As Christopher Nolan’s much-anticipated new film, The Odyssey, is due to hit cinemas in the coming months, we can expect a resurgence in interest in the classical Greek myths.
Telling the story of Odysseus’s journey home after the battle of Troy, the film brings Homer’s epic poem to the big screen. The hero faces a multitude of challenges along the way, clashing with sea monsters, Sirens, the Cyclops, and the god of the sea himself, Poseidon.
Greek myths are enduring, captivating tales which can still hold our attention thousands of years after they were first written. They can teach us plenty about the world and life, too.
Read on to discover seven lasting financial lessons we can learn from Greek myths.
1. Odysseus: Adapt your plan to weather the unexpected
King of Ithaca, Odysseus, embarks on a 10-year journey to return home from Troy to his wife and son. However, the journey is fraught with danger. Along the way, he faces the one-eyed Cyclops, the alluring but murderous Sirens, the many-headed monster Scylla, and the wrath of the gods. He and his men have to demonstrate resilience at every turn, as they face up to each new challenge.
While today’s challenges may be a little less dramatic, the concept remains the same. Creating a plan for your financial journey is an important starting point. However, it’s wise to always expect the unexpected, and having a robust plan that can be adapted to encompass changing circumstances can help you withstand any of the more modern trials life can throw your way.
2. King Midas: Wealth alone won’t bring you happiness
King Midas famously wished that everything he touched would turn to gold. However, when his wish was granted, he found he was unable to smell flowers, taste food, or even hug his beloved daughter without turning everything to gold.
It’s not a difficult jump from his tale to the present day, as the same caution around an excessive focus on wealth accumulation still applies. While it’s a good idea to save and invest for your future, we will always encourage you to consider what makes you happy in life.
Smelling the roses and hugging your family can always continue to be a priority. Your wealth is there to help your wishes come true; it’s not the end solution in itself.
3. Icarus: Overconfidence can be as dangerous as not taking any risk
Escaping imprisonment, Icarus and his father Daedalus fly away using wings made of wax and feathers. Filled with hubris, Icarus flew too close to the sun, the wax melted, and he fell to his death.
When we help you create your financial plan, we’ll always discuss your attitude to risk and plan your investments accordingly. For the most part, a balanced portfolio can offer you long-term returns. Overconfidence, especially early on, can be almost as bad as taking no risk at all, as Icarus found out to his detriment.
4. Ariadne: A safety net is important
The story of Ariadne tells how she fell in love with Theseus and gave him a ball of thread to help him navigate the labyrinth of the Minotaur, so he could always return to his starting point.
This safety net stopped Theseus from getting hopelessly lost and was a simple act which likely saved his life.
In financial terms, your safety net is also important. This could be in terms of protection, such as life insurance or critical illness cover. Or it could be in terms of keeping a small amount of your wealth as cash reserves, saving between three to six months’ worth of basic expenses in an accessible account.
5. Achilles: Understand your weaknesses
The Greek warrior Achilles was dipped in the River Styx as a baby, with his mother holding his heel as she did so. He became invulnerable except for this tiny area, and the Achilles heel is now the common term for a sign of weakness.
Ultimately, Achilles was killed by an arrow which hit his weak point. Understanding more about your own weaknesses can protect your wealth from suffering.
For example, are you prone to taking too much risk, or too little? Do you struggle to stick to a budget? Once you’ve identified your financial vulnerabilities, it can be much easier to overcome them.
6. The Trojan Horse: Be aware of hidden risks and costs
Hiding inside the Trojan Horse, the Greeks managed to enter the city of Troy unnoticed, going on to conquer it.
It’s always a good idea to understand exactly what the implications are of any financial transaction or investment, so you don’t get trapped by hidden issues in the shape of risks or costs.
Always do your due diligence before making any commitment, and if you’re in doubt, please speak to us first.
7. Orpheus and Eurydice: Don’t keep checking your investments
After his beloved wife Eurydice died, Orpheus persuaded Hades, the god of the underworld, to release her. Hades agreed, but on the condition that Orpheus not look back until he and Eurydice were both in the sunlight. Orpheus was unable to resist the temptation to look, and his wife was swallowed by the underworld forever.
While this darkly tragic tale is an extreme example, it can demonstrate the risks of constant checking. By all means, look at how your investment portfolio is faring a few times a year. But if you fall into the trap of checking every day, you could start to panic during times of volatility. Historically, these have righted themselves, and there is nothing to gain from constant over-checking.
Please note:
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
Note that life insurance and financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.