The principles of personal finance are timeless. Spend less than you earn. Accept that some things are out of your control and prepare for their consequences. Work to live; don’t live to work.
These fundamentals are so enduring, in fact, that the ancient Greeks and Romans held on to them, too. Today’s consumers, savers and budgeters can find many of the core principles of personal finance in their writings.
Here are five examples of key personal finance truths found in the words of the ancient Romans and Greeks.
Epictetus , “Enchiridion”
“Some things are in our control and others not. Things in our control are opinion, pursuit, desire, aversion, and, in a word, whatever are our own actions. Things not in our control are body, property, reputation, command, and, in one word, whatever are not our own actions.”
Humans control their own desires, thoughts and the actions of their bodies. They really don’t truly control much else, though they often attempt to exert their influence over other things.
The valuable lesson to remember is that when you feel strong emotions and desires racing through your body, you can choose to control those feelings and how to act on those impulses. Do you opt to give in to short-term temptations or do you resist them? It’s a choice that’s up to you, always. You decide whether to act on your temporary desire. The choice to act or not to act strongly impacts your financial life.
Think of the moment in the store when you’re tempted to buy something you don’t need. Do you resist that urge or give in to it? Think of the moment when you’re comfortable on the couch and tempted to call for some delivered food instead of making a simple meal for yourself. Do you get up and make that meal or call that delivery number? Those choices come with real costs that will have a real impact.
[See: Dear Younger Me: 12 Financial Truths We Wish We Knew Earlier.]
Sophocles, “Antigone”
“There’s nothing in the world so demoralizing as money.”
Money is a tool of exchange, and when you simply don’t have enough to accomplish the goals you want to achieve and acquire the things you want to have, it can be demoralizing. Many consumers have sat in front of their checkbooks, trying to figure out how to make ends meet and realizing that it’s going to be extremely difficult, if not impossible, to pull off the goals they’ve been dreaming about.
This is why it’s so important to have strong underlying principles when it comes to your finances. The more you exert control over your little day-to-day actions, the more power you have to achieve the bigger things you want in life. It’s much harder to become demoralized when you have a deep understanding of your underlying values. Stick to core principles such as spending less than you earn and knowing where every dollar you spend is going, and they will always guide you well.
Marcus Aurelius , “Meditations”
“Search men’s governing principles, and consider the wise, what they shun and what they cleave to.”
If you’re unsure what the right choice is in life, the best route is to trust in your own core principles and values. What do you consider important? What do you value most? Careful consideration of those questions can help you figure out what’s truly important to you, and you can use that understanding as guidance in good and bad times.
If you need some help on that journey, consider the principles of wise people in your life. Learn about the values of those whom you respect, and reflect on those ideas, perhaps even adopting them for yourself. If you have strong life values that underline everything you do, they’ll guide you constantly toward the life you want to live.
[See: 10 Things Everyone Should Know About Money.]
Plato, “The Republic”
“Money-makers are tiresome company, as they have no standard but cash value.”
There are few people less pleasant to be around than those who will sell out their underlying principles, relationships and values for a buck. We’ve all dealt with the shady salesperson who tries to sell you overpriced goods or pressure you into buying a car. We’ve all dealt with the pushy friend who is suddenly trying hard to get you to buy the multilevel marketing product he’s selling. Don’t be that person.
A person who will drop someone else like a hot potato when a slightly better offer comes along is a person who, in the end, is difficult to love and trust. Have a strong understanding of your relationships and commitments and live up to those connections. Remember, money is simply there to enable you to live a life in accordance with your values. When you let the love of money shape your moral code, what values do you really have?
[See: Basic Money Lessons You (Probably) Missed in High School.]
Epicurus, Letters
“He who is not satisfied with a little, is satisfied with nothing.”
One of the most dangerous financial paths to follow is the one that’s all about acquiring more belongings and newer things. Modern society strongly encourages this type of affluence by constantly talking about the latest, greatest and newest products.
It’s fine to not be satisfied with aspects of your life, as that can be a powerful source of personal growth. However, when that dissatisfaction finds itself channeled into the objects one possesses, you end up on a path where there’s always something new to acquire, and you can never reach a state of true satisfaction. The most powerful word in personal finance is “enough.”
The struggles everyone has with personal finance are timeless battles. At their core, they are the same struggles that long-ago humans had, as you can read in their writings. The answer to these challenges, as always, is within us. Good luck.
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5 Timeless Pieces of Financial Advice from Greek and Roman Philosophers originally appeared on usnews.com
