Five Cardinal Virtues of Wealthy People

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Wealth is defined as an abundance of valuable possessions (such as material things, assets, etc) and/or money. Wealth creation is about creating an abundance mind-set and its multiplication requires high moral standards. Robbing a bank or ripping people off through devious schemes is not the modus operandi of wealthy people.

The Cardinal Virtues were founded and formulated by Plato, one of the Greek Stoic philosophers and they include Wisdom, Fortitude, Temperance, and Justice. Philosophy is described as way of thinking/living, whereas the word stoic describes a person who can endure pain without showing their emotions or complaining.

It is a happy coincidence that the word stoic is also an acronym that forms the five cardinal virtues of wealthy people;

S = Self-discipline

T = Temperance

O = Open mindedness

I = Integrity

C = Courage

Wealth creation is not a roller-coaster ride but a long and eventful journey that needs mental strength, wisdom and fortitude.

Disappointments, obstacles, failures and frustrations are inevitable in the journey of wealth creation and multiplication. Brace yourself! However, if you adopt the following five-cardinal virtues of wealthy people as your own, the journey will be tolerable and successful.

1.    Self-discipline

“Self-discipline is the centre of all material success. You cannot win the war against the world, if you can’t win the war against your own mind.” – Will Smith

Wealth creation is a war. If you win the war against your own mind and transform it into an abundance mind-set, you have armed yourself with the first and most important tool needed for building material success, assets and money.

War is also an acronym for Write, Ask, and Read. The day you decide to start building or creating your own wealth, you will notice that many-money-making ideas come into your mind gradually. Write them down. Your ideas to create wealth will need to be developed into specific, measurable, attainable, relevant, and time-bound goals.

Reading books, magazines or newspapers on finances will help you incubate and formulate your ideas into smart goals. The more you read and write, the more questions you will have about wealth creation and the better you will become at setting smart goals. Ask wealthy people whom you trust, they are always eager to share their nuggets of wisdom.

2.    Temperance

“Temperance is moderation in the things that are good and total abstinence from things that are foul” – Frances E. Willard

Stoic philosophers often used the words temperance and self-control interchangeably. Temperance is the knowledge that abundance comes from having what which is essential. Self-control is the wisdom to shy away from foul/illegal activities due to an abundance mind-set.

The ability to control their spending impulses helps the affluent to be sound-proof from the world noise and peer pressure that lure people to engage in criminal acts just so they can buy a Ferrari. 

3.    Open-mindedness

“Without an open-minded mind, you can never be a great success.” – Martha Stewart

Open mindedness is key to learning and study. Nobody can truly become wise and successful at anything without opening their minds to information and knowledge. It is the beginning of wisdom.

There can never be wealth without wisdom. You will be pleased to know that wisdom is also an acronym for Wise, Intelligent, Smart, Dynamic, Open-minded, and Modest. In a nutshell, being open-minded enables you to be dynamic in your thinking, wise in your choices, Intelligent your decisions, smart in your actions and modest in your living.

4.    Integrity

“Integrity is doing the right thing even when no one is watching.” – C.S Lewis

Integrity is related to temperance because it involves total abstinence from all foul activities. Integrity is about setting high standards for yourself (wealth in this context) based your values such as respect, honesty and truth.

According to Napoleon Hill, the author of Think and Grow Rich, “When you maintain your own highest standards of integrity – regardless of what others may do – you are destined for greatness.”

5.    Courage

“Success is not final, failure is not fatal, it is the courage to continue that counts.” – Winston Churchill

In the introduction I mentioned that disappointments, obstacles, failures and frustrations are inevitable in wealth creation and multiplication. You do need to brace yourself because failure, in particular, is an essential part of successful wealth creation.

Failure is painful, especially when it comes to your hard-earned money. Remember, stoics are people who endure pain without showing emotions or complaining. When you fail, because you are going to, don’t feel sorry for yourself and/or give up on yourself. Never complain, never condemn or criticize anyone.

Take responsibility for your actions and learn from your failures. Fail seven times and get up still the eight time. “Winners never quit and quitters never win.” – Vince Lombardi

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