We often look to well-known experts for financial advice, and the ancient Greeks and Romans were no different. Classical philosophers gave advice on debt management, smart investments, and the accumulation and preservation of wealth. From Epictetus to Plato, nearly every philosopher had something to say about money and how to use it. Their recommendations are still useful. Here are five pieces of timeless financial advice from the ancient Greek and Roman philosophers!
1. The Ability to Control Desires (Epictetus, Enchiridion)
The Enchiridion is a compilation of the teachings of the ancient Greek philosopher Epictetus. He believed that real wealth does not lie in material possessions. Chaos and prosperity are beyond our control. True happiness lies within us if we decide to identify what is under our control and what is not.
This vital principle remains important when it comes to managing our money affairs. We often fret about external factors, like market fluctuations or economic crises. But Epictetus tells us to turn attention to what lies within our power, our own choices and attitudes.
Epictetus suggests cultivating a mind of frugality. He reminds us that real happiness cannot be found in a world obsessed with consumption. Coming into possession of more things doesn’t make you happy. Rather, happiness is a product of appreciating what you already have to free yourself from the endless desire to accumulate more material wealth.
Epictetus also teaches us to be cautious regarding spending and saving money. He advises us to carefully assess our needs versus our wants before making purchase decisions. If you internalized his teaching properly, impulse buying habits that bring you into debt would never occur.
According to Epictetus, we command our desires, thoughts, and actions. Everything else is out of control. When your emotions or desires take over you, remember that you can yield to them or not.
2. Developing Your Own Financial Principles (Sophocles, Antigone)
In the timeless tragedy of Antigone by Sophocles, amidst all the political strife and family drama, there lies a hidden treasure trove of financial advice.
One of the most prominent themes in Antigone is duty and responsibility. The whole play is seen through the eyes of the titular character. King Creon orders Antigone not to bury her brother Polynices, whom he deems a traitor to the state, but she defiantly refuses.
Throughout their struggle, Antigone argues that her duty to her family supersedes any man-made laws or decrees. This concept reminds us that, oftentimes, money and material wealth can tempt us away from our true responsibilities and priorities.
Another central theme in Antigone is the inevitable consequences of excessive pride and arrogance. Both King Creon’s and Antigone’s pride ultimately led them to their grisly fates. Creon’s hubris blinds him to reason and logic, causing him to make decisions driven by ego rather than sound judgment.
Similarly, Antigone’s unwavering pride drives her towards a path of self-destruction. The lesson here is clear: unchecked desires for wealth and power can cloud our better judgment and lead us down ruinous paths.
Finally, Antigone highlights the importance of valuing human connections above material possessions. Again, the play explores the consequences of putting wealth and power ahead of empathy and compassion.
According to Sophocles, money is an instrument of exchange, and your relationship with it should be governed by your core principles. These principles need to be created by you based on your specific financial situation and priorities. You can then create rules for yourself and stick to them.
The more control you have over your daily activities and spending, the more likely you are to reach your big goal. Plus, when you clearly understand why you are saving, it is easier to stick to the commitment you have made to yourself.
3. Learn the Principles of Wise Men (Marcus Aurelius, Meditations)
The Meditations of the Roman Emperor Marcus Aurelius contain timeless advice on finances. One of his central ideas is the importance of developing financial discipline and reminds us that the pursuit of excessive wealth often leads to dissatisfaction due to always wanting more. It is important to find contentment living within our means. One should focus on what really brings value and joy rather than constantly chasing material goods.
Marcus Aurelius also praises frugality and simplicity. He believes that when we practice moderation in our spending habits, burdens need not mount unnecessarily, nor is there any loss of stability in our lives. By not being wasteful and by only looking at essential needs, we can ease any financial strain.
Additionally, he calls for cultivating inner peace to detach ourselves from material wealth. He believes that individuals should assess their real needs as opposed to mere wants by regularly reflecting upon what they truly value in life. By following a course of action based on these values, we know ahead of time which way to go so that other people or temporary trends don’t easily sway us.
Marcus Aurelius also underscores ethical behavior in financial matters. In business matters or investments, whether one is seeking to make money or simply managing one’s affairs, this must all be done honestly. Doing so safeguards reputation and fosters increased trust inside the community.
Above all, Marcus Aurelius suggests that if you can’t come up with your own rules right away, study the principles of wise people. Learn the values of those you respect. Perhaps they are suitable for you too.
4. Know Your Limits (Plato, Republic)
Plato’s Republic describes the ideal Utopian society built on the notion of specialization and societal harmony. In his vision, people should be specialized in certain roles defined by their natural abilities and aptitudes. This division of labor contributes to the efficient and productive functioning of the community. It facilitates economic growth and prosperity.
From a money perspective, this principle shows why we should focus on what we do well. It suggests that we should develop our skills in relevant fields rather than trying to do everything all at once. Knowing our limitations, we can make informed choices when to seek help and outsource.
Another key point of Plato’s philosophy is moderation and temperance. He warns us against excessive desires and says people should try to strike a balance between material wealth and spiritual happiness.
From a money perspective, Plato recommends pruning out extravagancies driven solely by insatiable greed. He stresses that true wealth lies beyond material possessions. Plato talks extensively about education and emphasizes the significance of cultivating knowledge and wisdom as vital tools to navigate life successfully.
5. Learn to Control Yourself (Epicurus, Letters)
Epicurus, the founder of Epicureanism, was concerned not only with chasing pleasure but also with how to achieve a peaceful life. In his famous Letters to friends and disciples, he offered countless wise words on how to make good decisions in the realm of finances without losing focus on what really matters.
One clear lesson we can learn from Epicurus is that shunning material excess is important. He believed that too much stuff would bring on unnecessary amounts of stress and anxiety. Instead, he suggests moderation in material needs, realistic limits, restraint on spending, and the accrual of what is truly fulfilling. For Epicurus, wealth comes from having few needs rather than having great possessions.
Epicurus’ Letters also had advice on investing wisely. As far as Epicurus was concerned, investments should not be made just on financial considerations. It is wise to invest in yourself, your health, education, and personal growth. He considered it foolish to desire material riches above all things, when investing in yourself can reap longer-term profits.
Epicurus also mentioned the importance of identifying individual needs when making financial decisions. Understands what provokes joy to avoid nonsensical pursuits that society pushes us towards. For Epicurus, it was imperative to avoid senseless spending and senseless conformity.
So, What Can We Learn from Greek and Roman Philosophers?
The ancient Greek and Roman philosophers contain some great financial advice that is still applicable. Their advice collectively can be summarized as focusing on what is truly important, such as education and joy, rather than pursuing material wealth. Don’t fall into the trap of trying to live up to societal expectations and learn to thrive with less. They also emphasize that while we can’t control many things, we can control our own behavior. Cultivate self-discipline to make financial decisions based on our financial means and our core values.
