is Scott Trench and with me today is my co-host, the She Wolf of Wall Street, Amanda Wolf.
0:08.0	Bigger Pockets has a goal of creating one million millionaires. You are in the right place if you want to get your
0:12.8	financial house in order because we truly believe financial freedom is
0:16.4	attainable for everyone no matter when or where you're starting or what your
0:20.6	investing philosophy may be to get to financial independence.
0:23.7	Today's guest Darius Ferru is an international landlord, business owner, author of eight books
0:29.2	and a financial educator who vowed to change his financial destiny by using the virtues of Stoicism.
0:35.0	Yeah, I, um, Stoicism kind of pops up every once in a while if you've been paying attention in the world of personal finance,
0:44.4	tech, business, and a lot of these kind of thought leaders are really into stoicism at
0:49.1	scenes are practicing stoics.
0:51.2	I can label Tim Ferris, the author of the four hour work week as someone who has talked about stoicism.
0:57.0	I believe Mr. Money Mustache is a follower of stoicism.
1:01.0	And so it kind of has this alignment with a lot of people who are in the
1:05.4	financial independence retire early space and for others it may be a little off-putting
1:10.3	because they don't really understand it or don't know what it is or maybe in some cases
1:13.9	don't like some of the people that it's associated with at the highest level.
1:18.0	And today we're really looking forward to defining what it is.
1:21.2	I have dabbled in Stoicism, the way I've probably dabbled in
1:24.2	Bitcoin in the past and you know I think it's a really fascinating school of
1:28.9	thought. It's a philosophy from ancient Greece that really talks about how to you know how to pursue joy right and
1:38.0	there's a variety of techniques that go along with that including understanding how to endure hardship, how to think about the worst,
1:46.7	the worst case scenario, plan for it, accept it, and then rejoice in the fact that it has not
	...

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