The Daily Stoic - You're Wasting The One Thing You Can’t Get Back

Starting point is 00:00:00 Wondery Plus subscribers can listen to the daily stoic early and ad free right now. Just join Wondery Plus in the Wondery app or on Apple Podcasts. The Shaw Festival in Niagara-on-the-Lake presents The Lion, the Witch and the Wardrobe. Filled with breathtaking battles, mythical creatures, and unforgettable characters. This new adaptation of C.S. Lewis's classic will mesmerize the whole family. Don't miss this epic adventure, The Lion, the Witch and the Wardrobe, this season at the Shaw Festival. For tickets, go to shawfest.com.

Starting point is 00:00:43 Welcome to the weekend edition of the Daily Stoic Podcast. On Sundays, we take a deeper dive into these ancient topics with excerpts from the Stoic texts, audio books that we like here or recommend here at Daily Stoic, and other long-form wisdom that you can chew on on this relaxing weekend. We hope this helps shape your understanding of this philosophy and most importantly, that you're able to apply it to your actual life. Thank you for listening.

Starting point is 00:01:22 Hey, it's Ryan. Welcome to a Sunday episode of the Daily Stoic Podcast. Can a Stoic be rich? Is Stoicism pro or anti-capitalism? Pro or anti-big business? What would the Stoics think about the modern economy? What would they think about income inequality? What would they think about entrepreneurship?

Starting point is 00:01:49 I don't know exactly. I mean, the Stoics have always been in the mix in these things. Seneca was quite wealthy. Zeno was a merchant. He is introduced to philosophy when he loses everything. His clip was, I made a great fortune when I suffered a shipwreck.

Starting point is 00:02:06 I've had a number of very wealthy, very successful people on the podcast, but very few of them have explicitly been Stoics or fans of the Stoics. We talked about Stoic themes, but not Stoicism explicitly. So I was really interested when I heard about this book coming out called The Stoic Capitalist by Robert Rosencrantz, who is a self-made billionaire, one of the pioneers of private equity, hedge funds, and insurance. He's also a patron of the arts and medicine,

Starting point is 00:02:35 sort of a patron of the ideas of civil discourse and free speech. He's launched an acclaimed NPR program called Open to Debate. He's a funder of whatPR program called Open to Debate. He's a funder of what's called the Impetus Grants, which are designed to extend human health spans. And he is a big fan of the Stoics. He wrote this book about Stoicism and Capitalism. And I wanted to bring you an excerpt of that,

Starting point is 00:03:00 my favorite chapter in the book, which has a very Stoic idea based on Seneca. The chapter is called, You Can Make More Money, You Can't Make More Time. that. My favorite chapter in the book, which has a very Stoic idea based on Seneca, the chapter is called, You Can Make More Money, You Can't Make More Time. We had a great episode with Robert on the podcast. I will link to that in today's show notes. And then after you read the Stoic Capitalist, you might want to check out something we did over at Daily Stoic called The Wealthy Stoic, which is a guide or a course on the stoic definitions of being rich and happy and free.

Starting point is 00:03:27 My argument is that Seneca is actually not the richest of the stoics, but that Epictetus is that's because one needed the money and the other sort of freed himself of the need for the money. Anyway, these are all themes I think Robert touches on in the book. I think we touch on in the conversation and I think you will enjoy. Remember, you can get the Wealthy Stoic and all the Daily Stoic courses for free when you join Daily Stoic Life. And do check out The Stoic Capitalist.

Starting point is 00:03:53 It was the book club pick for this month for Daily Stoic Life. The audiobook's great. You'll listen to that now. Thanks to him and his publisher for bringing it out. I hope you enjoy. You can make more money. thanks to him and his publisher for bringing it out. I hope you enjoy it. You can make more money. You cannot make more time. Continue, dear Lucilius, to set yourself free for your own sake.

Starting point is 00:04:27 Gather and save your time, which till lately has merely slipped through your hands." This admonition, from the very first of Seneca's letters to Lucilius, a foundational text of Stoic philosophy, advises that to live a better life, we must be constantly vigilant of our time. Earlier, when Seneca was at the height of his influence as Emperor Nero's top advisor, he wrote a little book, On the Shortness of Life, in which he advises, Life, if you know how to use it, is long. It's not that we have a short time to live, but that we waste so much of it. Life is long enough to accomplish even the greatest things if it is well invested. But when life melts away through carelessness and the pursuit

Starting point is 00:05:14 of luxury, and when death finally presses down on us, we realize that life passed us by before we even know it was passing. Seneca and Marcus Aurelius both posit that having a consistent goal is key to using one's limited time well. The Stoics speak of a consistent goal as an organizing principle for a well-lived life. But this does not mean living primarily for something in the future. Seneca cautions against expectation, which depends on tomorrow and wastes today. I would add that it is vitally important that the pursuit of that goal be as much a source of personal growth and satisfaction as the goal itself. The launch of Rosencrantz & Co. and the decade or so following was the most purposeful period in my own life and in many ways the most rewarding. Here are precepts that helped me use time well,

Starting point is 00:06:21 or at least efficiently. Prioritize. It is easy to prioritize in business. Just count the zeros. If the financial consequences are large, focus your attention fully. If they are small, don't clutter your calendar or your mind. Decide, in your own situation, what constitutes a meaningful building block of value and simply say no to anything beneath that threshold. If a meeting doesn't have a clear and important purpose, try to avoid it. Being

Starting point is 00:06:58 busy is the enemy of being thoughtful. As Marcus Aurelius says, if you seek tranquility, do less. Or, more precisely, do only what is essential, and do it with greater concentration. Shopping local might seem like a tough cookie, but truthfully, finding Ontario-made products. manufacturers of all sizes. When you choose Ontario Made, you're supporting your neighbors, strengthening our economy, and celebrating the incredible products Ontario sells with pride. Discover what's made right here. Visit supportontariomade.ca. An approach that has worked for me is to take an occasional yellow pad day. These are full days with no other appointments or distractions. I go off to someplace unfamiliar where I am unlikely to be interrupted, a rare book library for example, and turn off my phone. I make notes on a yellow pad. I start with people and consider who I would like to see more of, or less.

Starting point is 00:08:27 I think about relationships that might have outlived their usefulness, or that might need repair. I consider opportunities for self-improvement, activities I would like to do more of, or less. Bad habits I may have fallen into,as I might want to learn more about, or skills I might want to develop. I move on to review changes in the world to which I might need to adapt. Big opportunities I might be missing. Small projects that might be bogging me down. Risks I may not be thinking about or preparing for.

Starting point is 00:09:11 This sounds more formulaic than it is. Each Yellow Pad day is different and reflects my biggest concerns at the time. By the end of the day, I often understand better what is essential to me. A more thoughtful basis to prioritize in life. more thoughtful basis to prioritize in life. Delegate Another precept is to delegate wherever possible. In general, if someone else can do it, they should. If they can do it as well or better than you would, great. If they can do it reasonably well, that's probably fine. And if they cannot do it adequately, or need more of your time to supervise than you think appropriate, you need to find someone stronger for that role.

Starting point is 00:09:52 But don't fall into the time trap of doing things that should be delegated. In my view, delegating is necessary, but not sufficient. Be sure the people with important roles in your business or in your philanthropic initiatives have incentives that are well aligned with your goals and objectives. And once you have done that, don't micromanage. If you have given them responsibility, give them the authority to match. In thinking about leisure and personal consumption, I try to be conscious of how my choices impact the way I spend time. I certainly live well, and creating our homes has been satisfying.

Starting point is 00:10:37 But for me, the real luxury is the ability to control how I use my time. In my personal life, as in my business life, I want to delegate as much as possible. I don't want to spend my time on scheduling or logistics. I don't like to shop. Or in the language of business, I want to hire a purchasing agent, not become one. I want more life enhancing experiences, not a bigger inventory of stuff. I want other people to maintain the household, supervise the staff, and do the cooking. As in business, this means hiring the best talent one can find, delegating responsibility and authority, and not micromanaging. Ideally, I want to spend 100% of my time in purposeful activity and meaningful pursuits.

Starting point is 00:11:31 As a modern reader of Seneca, Stephen Fiddler puts it, the key phrase here is, free yourself for yourself. 300 years before Seneca, the Greek Stoics developed the idea that, in addition to being enslaved physically, it is also possible to be enslaved psychologically. Stoicism, as a philosophy, was designed to free its practitioners from the slavery of false judgments and opinions that lead to negative emotions like fear, anxiety, greed, anger, and resentment. The Stoic concept of freedom is not licensed to do whatever you like, but self-possession of learning how to value and experience the fullness of time.

Starting point is 00:12:26 Thanks so much for listening. If you could rate this podcast and leave a review on iTunes, that would mean so much to us and would really help the show. We appreciate it. I'll see you next episode. If you like The Daily Stoic and thanks for listening, you can listen early and ad-free right now by joining Wondery Plus in the Wondery app or on Apple podcasts. Prime members can listen ad-free on Amazon Music. And before you go, would you tell us about yourself by filling out a short survey on wondery.com slash survey. Hey Jack, I got some trivia for you.

Starting point is 00:13:11 You ready? Nice. Which company's iconic fleece jacket was inspired by a toilet seat cover? Gotta be Patty Gonia. What's next? Okay, which sneaker was banned by the NBA, but then became the most iconic basketball shoe in history.

Starting point is 00:13:25 Air Jordans, come on, give me something hard. All right, all right, what energy drink used to plant empty cans in nightclubs to fake its own popularity? That was Red Bull. Legendary move by a legendary brand. Instant classic. This is Nick. And this is Jack.

Starting point is 00:13:39 We're best friends, ex-finance guys, and resident 90s cultural experts. And every week on our podcast, The Best Idea Yet, we explore the untold origin stories behind the products you're obsessed with and the bold risk takers who made them go viral. From the Teenage Mutant Ninja Turtles to the iPhone to the most powerful force in business, Costco's Kirkland brand. Follow The Best Idea Yet on the Wondery app or wherever you get your podcasts. You can listen early and ad-free right now by joining Wondery Plus. And if this podcast lasts longer than 45 minutes, call your doctor. I'm going to go.

Your Ad Here

The Daily Stoic - You're Wasting The One Thing You Can’t Get Back

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.