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108: Mick Heyman - How Mick Heyman Stays Calm in Financial Storms

108: Mick Heyman - How Mick Heyman Stays Calm in Financial Storms

FromMindful Money


108: Mick Heyman - How Mick Heyman Stays Calm in Financial Storms

FromMindful Money

ratings:
Length:
40 minutes
Released:
May 22, 2024
Format:
Podcast episode

Description

Upcoming Event!How Can Mindfulness Help You Reach Financial Independence?Do you want to reduce money anxiety, but don’t know who to trust?Would you like to learn how to set up and manage your own retirement plan?Do you want to know how we create a passive income stream you can’t outlive?If yes, join us and learn how to answer the 4 critical financial independence questions:Am I on track for financial independence?What do I need to do to get on track?How do I design a mindful investing portfolio?How do I manage that portfolio and my income over time through changing markets?Learn more: https://courses.mindful.money/financial-independence-bootcampIn this episode, I speak with Mick Heyman, a Seasoned Financial Analyst and Founder of Heyman Investment Counseling. With over 40 years in wealth management, Mick brings a unique perspective that blends formal education in economics with a deep understanding of human psychology and philosophy. We dive into his book; "Mellow Your Money: How to Surf the Market and Build Wealth Without Stressing Yourself Out," and explore how emotions drive market behavior. Mick shares his insights on the importance of understanding our own emotions to avoid making poor investment decisions. He explains how his interest in literature, particularly Dostoevsky and Tolstoy, has prepared him for a career on Wall Street better than any statistics course ever could.Throughout our conversation, Mick's warmth and genuine appreciation for the wisdom he has gained over the years shines through. We discuss the concept of "benign neglect" in investing, the importance of mindfulness and meditation in managing stress. He also shares how to differentiate between real and perceived risks. Mick's stories, from his early career lessons to his personal experiences with meditation, offers valuable takeaways for anyone looking to improve their financial well-being. Whether you're a seasoned investor or just starting out, Mick's practical advice and relatable anecdotes will leave you feeling more confident and inspired to take control of your financial future.Join us for an engaging and enlightening discussion that promises to change the way you think about money and investing.? Watch on YouTubehttps://youtu.be/tPI4mJrWbZYKey Takeaways00:02:00: The Spirituality of Investing00:15:43: Warren Buffett's Investment Advice00:18:21: The Role of Emotions in Investing00:19:48: Mindfulness and Meditation in Investing00:30:22: Determining Risk Tolerance00:38:01: A Question About the FutureTweetable Quotes"If we don't understand ourselves and don't understand the emotions that drive us, we will make mistakes at the wrong time. The rules are simple, but it's not easy to follow them when the market's going down or way up.""For most of us, the strategy of benign neglect is what we should be doing most of the time. You don't want to sit and do nothing forever, but for the main part, having good quality companies and not doing much with your portfolio is often the best approach.""My daily meditation practice allowed me to accept uncertainty, live without having to be sure, and be more present and appreciative in the moment. It made me a better person and a better investor."Guest ResourcesWebsite - https://www.mellowyourmoney.comLinkedIn -
Released:
May 22, 2024
Format:
Podcast episode

Titles in the series (100)

Do you struggle with money? You’re not alone. Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration it becomes destructive.  The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort. Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life. If you aren’t happy with your finances, feel like money takes more time that it should, or want to place your financial decisions into the broader context of your life, this show is for you.  Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy, but do NOT improve outcomes. This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy