{"id":152648,"date":"2023-05-12T13:49:06","date_gmt":"2023-05-12T19:49:06","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=152648"},"modified":"2023-08-11T13:39:25","modified_gmt":"2023-08-11T19:39:25","slug":"how-the-ancient-greeks-can-help-you-invest","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/how-the-ancient-greeks-can-help-you-invest","title":{"rendered":"Think Like The Greeks: Build Your Investing Philosophy With Stoicism"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC6136446884\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><em><span data-preserver-spaces=\"true\">\u201cThe more we value things outside our control, the less control we have.\u201d<\/span> &#8211; <span data-preserver-spaces=\"true\">Marcus Aurelius,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Meditations-Penguin-Classics-Marcus-Aurelius\/dp\/0140449337\/ref=sr_1_4?crid=3QNQRI7FZ39D1&amp;keywords=meditations&amp;qid=1681097580&amp;sprefix=meditations%2Caps%2C204&amp;sr=8-4\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Meditations<\/span><\/a><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">If there\u2019s been one theme to my writing as of late, it\u2019s been economic volatility, be it&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/how-did-the-housing-market-get-so-hot\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">real estate prices skyrocketing<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-prices-finally-decline-year-over-year-after-131-straight-months-of-increases\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">coming back down<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rent-prices-are-moving\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">rents skyrocketing then falling like a rock<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/inflation-is-not-going-away\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">rampant inflation<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/are-banking-failures-going-to-cause-another-2008-like-crash\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">banks failing<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/the-coming-collapse-of-downtown-office-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the office real estate market falling apart<\/span><\/a><span data-preserver-spaces=\"true\">, or the specter of another&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/this-housing-market-isnt-like-2008-but-you-should-still-be-concerned\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">2008-like real estate collapse<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and deep recession. Volatility has been the name of the game since at least the beginning of the pandemic.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Indeed, most economists&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2022\/12\/23\/why-everyone-thinks-a-recession-is-coming-in-2023.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">have been predicting a recession<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;for some time in 2023, while consumer confidence&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.conference-board.org\/topics\/consumer-confidence\/press\/CCI-Jan-2023\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">is significantly below<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;where it was in early 2022. Even prior to Covid, rates of anxiety had been increasing substantially in the United States. One paper&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.ncbi.nlm.nih.gov\/pmc\/articles\/PMC7441973\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">found<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;that whereas 5.12% of American adults experienced persistent anxiety in 2008, 6.68% experienced it in 2018. And that was before Covid. The American Psychological Association&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.apa.org\/news\/press\/releases\/stress\/2022\/concerned-future-inflation\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">found that in 2022<\/span><\/a><span data-preserver-spaces=\"true\">, \u201cInflation was reported as a source of stress for the vast majority of adults (83%), and the majority of all adults also said the economy (69%) and money (66%) are a significant source of stress.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It shouldn\u2019t be a surprise then that even after Covid has abated and the lockdowns and mandates mostly removed, the United States is experiencing&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/ireta.org\/an-examination-of-americas-deaths-of-despair\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">all-time highs in drug overdoses<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and other \u201cdeaths of despair.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Obviously, there are political issues at play here that this article will make no attempt to resolve. However, for each of us as individuals and more particularly as real estate investors trying to invest in a volatile market, much of this stress and uncertainty can be alleviated by turning to a philosophy first elucidated in Hellenistic Greece some 2300 years ago, namely the philosophy of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/en.wikipedia.org\/wiki\/Stoicism\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Stoicism<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n\n\n\n  <div class=\"lg:block\" x-data=\"{ ad_block_block_645e977f47bad: popAds(1) }\">\n      <template x-for=\"ad in ad_block_block_645e977f47bad\">\n        <a\n          :href=\"ad.linkURL\"\n          class=\"no-underline text-black\"\n          x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/how-the-ancient-greeks-can-help-you-invest', ad.sponsor, ad.title, ad.id, 'blockAdClicked', 'blockAd', '')\"\n          target=\"_blank\">\n          <div\n            class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\"\n            x-init=\"\n              analytics.track('blockAdLoaded', {\n                referrer: 'https:\/\/www.biggerpockets.com\/blog\/how-the-ancient-greeks-can-help-you-invest',\n                sponsor: ad.sponsor,\n                ad_title: ad.title,\n                ad_page_location: ''\n              })\n            \"\n            x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/how-the-ancient-greeks-can-help-you-invest', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd', '')\">\n            <div><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/div>\n            <div class=\"flex items-center text-sm space-x-4\">\n                <img :src=\"ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\">\n\n                <div clas=\"text-sm\">\n                    <span class=\"font-bold block\" x-text=\"ad.sponsor\"><\/span>\n                    <span class=\"text-slate\/80\" x-text=\"ad.description\"><\/span>\n                <\/div>\n            <\/div>\n\n            <div>\n                <span class=\"font-bold\" x-text=\"ad.title\"><\/span>\n                <p class=\"mt-2 text-slate\/80\" x-text=\"ad.body\"><\/p>\n                <span class=\"mt-2 text-themeBlue block mt-2 underline\" x-text=\"ad.linkTitle\"><\/span>\n            <\/div>\n          <\/div>\n        <\/a>\n      <\/template>\n  <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Ancient Stoicism vs. Modern Stoicism<\/span><\/h2>\n\n\n\n<p><em><span data-preserver-spaces=\"true\">\u201cThere is only one way to happiness and that is to cease worrying about things which are beyond the power of our will.<\/span>&#8221; &#8211; <span data-preserver-spaces=\"true\">Epictetus,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Enchiridion-Epictetus\/dp\/152156034X\/ref=sr_1_1?crid=RZXMLHQIS2VR&amp;keywords=enchiridion&amp;qid=1681666224&amp;sprefix=enchiridio%2Caps%2C175&amp;sr=8-1\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Enchiridion<\/span><\/a><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Today, when someone says the word \u201cstoic,\u201d they are generally referring to having a stiff upper lip or showing no emotion whatsoever. This is a complete mutilation of what the Stoics actually taught, however. Stoicism is not about showing no emotion but is instead about how you choose to process what is happening in your life, what happened in the past, and what may happen in the future.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Stoicism was founded by&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/en.wikipedia.org\/wiki\/Zeno_of_Citium\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Zeno of Citium<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in the third century BCE. However, most of his writings have been lost. The most prolific and influential Stoic philosophers whose works have come down to us are Cicero, Seneca, Epictetus, and Marcus Aurelius, all from Ancient Rome.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The last two men show how wide-ranging the utility of Stoicism is. Epictetus grew up a slave, and Marcus Aurelius was the emperor of Rome. Marcus Aurelius summed up Stoicism as well as possible in his personal diary, which later became one of the most famous and influential books of all time and is still well worth reading today:&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Meditations-Penguin-Classics-Marcus-Aurelius\/dp\/0140449337\/ref=sr_1_4?crid=3QNQRI7FZ39D1&amp;keywords=meditations&amp;qid=1681097580&amp;sprefix=meditations%2Caps%2C204&amp;sr=8-4\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">Meditations<\/span><\/em><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cTwo points in the Stoic system deserve special mention. One is a careful distinction between things which are in our power and things which are not. Desire and dislike, opinion and affection, are within the power of the will; whereas health, wealth, honour, and other such are generally not so.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The Will in Stoicism is the only thing we actually control. We can make wise choices, of course, but we cannot necessarily control the outcome. Indeed, this anticipates modern research on the benefits of process-oriented thinking versus goal-oriented thinking, a subject&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/systems-not-goals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">I\u2019ve touched on before<\/span><\/a><span data-preserver-spaces=\"true\">. As&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/journals.sagepub.com\/doi\/10.1177\/0146167299025002010\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">one study found<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;regarding college students, \u201cResults indicated that process simulation enhanced studying and improved grades.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Of course, the goal of process-oriented thinking is to do what\u2019s right and let the results fall where they may. The Stoics themselves inculcated this type of thinking by emphasizing the importance of mastering&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/iep.utm.edu\/stoiceth\/#H3\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the four virtues<\/span><\/a><span data-preserver-spaces=\"true\">: Wisdom, courage, justice, and moderation. Mastering these virtues is all that matters. As Matthew Van Natta explains in his book&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Beginners-Guide-Stoicism-Resilience-Positivity\/dp\/1641527218\/ref=tmm_pap_swatch_0?_encoding=UTF8&amp;qid=1681843986&amp;sr=8-5\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">The Beginners Guide to Stoicism<\/span><\/em><\/a><span data-preserver-spaces=\"true\">,<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cWhen Stoics say, \u2018virtue is the only good,\u2019 they mean it. Stoics place everything else, everything that isn\u2019t a moral opinion, thought, or action, into a category called the \u2018indifferents.\u2019 This isn\u2019t an emotional category to be confused with \u2018indifference\u2019; you are never asked to disengage from life. Categorizing everything outside of our control as an indifferent says you recognize that such things, in themselves, can\u2019t provide lasting happiness. Still, you live life and have to make decisions about how to live your life. Stoicism says that there are things that, all being equal, it would make sense to prefer over others. Health and physical well-being over illness, for instance. They call those things that usually benefit us&nbsp;<\/span><em><span data-preserver-spaces=\"true\">preferred indifferents<\/span><\/em><span data-preserver-spaces=\"true\">&nbsp;and things that are often detrimental to people as&nbsp;<\/span><em><span data-preserver-spaces=\"true\">dispreferred indifferents<\/span><\/em><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Here&#8217;s a list of indifferent things given by Epictetus:&nbsp;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">your body<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">your property<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">your reputation<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">your job<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">everything else that isn\u2019t your own doing\u201d<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Yes, even your body is \u201cindifferent.\u201d We cannot will ourselves to be healthy if we are sick, nor will a broken leg to be healed. And while such conditions may make it more difficult to be truly happy, it doesn\u2019t prevent it.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In the end, it is within the power of our own will to decide how we choose to feel toward such challenges. And as the quote from Epictetus that began this section shows, happiness can only come if we \u201ccease worrying about things which are beyond the power of our will.\u201d Even if those things include losing our job, going bankrupt, going through a breakup, or becoming disabled.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For Stoics, the goal is to train the mind to choose happiness and tranquility, whether your circumstances are good, bad, or in between. It\u2019s not to be blind to however dire your situation may be but to learn to find happiness regardless. This is a skill to be learned that can greatly improve everyone\u2019s mental health, happiness, and outlook. Again, from Matthew Van Natta,<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cI have asked you many times to divide things into what is in your control and what is not in your control. That exercise separates you from indifferents. As you grow in that practice, you will understand the things you do not control also don\u2019t have to control you: Your opinions, thoughts, and actions are yours to choose, and no one and nothing can influence them without your consent. This will change your relationship to indifferents; you\u2019ll find that their value isn\u2019t found within them but is based in how you choose to use them.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It may sound difficult to learn to find happiness despite your circumstances, but as with all things, it is a skill to be learned and honed. Even a marginal improvement in focusing on your will\u2014for example, what you control\u2014instead of what you can\u2019t control and choosing to act virtuously will prevent circumstances from controlling you and dictating your state of being.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For an extreme example of this, take&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/en.wikipedia.org\/wiki\/Diogenes\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Diogenes<\/span><\/a><span data-preserver-spaces=\"true\">, a contemporary of Zeno and the founder of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/en.wikipedia.org\/wiki\/Cynicism_(philosophy)\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the Cynic school of philosophy<\/span><\/a><span data-preserver-spaces=\"true\">. Ancient Cynics had as much to do with the modern word \u201ccynic\u201d as ancient Stoics with the word \u201cstoic.\u201d Instead, the Cynics practiced a more extreme and rather flamboyant version of Stoicism by forgoing virtually all material comforts to prove happiness came from the will alone. This was a point Diogenes made rather succinctly by sleeping in a large clay jar each night in Athens.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Compared to that, who could complain? Indeed, we should remember that when we compare our lives to just about everyone who\u2019s lived before us in human history, probably just about everybody reading this article falls within the top 1% in terms of freedom, wealth, and the benefits of modern technology.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Yet despite the wealth of our modern age, the rates of depression and even suicides&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/time.com\/5550803\/depression-suicide-rates-youth\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">are on the rise<\/span><\/a><span data-preserver-spaces=\"true\">. Certainly, wealth and technology are not enough to create human flourishing.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Inner vs. Outer Locus of Control<\/span><\/h2>\n\n\n\n<p><em><span data-preserver-spaces=\"true\"> \u201cWell-being is attained little by little, and nevertheless is no little thing itself.\u201d <\/span>&#8211; <span data-preserver-spaces=\"true\">Zeno of Citium<\/span><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Even for those who haven\u2019t read the Stoics, this concept may sound familiar. More modern thinkers such as Viktor Frankel noted in his classic&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Mans-Search-Meaning-Viktor-Frankl\/dp\/0807014273\/ref=tmm_pap_swatch_0?_encoding=UTF8&amp;qid=1681098925&amp;sr=8-1\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">Man\u2019s Search for Meaning<\/span><\/em><\/a><span data-preserver-spaces=\"true\">&nbsp;that \u201cbetween stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom.\u201d&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This concept was picked up by Stephen Covey and made famous in his book&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Habits-Highly-Effective-People-Powerful\/dp\/1982137274\/ref=sr_1_1?crid=TZOI2W201LIK&amp;keywords=seven+habits+of+highly+effective+people&amp;qid=1681099267&amp;sprefix=seven+habits+of+highly+effective+peopl%2Caps%2C234&amp;sr=8-1\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">The Seven Habits of Highly Effective People<\/span><\/em><\/a><span data-preserver-spaces=\"true\">. In that book, Covey discussed the importance of staying within your&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/georgevrakas.com\/2014\/06\/21\/stoicism-and-stephen-covey-you-dont-need-to-worry-anymore\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u201ccircle of influence\u201d<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and less so with our \u201ccircle of concern,\u201d where we have no real influence.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Indeed, it shouldn\u2019t be surprising that Covey himself noted modern success literature \u201cwas superficial.\u201d In the past, it had focused on a \u201cCharacter Ethic\u201d that showed there were \u201cbasic principles of effective living, and that people can only experience true success and enduring happiness as they learn and integrate the principles into their basic character.\u201d But in more recent times,<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">&nbsp;\u201c\u2026the basic view of success shifted from the Character Ethic to what we might call the Personality Ethic. Success became more a function of personality, of public image, of attitudes and behaviors, skills and techniques, that lubricate the processes of human interaction.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Fortunately, recently there has been a shift back in the other direction to see one\u2019s character as centermost. Studies have found that those with&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/positivepsychology.com\/internal-external-locus-of-control\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">an inner locus of control<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;(versus an outer locus) who believe they are responsible for their life\u2019s outcome (instead of, say, luck, fate, \u201cthe man\u201d holding you down, etc.) are happier, healthier, and wealthier. The Stoics take that concept one step further by removing the importance of outcomes entirely.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Modern research has also shown the importance of being present and not focusing too much on the past or future (both of which are \u201cindifferents\u201d to the Stoics). Studies have shown that focusing too much on the past&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S2352250X18300393\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">has negative psychological consequences<\/span><\/a><span data-preserver-spaces=\"true\">. As Marcus Aurelius said, \u201cgive yourself a gift, the present moment.\u201d&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">All of this ancient wisdom has been integrated into cognitive behavior therapy, which quite literally&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/bigthink.com\/neuropsych\/cbt-stoicism\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">was inspired by the ancient Stoics<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and has become&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.ncbi.nlm.nih.gov\/pmc\/articles\/PMC5797481\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u201cthe gold standard of psychotherapy.\u201d<\/span><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Applying Stoicism to Real Estate Investing<\/span><\/h2>\n\n\n\n<p><em><span data-preserver-spaces=\"true\">\u201cWe suffer more often in imagination than in reality.\u201d<\/span> &#8211; <span data-preserver-spaces=\"true\">Seneca,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Letters-Collins-Classics-Lucius-Seneca\/dp\/0008425043\/ref=tmm_pap_swatch_0?_encoding=UTF8&amp;qid=1681666321&amp;sr=8-1\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Letters from a Stoic<\/span><\/a><\/em><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Real estate investing, like all investing, is fraught with risk. Risk inspires fear in even the most stalwart among us. Furthermore, many investors, particularly new investors, struggle mightily with paralysis by analysis. And almost all of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.youtube.com\/watch?v=FmNa6M-4G6M\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">us live with many regrets<\/span><\/a><span data-preserver-spaces=\"true\">, both personally and professionally. In real estate, you will always eventually buy a deal you shouldn\u2019t have or screw up in some way, shape, or form. You will lose money and perhaps a lot of it.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Regrets, analysis paralysis, and fear in general are all indifferents, though. When you make peace with the fact that you cannot know the future and cannot know if a deal will go poorly or if the market will crash\u2014anxiety and fear fade away.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">When you accept that you can choose how you will respond to such events if they come to pass, that you can choose to be happy and act virtuously even if your fears become a reality, such fears take a backseat in your mind.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Yes, it takes practice, and no one will ever master it completely (other than perhaps Diogenes and his jar). But every step closer make life all the more pleasant and you all the more courageous.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">We moderns don\u2019t do ourselves any favors by ignoring the wisdom of the ancients. And there\u2019s no better place to start in regard to such wisdom than by studying the Stoics and integrating their philosophy into our lives.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For those interested in learning more, several modern books are worth reading:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Beginners-Guide-Stoicism-Resilience-Positivity\/dp\/1641527218\/ref=tmm_pap_swatch_0?_encoding=UTF8&amp;qid=1681843986&amp;sr=8-5\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">The Beginners Guide to Stoicism<\/span><\/em><\/a><span data-preserver-spaces=\"true\">&nbsp;by Matthew Van Natta<\/span><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Lives-Stoics-Living-Marcus-Aurelius\/dp\/1788166019\/ref=tmm_pap_swatch_0?_encoding=UTF8&amp;qid=1681852045&amp;sr=8-1\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">Lives of the Stoics<\/span><\/em><\/a><span data-preserver-spaces=\"true\">&nbsp;by Ryan Holiday<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">And, of course, the ancient classics:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Meditations-Penguin-Classics-Marcus-Aurelius\/dp\/0140449337\/ref=sr_1_4?crid=3QNQRI7FZ39D1&amp;keywords=meditations&amp;qid=1681097580&amp;sprefix=meditations%2Caps%2C204&amp;sr=8-4\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">Meditations<\/span><\/em><\/a><span data-preserver-spaces=\"true\">&nbsp;by Marcus Aurelius<\/span><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Enchiridion-Epictetus\/dp\/152156034X\/ref=sr_1_1?crid=RZXMLHQIS2VR&amp;keywords=enchiridion&amp;qid=1681666224&amp;sprefix=enchiridio%2Caps%2C175&amp;sr=8-1\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">Enchiridion<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/em><span data-preserver-spaces=\"true\">by Epictetus<\/span><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/www.amazon.com\/Letters-Collins-Classics-Lucius-Seneca\/dp\/0008425043\/ref=tmm_pap_swatch_0?_encoding=UTF8&amp;qid=1681666321&amp;sr=8-1\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">Letters from a Stoic<\/span><\/em><\/a><span data-preserver-spaces=\"true\">&nbsp;by Seneca<\/span><\/li>\n\n\n\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/tripinsurancestore.com\/4\/on-the-shortness-of-life.pdf\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">On The Shortness of Life<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/em><span data-preserver-spaces=\"true\">by Seneca<\/span><\/li>\n<\/ul>\n\n\n\n<div id=\"hero-block_62ee867235a1c\" class=\"first:mt-0 hero-block py-4    has-background has-slate-300-background-color has-text-color has-slate-800-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-2\/3 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-slate-color has-text-color has-large-font-size\"><strong>Achieve your goals in 90 days<\/strong><\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px\"><em>The Intention Journal<\/em>, backed by the latest research in psychology, will help you establish result-driven processes and position yourself to achieve the level of success that you&#8217;ve always dreamed of. This will be your playbook to create the life that you always wanted.<\/p>\n\n\n\n<div id=button-custom-event-block_641384b1eb1d8 class='button-custom-event'>\n      <a href=\"https:\/\/store.biggerpockets.com\/products\/the-intention-journal?utm_source=blog&#038;utm_medium=marketing_block\" x-on:click=\"window.analytics.track(&#039;Blog Block | Publishing: Intention Journal&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/how-the-ancient-greeks-can-help-you-invest&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Get Yours Now<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/3 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/IMG_0718-scaled.jpeg\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Learn to embrace the wisdom of the ancient Greeks can help you navigate the complexities of the modern real estate market with greater clarity and insight. <\/p>\n","protected":false},"author":1689,"featured_media":152650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,7119],"tags":[],"class_list":["post-152648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-development","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/152648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1689"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=152648"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/152648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/152650"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=152648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=152648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=152648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}